The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-02-24
IS LEFT
Aetna Regulars Have Last
Props Knocked Out.
Insurgents Are in Control of
the Situation.

Aetna association regulars lost their
only hope of victory Friday night
when Judge Sluss ruled out hundreds
OF proxies executed to the officers last
fall. The fact that but two members
of the old board were in a position to
vote, brought the adverse ruling
These two directors-Royce and Wat
son-did not represent a majority of
the board and were denied the right to
vote the stock.
stop here. Judge Sluss upset another
stope here. Judge Sluss upset another
nope When he declined to accept a
practically forced proxy from many
snare holders who are carrying stock
10 protect a loan in the association.
ms proxy was printed in small type
on the face of the applications for
loans and is claimed to have been an
effort to perpetuate the old crowd in
office. The proxies were executed to
john Q. Royce, as secretary, and
hundreds of these slips would have
probably been voted in the present
election except for the ruling of the
special master.
Last fall when trouble first started
in the camp of the Aetna Building and
Loan association, thousands of proxies
We're obtained by the board then in
control. The board at that time con-
sisted of W S. Fitzpatrick, John @.
Royce, w. T. Watson. f. S Clark.
Watson had been appointed to fill a
vacancy. There was still a vacancy
on the board, by virtue of the earlier
designations of J. S. Carter and John
DoWnes. When the proxies were is
sued to the directors at that time,
there was a voting majority in office |
Since then has come the designations
of Clark and Fitzpatrick, leaving a
minority board at the time of the cleo
ton. These men are now denied the
right to vote the proxies and the work
of last fall is of no avail at this time. |
After winning this point, the in
surgent stockholders turned their at
tentions to the proxies printed in the
stock applications. 1t was lively |
scrap. At the close of the argument, |
Judge Sluss said the proxies thus Sc
cured could not be used in the cleo |
ton. He gave two reasons. The mas |
ter held that at the time the proxy
was signed the signer had nothing
to vote, as the stock was not issued |
until two or three months later. In |
the second instance, the method of Sc |
curing votes in this manner was ir- |
regular and left the prospective stock |
purchaser no option or discretion. |
Here is the little paragraph printed |
at the bottom of the applications for |
stock. Probably few people who signed |
the applications ever read it. ct
it meant an ever increasing support
to the men then in office. The para
graph reads:
Il agree to accept said shares, sub
iect to the bylaws and all contracts
made and executed by said associa-
ton. I hereby appoint Jno. Q. Royce,
secretary or his successor in office, as
my proxy and do hereby authorize him
to vote for me in my name during my
a bsence on all matters submitted to
the stockholders of said association
at all annual and special meetings"
That was a part of the document
signed by the prospective stock pur-
chaser. # man needed $1,000 TO
complete the building of house, he
made application to the ASSOCIATION
'or a loan and purchase of two shares
IF stock. Before action was taken by
he association, he signed the waiver
Of his rights to Royce 'or his success
sor" who incidentally could never
succeed as long as Royce held the vot-
ng strength of the association After
couple of months. the loan was per
laps approved by the Aetna examiners
and stock was issued. When elections
we're held. the mans signed waiver of
lights was voted for the good of the
,rder" 1t was this practice that was
asst night blocked by the ruling of
Judge Sluss.
Now there remains but the check
ne of proxies before the real cleo
ion will be held, which may be late
oday In many instances share
holders have issued and cancelled
proxies as often as six or seven times
ince the campaign started. George
Sharitt, who is in charge of check !
ng the voting stock, must check and !
e-check the $4,000 shares before he
an determine to whom the proxy
ightfully belongs Last night it was !
RELY stated that the insurgents held
5000 votes in the election, but this ,
tatement can not be verified until
he final report is made.
If the insurgents win-and it is {
generally conceded that they Wilt J
5 probable that J. L. Raines will sue
eed w. S. Fitzpatrick to the Aetna
Presidency. w. II. Eastman is slated
S the new secretary to succeed John
J. Royce. Thomas F. Doran will :
robably succeed A. 2. Quinton as at =
orney. Quinton has been with the !
Aetna since it's incorporation. The
ew board, according to the present
late, will be composed of w. L. '
eaines, w H. Eastman, Matt Weight Z
IAN, jr.. W. L. Emerson and Will L
am Macferran. r
Until the proxies are finally re- y
orted, the meeting is expected to adj e
BURN from day to day. No definite
me is set for the voting, which may :
+ may not occur in the next week. II
Iany out of town share owners were
ere yesterday for the election The y
Majority of these people returned to II
Heir homes last night or today when q
ley learned that the final election t,
as some days in the distance. a
IN NHEIn AIVgFQ nIAENFn