St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-12-15
.AMERlC AN B'LD'NG & LOAN
A Letter Of Correction Which the Trib-
une
REFUSED TO PUBLISH.
So Says The Secretary, and He Submits
the Same Herewith for Public
Digestion.

Secretary L. L. Bishop, of the Amerl-
can Building and Loan Association of
Minneapolis, yesterday handed a GLOBE
reporter the letter printed below. say
ing:
This letter, correcting statements in
the Minneapolis Tribune of Saturday,
was sent to that paper, and they refused
to publish it. This would seem to show
plainly that the Tribune does not pro-
pose to act fair and square in their treat
ment of the american"
Office of Pickering IL Hartley, Law,
Banking, Real Estate, Collections and
Insurance, Lake Mills, Winnebago
Co. To-, IL, z, 1889.
The Minneapolis Tribune, MinneapO-
lis, MINI.
Gentlemen:
From article in your to-day's paper
on the American Building and Loan
Association, i am led to believe that q
certain party has abused my confidence
in giving you certain items for publica-
ton.
If this be true, what makes il worse Is
that the idea conveyed to the public is
not fair to the institution.
was in your city from the Sd until
morning of the 9th of this month.
for myself as stakeholder, and others
like interested, investigated somewhat
into the American Building & Loan as
ISOLATION. Among other things the
matter of these three loans you to-day
speak of. If your informantiS the gem
tleman above alluded to, ask him why
he conveyed the idea that one of these
mortgages is a second mortgage only,
when in my investigation l found it
was first mortgage, except as to q
small part OF the property covered?
Ask him why he does not also state
that in this investigation we found that
some of the best real estate men, and
men OF the best integrity that st. Paul
affords. appraised this property at good
figures?
That we also were led to believe in
examining into these loans, that they
were safe? That these loans were not
cOnsummated until Nov. II to Ii. and
dues and interest not yet due? If it is
this gentleman that is giving you items
from my memoranda, ask him why he
did not give the further items from my
books which he copied, namely, cash
receipts for ten days, commencing Nov.
p. 1889, as $40. 532.75 Cash receipts for
265.73. Cash receipts for ten days COM
mencing Feb. L, 1889, as SIS. 163. 25.
Number of shares in actual force Oct. 1,
1889, 194,O4S. Number of shares in act
ual force July 1. 1889, 152,S1s.
Also, the net undivided profits for
stockholders on July 1st, 1889, 500, 40S. SO
the estimated net undivided profits
Oct. 1st, 1889, as s70,000.00?
do not appear i'll this article to de-
fend any mistake made in the manage
ment of the American Building & Loan
association, neither am l here to puff
up its good qualities, but simply be-
cause think have been imposed upon
by a certain party giving to the public
part only of our investigation as to
some matters in the American Building
q Loan Association, and giving them
also after promise not to do so.
Please publish this over my signature.
with the promise that it is my first as well
as last article, and only given to correct
wrong impression. Yours truly,
w. E. PICKERING,
Lake Mills, 10.