The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-03-13
Court Action Should Not Have
Been Necessary.
FIGHT FOR USE OF THE FUNDS
To Protect Money of Investors
Courts Duty.
Life of Concern Jeopardized by
Greedy Men.

| In decision named down IN
Wichita this week, Judge Pollock de-
clared that the litigation over the af-
/ fairs of the Aetna Building & Loan
association should never have been
| filed. The court showed little favor
for the men who objected to the find
| ings of the master of election and in
his opinion states that these same
men entered into the stipulation that
1 brought about the election under
/ Judge Sluss.
! Judge Pollock brands the Aetna af-
! fair as a .'disgraceful occurrence in
confirming the report of the master.
| He also criticises the efforts to extend
the litigation over period of months
and declares that these efforts were
not to the best interest of the thou
sands of share holders interested in
the affairs of the corporation. In his
| opinion Judge Pollock said:
The Aetna Building & Loan asso-
citation, is quite an extensive concern
of that character having assets in the
neighborhood of some three and one
half millions of dollars, and some
where in the neighborhood of thirty
thousand stockholders, people, as a
rule, of limited means, who have
little fund in this institution out OF
which they can secure money to buy
or build a little home. There has been
for some time past dissensiOns among
the directors of this institution. There
was a bill filed requesting the court to
take charge of the matter of conduct
ing the annual election of directors of
this institution, to the end that the
board, in proper manner. should be
selected to care for the interests of
this institution. There were certain
charges of mismanagement and
wrongful expenditures of the funds OF
these poor people. 1t was evident to
the mind of the court. when present
ed, that this litigation should never
have been instituted; that is to say,
there never should have been any
L, Ion Oh a
instituted. For, to the mind of this
court, that men should be so mercen-
airy or so greedy to occupy position
of trust that they should jeopardize
the life of an institution in which so
many of the poor and worthy of our
country was interested-they should
hang on to matters of this kind in
the manner they did-was ground for
the court believing that this LITIGATION
should never have been necessary.
Tries to End Litigation.
ITO that end, the court took it upon
itself to make suggestions to solicitors
for a speedy termination OF TINS mat
ter, and a stipulation was entered into
by the solicitors appearing for all OF
the parties to this litigation The
stipulation, in one or two respects, is
remarkable. One provision was put
in that stipulation because the court
feared there might be some inclina-
ton to extend this litigation to the de-
triment of those who have small
means in this property.
Under this stipulation, in pursu-
ance of its terms, Judge Sluss OF tn1s
city took charge of this election He
employed as secretary to assist in this
matter of getting the affairs of the
company in shape to hold TINS cleo
ton the ex-clerk of the circuit court.
George Sharitt, who very faithfully
and diligently worked at the matter
because it was momentous task
Judge Sluss, as commissioner, having
l7fc faF
the proxies on file of those desiring TO
vote-has returned to this court re
port that certain men named IN ms
reDort received all of the votes that
were cast at this election, approximate
ing twelve thousand votes After this
election had been held. by afidavlts
presented on this hearing, the dlrec-
tors who were elected ana quailned
have demanded the possession OF the |
office of the directors who were-or
the few of them who were still re-
manning in charge of the affairs OF TINS
COMPANY They were notified, under |
tba advice of counsel, not to surrender |
nm the office or the property of this |
company. The matter was heard at !
Length on objections taken to this re-
mort and in other manner, at Kansas |
6,itv on Saturday Some of the men |
interested even had the hardwood to |
stand UP and present to the court OBJ |
iections to the jurisdiction of the |
court, notwithstanding they had sign
has been carried out in |
good faith.
Likes Ruling of Commissioner.
ssT have examined into this matter |
and 7 am satisfied with the rulings of |
the commissioner; I am satisfied that
in all respects the board of directors |
have been selected as in conformity |
TO this stipulation. and that IN all
things the commissioner who was Sc |
Iected by the court under this stipu- |
Iation-who was placed in not an en- |
viable position-has in every way !
proper, and in a competent and faith |
full manner, carried out the trust re- |
posed in him, as have those who as |
Sisted him in this work. That being |
true. the report of the commissioners |
as made will be confirmed. The OBJ |
iections taken to it will be denied. And |
the directors selected at this election |
under this stipulation having quail |
fed. or on qualifying, as provided in |
the bylaws, will present themselves at !
the Office of this company in Topeka, |
and will request that they be admit /
ted as directors of this corporation /
and its corporate affairs, to the end |
that a very disgraceful occurrence may I
be ended. and that the property of all /
thse stockholders may be conserved, |
and that the stipulation may be car /
ried out in good faith. and abided |
by all parties in interest who made it,