Show PAID ADLAI A RETAINER BUILDING AND LOAN COMPANY investigation illinois legislature hears serious charges against a prominent concern n springfield ill HI april IO 10 the building loan association committee of 0 the illinois house of representatives tonight to night adopted a resolution offered by representative lowenthal to investigate vesti gate the interstate building A loan loa n association of bloomfield ill mr lowenthal addressed the committee at length regarding the associations condition lie he explained that the president of the association addal ablat E stevenson vice president of the united states wis was in the habit of 0 receiving a month in payment tor for his 1113 services as attorney lie ho also spoke of 0 the alleged illegal methods employed in issuing shares chares ot of stock the total amount alleged to have been illegally paid out by the association during its existence was said to be ills his reo resolution lution recites many instances ot of alleged violations of the statutes in making loans etc alleges that the association Is maintaining in chicago lan an expensive office and agent at a large salary end and that the income from the business of this office does not equal 25 per cent of the expense incurred it alleges further that the association through its worthless management in chicago lias has lost for the stockholders at least tSOI KIO that about forty foreclosure putts have been begun against it and that it his has acquired title to land by foreclosure proceedings which have not been reported in the last statement to the state auditor it cites further that IT C bunn son 0 f T C bunn secretary of the association ass as cia tion Is agent in chicago ChI curo and as such has obtained from his fa father I 1 her large sums of stockholders money which he has loaned on worthless cas so security because by so doing be b got extortionate torti onate and refused to pay borrowers large sums of this thlu money when the same gains became due find and payable and allowed tells liens to be filed against borrowers premi premises goo so lie could buy them tham up at small percentages and that hat he be constantly refused to make good loans because applicants refused extortionate demands made upon them for large commissions by which means he has sunk and dered thousands of dol dollars are 0 of f the stockholders money it cites further that the officers of the association tor for the purpose of deceiving stockholders had bad never issued to them a report of its true condition but continue unlawfully to use and appropriate the tha ers money to their own individual benefit secretary T C bunn who was present was invited to make a statement ile he cArnit admitted ted that the statements regarding money paid vlee president stevenson and his law partner mr ewing were true the association n h he e said was solvent to the extent of over ve he justified justl Hed tha th payment of the money to vlee president stevenson and his partner partner by a clause in the as soc tation a charter permitting the association to employ any om ono needed to perform whatever was in its interests the committee voted to adopt the resolution with the insolvent statement stricken out |