Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-06
THE WAY IT PAYS.
he Annual Showing of st. Paul Mutua
Building Association No. 1.

he Annual Showing of st. Paul Mutual
Building Association No. 1.
The annual meeting of the st. Paul Mutual
Building association, No. l, was held Saturday
evening. The loans for the evening aggregated
$6,OOO, ct bonus of 40 per cent. The report
OF the auditing committee, composed of Geo.
W. Moore, John w. Roche and j. W. McClung,
was submitted, from which we extract:
1t appears by the secretary's report, which
Was submitted at the last meeting, that the to-
tai assets of the society were 1884 726. 65 por-
ton of which (viz.: $l69,20O) consisted of
loans secured by mortgage or by assignment of
other stock, and for which bonus averaging
40 per cent. had been received: which is anoth-
er way of stating that the society was receiv-
ing interest on $169,2OO when it had invested
but little oyer 100000. The other items of
assets. belng balance over cash liabilities of
20, $3.50 and consisting of arrears for dues and
interest judgments, tax titles real estate, etc.,
are put In at cash valuation.
The committee believe it proper, in adjust
ing these two classes of assets-the one inflated
by accepted, but in part, unearned bonuses,
and the other placed at cash valuation-that
they should both be put on the same basis.
They have, therefore, inflated this balance by
an addition of $3,6S442, for when the money
at the average bonus, this imitation will take
place. BY this arrangement the nominal as
sets which are to be divided and form the
book or inflated value of the shares OF the
different series, numbering from 8 to 10 in
elusive are swollen to the sum of $17S, All 90.
i In regard to the etiquitable or cash value of
| these shares the committee find by the Decatur
| rule as given by Wrigley, that Che shares of
| the third series are worth $685.; fourth
series, 500; fifth, $10S.76; sixth, $S1S2;
seventh, $59.57; eighth, $41.22; ninth, $26.4O;
| and tenth, $12.67. These amounts aggregate,
on the 1850 shares of the society, $145, 1885,
%. Inc committee have also approximated
| the discount on unearned bonuses; (that is,
| the amount that would have to be returned to
the borrowers should they all, at once, prepay
| their loans, all the non borrowers withdraw
and take out their funds, and the association
wind up and close,) and find the same to be
| S26,9OO, which, deducted from $174, 1885, IS, the
amount Of assets stated by the secretary, leaves
Inc amount of solid cash assets $147, S26. 65-
$l,94l, IL more than the liabilities to our share
| holders apportioned.
The above statement shows the association
10 De perfectly sound and solvent, entirely out
OF debt, and able to pay every man, woman
and child, every cent that has been entrusted
to 1t, with interest ranging from 10 to "a per
cent, according to the eage of the stock. And
TINS without rum on the association, for
| instead OF run on the association, the associa-
oA"AA Lao OOCu COup 10 run Oh INC OepOS1'
tors Tor the past four years, and on several oc-
| caslons resort to lottery to enforce with
draWals; with interest ranging from IS to "a
per cent. This was necessary in order to re-
| duce the plethora of cash in excess of the de-
mand for loans. To be able to make a show
| ing OF this kind after ten years run through
| the most severe crisis which the country has
experienced, is a matter for congratulation to
| every member, and shows that the affairs of
the pioneer association of the Northwest, have
been we'll and faithfully managed.
| The secretary's report shows that portion
| OF the assets accumulated during the year was
from bonuses on loans, amounting to SILL
900, from which discount had been allowed
to borrowers on the older series, aggregating
$4, 643.65. This amount the committee hold
has been withdrawn from the society's assets
by the older series, and before proper adj
]ustment OF the years business a like sum
should be withdrawn and placed to the credit
OF the non-participating series to offset said
| discounts
But the nominal assets as heretofore stated
Is Sl7o,4ll.2S, which shows profit of $1l,-
ll2.90, to be divided among all the shares of
! the dlHerent series in proportion to the capital
furnished by said series during the current
| your. This aggregate working capital,' as
| heretofore ascertained, is $35, 976. so; and we
therefore find that $35, 1852 gains $11,1129O,
or 800 Per cent. Adding this percentage on
| the working capital furnished by each share
| as heretofore ascertained, to the value given
above, and we get the aggregate book, or in
Hated value, of all the shares of the different
series.