Evening journal., 1891-04-18
CLAYTON LOAN SETTLED.
ELEVEN THOUSAND DOLLARS BAL
ANce.

Lichtsnstein's gcnerosity-uIayton Loan
Association Dissolved surplus to 90 tc
the Associated Charities history Of the
Organization.
Litchenstein did not take everything
with him when he decamped Neither
did Judge Walter Cummins. The fnal
meeting Of the Clayton Loau Association.
which was held at Third and Market
streets last evening shows that the re-
naming shareholders will have $l1, 600
to divide ameng them.
History OF the Loan.
This is one of the loans of which Max
amillion l.. Leichsenstein was secretary
and treasurer, and Judge Walter Cum
mins was It's solicitor.
at the finale expose in January 1883.
the affairs of the Loan being In the
hands Of these two men, there was very
great fear that it had been completely
wrecked
There was an immediate call for a
meeting Of the shareholders; and after a
thorough discussion, they appointed a
committee TO look into the matter. This
committee consisted Of George A. I,e-
Maistre, d. o q. Kenney, Joseph L.
Carpenter, Jr., and s. a Baynard These
men were instructed 10 make thorough
examination of the financial condition OF
the loan and report
On August 81, 1888, the committee
made such report. This report showed
that while they had sustained consider
able loss the principal was intact, and
with an apparent surplus OF Si2. 500
The number Of shares at that time
was LII. The shareholders after re
csiying this report deemed it inexpedient
70 continue the loan. and they author
izsd the directors to make
settlement with the shareholders
as rapidly as possible; the settlements to
be made on the basis of tha amounts
paid in as dues ANY shareholder not wish
log to continue his or her payments so as
TO make share in the profits or loss at the
time OF final settlement could withdraw
by accepting the amount he or she had
paid in as dues in full settlement.
settlements were made on these terms
until the next call for a meeting of the
shareholders which occurred February
2l, 1890. AT this time thorough audit
nad been made by Messrs. Wilmer Pal
mer and William II. Gibbons. This
audit showed that there had been settle.
ments MADE with Asa Of the shares on
the basis above mentioned Ii also
showed that the final settlement would
give profit approximatlng $40. 500.
The directors were instructed to make
all further settlements and return to the
shareholders the amount they had paid
in as dues, with the understanding that
any surplus would be equally divided
among the remaining III shares
then active. Settlements were made
as rapidly as possible, and while
the extent Of Lichtenstien's
steal could not be wholly ascertaingd, the
affairs OF the Loan were soon in con
clifton to be entirely closed up Ii was
for this purpose the meeting was held
last night
The board of auditors made its enal
report. The report was discussed al
some length and accepted Then the
oftisers Of the loan were ordered to close
up the affairs OF the association, and pay
of the shareholders s. H. Baynard the
secretary Of the organization. win begin
distributing the orders Tuesday, from
the office at Fifth and Market streets.
D. Warner moved that vote Of
thanks be extended to Joseph L. Carpenter
and ) H Baynard, for their valuxbls
services in bringing the affairs Of the
loan to such q satisfactory culmination.
" was decided that any surplus re.
naming IN the treasury after paying the
shareholders should 60 to the Associated
Charities This souvenir Of Litcht snstein
and Cummins then adjourned sine die.