The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1893-09-29
BUILDING AND LOAN ASSOCIATIONS

some Time ago the stockholders OF
the Goodland Building and Loan asso-
citation appointed committee to audit
the accounts of the association The
committee were E. F. Murphy, Fred A
AIbee and B. F. Brown and after sew
eral weeks of careful work they have
submitted their report.
The total receipts are S38, 1920. The
total of amounts paid out are S33,623.00.
The balance of receipts over expendi-
lures are S5,139.8O. The gross earnings
are s11,675.25. The expenses amount
to 81, LILO The net earnings are S1O,--
5O415.
The following is the body of the re-
port:
We, your committee, are led to be-
lieve that large blocks of the stock I'M
borrowed, have, been owned or at
least controlled by single individuals
contrary to the intent of the bylaws,
to the detriment of the stockholders
generally, and thereby destroying com
petition for loans.
That though it was the evident in
tent that this association should be
conducted for the mutual benefit of it's
members, it's results are found to be
quite otherwise.
For the purpose of illustration only,
we will assume that the stock of this
association will mature in II months
from August 1, 1898, or in other words
on January 1, 1895, but this committee
does not pretend to say that it will so
mature at that time.
Take the loan on book No 40 on six
shares of stock. Amount received was
1888. Amount repaid January 1, 1895,
S1,O81. % or S493.25 more than was re-
ceived.
On the other hand take the loan
made to one Volmer on nine shares of
stock. Amount received 1895, and
the amount repaid January 1, 1895, will
be l, O37O5, or in other words will never
pay back within $685. of the amount
actually received.
Take book No. 80 loan on five shares.
Amount received was $500, the amount
paid back January 1, 1895, will be
1927 80, or more than twice the amount
received.
On the other hand take the loan on
book No. 8215 on five shares. Amount
received $3.50. Amount repaid January
1, 1895, s528.35, or a clear gain to the
borrower of S22165
Take book No. LOG, loan on 10 shares.
Amount received 81 400. Amount re-
paid January L, 1895, 81, 1920 being a
profit to the borrower of s269.8O. And
thus we might go on, but these samples
will serve to show that under this sys-
tenn one man pays more than twice as
much as he got, while another gets
large sum for nothing, and all under
the assurance of a mutual benefit as
sociation to which each belongs.
Your committee further find that 81
shares of stock have recently been sold
to the association at an alleged value
of 500 per share upon which the asso-
citation agree to pay 8 per cent per an
mum interest until the same are paid,
which is to be done on or before Janu-
airy 1, 1895, and said shares are to pay
no more cues. In1S aCG1Ou reduces Gu0 |
income of the association each month
to the amount of s67 due, and costs the |
association S44.66 interest each month,
making monthly difference of s111.66
on account of this and for other reas-
ons your committee are unable to state
approximately when the stock of this
association will mature.
Your committee has not had the time |
nor opportunity to Systematically ex-Fg
anime the securities held by this asso-
citation, or whether the same are prop |
erly insured or not, but we desire to |
call your attention to loan No. At. |
Amount 81 800 upon nine shares Of |
stock upon which there had been paid
at the time the loan was made the sum
of S483, this loan is secured upon lots
IL and u, block 3, in Chicago, Kansas +
and Nebraska railroad addition, which
are assessed at $3.50, and has an insur-
ance policy for $500. Respectfully sub /
mitted. E. F. MURPHY, !
y FRED A. ALBEE, 1
B. F. BROWN. T
~ Committed
THOMAS PATERsON's VIEWS.