The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-07-20
9inanriaI.
A Thorough Investigation
and Endorsement


VT w ~ 'S' = AO'N
NEHS, CAPITAbISTS, AND kEPAE-
SENTATIVES OF LARGE FINANCIAL
rSrS al pNnEAND npu
-
MANI AMI AMEAASA.
DRNvPR r., INN. 10 ,auo
70 Cho.,.,N ro-,.- Gan Prs.iasnt ~ IN. Por,.bi.
Mortvag. Compsnv
Dir. IJsvins acc.n,s an in vi,stion n, IN. Fousb.
Mortose. Comnarv in Nav inst 10 via. ,boss ,ec,,or a,
IN. In.a s.,., Of A r.rica In which IN. connapv
res on business and to insp.ot as many a. possible OF
the aVricpur. propertss upop which mon.y hs, b.so
LEANED on uor,osv. an az IN forr AN op,por Win "a
r.rd IN m. sscnrie, an Inv m. comn.nv and M.
general soundness Of tho undertaking we to
visit tho folIoNiny rlAc.h na,n,y. Washington % C.
Ar.rt, Arcr,cus Macon aud Gr,m, in thu stat. NJ
Georgia parts of the MSsissppi and Yazoo Delta and
In Miss.s,npi Nav OrIeans and shrev.nort
In LouI,Iapa. Dallas and Waco in Texas Lttle Rock
and Pine Blua In ArkRpsas Kansas Oitv in Missouri
VaIlev Falls I'm Kausna and Denysr I'm ColorAdo
In renehIpo these centres vast eSt.nt Of eountrv
was nassed through aeoed,pR us an opporunity OF OBJ
serving tho general character OF the agricultural dis
trcts in which tho company carried on its operations
Opr investuations have been drected especialIy to
the following points:
T. The character and standlnp OF thu o1cials OF the
company and ito auxiliary financial institutions
The method, adopted iu and about the neg citation
and comp,s,ton OF tho loans and the examination
md yaIuntion Of thu nroner rites upon which thew
arc tecurrd
q Tho fpflr.nt M tho ants OF tho local laws
rs affecting the securities.
a. We have bo.u fayorably Impressed with the char.
actor and standing OF the rspt,emen connected with
the company with a largo number OF whom Wa have
been brought into n.rsopal eon,act At severn, OF tho
nboyenamed placcs The comr,nys business ia carried
OH through the mediun of banks in which Il no dA
controlling nte-est va had renca,eI opportuni,ie. Of
meeting tic gentlemen in charge of these various in
sttutons and are satisfied from our interviews with
them and from careful inuuIry that they arc mon of
high standing in their respective towns and that tho
bankE invariably enjoy excellent credit
t.) The methods adopted in dealing with apnlica.
tons for loans appear TO us most and com
MET. eyincInp cnrefnl to all iai
TO safety The practice OF EMPLOYING pnecia, inde.
pendent examiners or yauers (who are IA Aried OIL.
cers-not remunerated by commission, to review tho
local valuation. has opr fnrst approvaI and w. hayo
b.en mnrh with III. ates. a, boss
examiners who have accompaued us uron our visits
of inspection
The numerous farms and plantations visited by us
apn.nred to afford abundant FOR the money nd
yRncsd and in collecting tho South ns an additional
asd for its va think rho comnany in acting
tusicou,,v nd win forssvht
Every onportuni,v has been afforded ma OF making
n fun inye.tivation nto the eomnany,s methods OF
doing husiress and NJ fr.s,v questioning nil Of m,
oncial. In addition to this We have embraced many
on ortunities M gaining inform alton from local in
dencndrnt sourc.s y.hich Information h Al proven Of
SAT-. r,ctorv ch.racter
ts) We have had interyieya with tho attorpeys en-.
nIoved bv Tho comnhny A., e distrcis visited We are
that thev are man OF high nosition In cir
profession and il anpenrs TO us that the rompany ia
acng under sound Ieval advice Thty were closely in
ter-ora,.d nv tho l.Ral gentlemen of our marty on
various roint. n, law and tho answers given were en-
trelv satisfactory
In concluding this attainment VIC are unanimous in
exp. easing these two oninions.
First That the sys,em of employing local banks as
loaniny axen,s-iuauVura,ed bv YOUR comnauy and
nrac,iSet 40 far ps we know NV II alone-has already
been productive Of ana Affords every
Of further suorea1 Among tho adyAntaves thu
following ar. arnar.nt
l. A minimum of exn.nss ia ipcurr,d In making and
carinr for III, loans for rnaI navment
The advantage of having local Board OF Directors
familiar Win n, crsdit and character Of the bor
row.rs md with tho value OF tho land in their re
sn.ct,y. locaIiti.a hcrehv en- bapcing tho deorea