Daily Republican., 1888-07-14
tbs MUTUAL ALL HIsHr.
Report Of the Committee to the stock
holders OF the HutuAl Loan AssooIA
ton.

/
Report Of the OOmmittoS to the stock
holders OF the AutuAl Loan AssoeIA.
ton.
At . messlnR Of the kulusl Loan As
ISOLATION held May 10, A. ID. 1888, Mr.
3Emuei y. Bstts offered the following
esolutton, which, after being read, wAl
adopted:
WHEREAS, There seamH to be an
impression In the community that our
ioAn associations are not what they for
merly we're, and that some OF them ate
not msnaged 10 the best interests Of the
stockholders. In order TO show ihe
true condition OF the Mutual L1an A.
,rciation, therefore be 1t
Resolved, That = committee be Ap.
pointed who shall employ q o0mpetaut
auditor to audit the books Of the asao
citation and prepare . statement OF its
condition, and report the same to tie
stockholdeTs ut the next monthly NEE -
ing with an Address showing tbst there
ls no cause for alarm; thns this Ess0clA.
tlon has loaned no money upon secofi-
ties from which thsy will not be able
10 realize the amount loaned thereon. Z"
The following committee was then
appointed: Messrs SAmuel r. Belts,
Benjamin MurgatFoyd, Nathaniel vi.
9ookip, Charles g. Robb and FfauoIs
-. HgfeokSr, with full authority 20
oArEy ont the provisions OF sae aEid
resolution. Tho said committee beg to
report that, purBuanS 10 the require
msnts OF the above mentioned resoiu.
tloD, they employed Prof. William A.
Reynolds 70 make careful audit OF the
affairs OF the association, and 10 ex
anime Its books and other aeouiilIea.
Thai after q most careful bud thor
ouRh examination Prof. Reynolda
makes the subjoined report, which
your committee believes to be CORRECT
and heartily endorses
Your committee suggests that copies
OF the said report be printed ana handed
TO each st0ckholder, that all appreheu-
sion as TO the financial condition Of the
association may be allAyed and conf
deDoe onoe more re- torod among them.
Your committee would further recon-.
mend that before the next annual state
ment Of the Association is prepared, the
directors place careful and oonservA
tive valuation upon properties and
other securities now held by the aSso-
citation In order that the valuation OF
the shares in the different ssrlts may be
calculated upon . soEnd aud conaerVn-
tive basis,
SAMUEL 3. BELTS,
NATHANIEL W. GcoKIN,
FRANCls ID. HoFFECKER,
CHARLES 8. RoBB,
b. hURGATRoYD.
To the stockholders Of the MutuAl Loan
Association:
bava aIvan fba Hooi,s and aooo,pEa
OF the MutuSl Loan Association, aud
also their bonds and mortgages . thor
ough OverhAulinR.
I did this when the Aid joined the
Mutual. have done 1t nov = second
time. have hsen bssisHd by q strong
committee. Tho assist, In our jndR-
mentI to bscome solid Deyond doubt,
required = rebate OF only three or four
per cent.
The last animal report has two miG-
tRkes In It; one making the assets less
than they should be, and the other
making them mora. The assets OF that
report should be TebAted about three
per cent. 20 be solid.
have made such suggestions to your
directors as will protect the Rssoo!a zion
In all Its Interests. Your Cfaoers are,
In my Judgment, managing the assooia.
tion for the true interests OF all.
Having thus caIefolly audited your
books, amid the unfortunate develop
msnts in other directions, 1 congrAtu-
laie the Mutual on her condition, ard
csclArs that there 10 no cause foA alarm
among her stockholders.
W. H. REYNOLDS,
Special Auditor.