St. Paul daily globe., 1891-04-17


Stock loans ......-.-.-....... Is, lS3 II
Accrued interest and ............
premium Observation-Disclosures. $3.50 10
Cash or hand and in..............
banks. Observation-Disclosures. 142,06J 13
Total 81, ,667, ,33o %
nstalment stock s, I,OS1. .0gS -
Advance payments. S................ 47,613 II
Fun pald Stock. 222.St3 W
Total ................ 49,. 1851, ,6S4 50
premium. ..-.....-......l lU2, 423 4j
Appraisals. 1891 20
Net earnings go. -. ....., 2OS.9l7 Is
Forfeited stock ........... ... 1867 Is
Total ...-.....................S 81, ,667, 330 y
Included in above mortgages loans are
S3il,510 of foreclosed loans S2C2, COO of which
are on lands in Washington county, near
Newport, on which there viii no doubt be a
loss, which. i'll my judgment, will be not less
than 100000. AS to the other foreclosed
loans. have no means of estimating the
value of the property.
The expenses as given include:
Salary OF rresldent...----...-.. ., G34 50
saiaTyy saiIaTy OF of sfepstary 5pepsnIgF IS3 IS y
Salary of attorney of loan depart
The item Of legal services (Si8,Sr.35) in, n
cludes payments to Attorney F: P; Lane
SG550; NJ d. Mum, S2.00i E. NJ. Wilson
$500 Director \. A. BambOlt, $500.
R.RnesS advice.
ii will be noted that the total net re-
ccipts from the beginning to Dec. 81,
1880, from interest and premium, aggre-
gate $lS2. 625. ,and the expenses for the
year ending Dee. 81, 1909, were Sl4S 4J5,
exclusive of admission fees. If the as
s0ciation IS considered as a whole and
not as including the present members,
then the item of forfeited stock is an
absolute loss to one part of its member
ship Of that amount ($l06, IDS. .6S), and
dropping that item from the profits, the
operations Of the association would
show net loss 10 the present member
ship. There will not probably be much
increase Of the item of forfeited stock.
as the sales the past year indicate
that 1t Is net the policy of the manage
ment to secure the forfeitures for the
benefit Of the remaining shares, as such
, fOrfeitures have almost entirely gone to
+he benefit of a few individuals who
have been able to make large profits
with small investments, which invest
mentS have often been met by loans
from the association, and this arrange
ment is claimed to be strictly legal and
In accordance with the advice of the
associations attorney. Hon. f. P. Lane.
The clause in the certificates issued
prior to June %, 1889. (the date the law
relating to such associations took etfect,)
providing for Iorfeitures, reads as fol
lows:
"'Stock in this association is non-for-
feitable, but if a monthly payment on
any share becomes past due for a per
iod of six months or more, such share
shall be sold at auction for the purpose
of paying the arrearages. The proceeds
of the sale shall first be used to pay ali
back monthly payments and fines; the
balance remaining after paying all ac-
crued fines and monthly payments shall
be paid to the member in whose name
the stock stands at the time of sale. If
the stock brings no more than enough
10 pay the accrued fines and monthly
payments it shall be bid in by the asso-
citation and cancelled, and all money
standing to the credit thereof III the
loan fund shall be considered profit to
the other shareholders"
Stock Sales:
The sales have been as follows, so far
as could be aScertained from the mem
oranda given me: