Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-05-04

To own their own homes and make other invest
ments, with their savings deposited from month to
MONTH with the express right reserved to take them
out at any time either in the form of loans with
drawals AS long we are able to do this, and pay
to each depositor his money with the accrued prof
it's we are solvent: and solvent in such association
means simply that have assets enough to pay our
debts, and no surplus for taxation, or otherwise,
| except merely anOminal sum. Reference to the
stock account will show that 395 shares which were
free last year have gone into new loans and have
thus been paid back the sums deposited on them.
Each month more OF the free shares take this course
and thus all pass through the Hquidating process
and redeemed just certificates of deposit are
redeemed over the counters of our savings banks
To tax these depostes of Building Associations is
precisely as if the deposites of the Savings bank
were taxed to the banks--whch would simply be
taxing them for their debts. Our Association and
several of the larger Associations are resisting thi
tax, and expect to have it at least modified as it is
in Minneapolis, so as to be merely nominal except
on any real or personal estate we may own The
stock having gone into loans for real estate invest
ments and houses, and deriving its only value from
these. SIMPLY represents this real estate. Our
members pay taxes on this real estate If cOmpell
ed 10 pay again on the stock it is double taxation.
We shall appeal to the Board of Equalization and
Abatement to rectify this wrong.
The sixth seriesoI stock natures with the May
| payment. 1t would have matured in eight years
seven months instead Of eight years nine months
except for the legal proceedings instituted two
years ago by holder of 81 shares (S7,4OO) of the
sixth series and of the fifth, to set aside the
action Of the Association and the Directors in
forcing the WlLnuraWal OF SJOcR BENG OFUereu Dy
the issue Of that proceeding, owing to defect in
our charter since r6meded, to pay the full value OF
those shares made the liability of the Association
| considerably greater than it otherwise would have
BEEN which retarded the progress OF all the SERIES but
very properly and equitably operated more to the
| damage Of the sixth than to any other.
| The progress of the others was very satisfactory
notwithstanding this, owing to the extraordinarily
arge and profitable business done. Our loans amour
ting to about three times what they five years
| before, besides the redemption of stock amount
ing TO about So 900 net cash. 1t is conhdentially
peced that the seventh series will run more like the
fifth the than sixth. and that all will run out in less
than nine years though this is the time which 1t is
safest TO figure OnsOme Associations IN the city not
promising the maturity OF their stock earlier then
! ten years.
EzItis bad policy to figure fictitious gains in order
to hasten the maturity Of any series OF stock. 1t is
! quent SERIES and is one of the greatest dangers
threatening the Associations Of ST. Paul and other
places. It will be the policy of the managers of this
Association not to pluck our fruit before it is ripe.
We have now matured and paid off six annual
series of stOckthe sixth and seventh free shares,
except 3 or held security, having lbeen paid
off at less than par value including Bergmans during
the past month"; amounting with stock cancelled in
other series to S6OO,0OO We have now entered
on our 14th year of work and having accomplish all
this work of paying off successfully S60O000 of
stock we present the atering report Of S226 1913 40
net assets, including 1923 900 mortgages drawing
six per cent. and payable monthly. Since Septem-
Der ls the point to which this report extends, our
loans have amounted to $50 900 in eight months,
ana have paid out nearly $4,000 net cash in the
last sixty days to redeem Stock-showing that
have not been very badly crippled by our successful
solution OF the problem OF winding up six annual
series ofstOck amounting to $780, 000 and Civ
ing to hundreds of citizens valuable homesteads of
their free of rent. In order to show the track
over WHICH we have travelled we present resume
OF our business for the past thirteen years