Evening journal., 1894-01-08

which Will Cheer City Building Loan
Association stockhoIders-Nine-T
OF the Securities Were Second Mort
cages aud Hard to Realize Upou.
The affairs Of the City Building
Loan Association, with considerable
amount Of the funds of which j.
Eldridge Pierce defsulted, will not be
wound up for several months. Speaking
of the matter, Francis H. Hoffscker, OF
counsel for the association, said this
morning in answer to the question Of an
EVENING JOURNAL reporter as to how
the settlement was progressing
Under the circumstances, when you
consider the state of the real estate mar
ket aud the depreciation Of propertie,, l
consider that the settlement is progress
ing favorably. have given the settle
ment a great deal of time and attention,
In fact, for quite three years I have had
active management in the matter. with
the assistance Of the board Of directors.
and / must confess that feel encouraged
to ssy that unless we are
obliged TO make some forced sales
we will realize At least fifty
cents on the dollar OF course we have
met with some losses IN settlement but
to offset those losses we have discovered
two or three assets that will amount to
nearly as much as we have lost
am speaking now Of the
assets as passed upon by
Special Auditor William A. Reynolds
Several Of the mortgages represented in
those assets were worthless by reason Of
the depreciation of the properties that
they were liens upon As an offset TO
those losses the assets which we have
discovered will count They are not In
cluded In Auditor Reynolds's report sin.
ply because there was no record of them
in the possession Of the secretary. We
discovered the record az the Court House
II had hoped and had promised a nun
Der OF stockholders TO declare dividend
for them by the frst of this year, but, for
the reasons above stated, l shall be com
PEELED to ask their indulgence. at least
until spring, thereby securing a settle
ment without the loss attendant upon
forced sales We thoroughly appreciate
the indulgence shown us by stockholders
and have combined to work for their best
interest, and every dollar that is saved
by litigation is saved 10 the stockholders.
A number of them, / suppose,
naturally find fault with the
length Of time it has taken to close
up the affairs OF the association; but
they must recollect that the association.
to begin With, was a large one, and d
great many mortgages were outstaud
ing. A very large proportion Of them r
nine-tenths, / suppOse-were sec1t
mortgages Any business man would
know that to realize on them in even
two or three years. without force sale.
IT losses, would be a stupendous task
and almost an impossibility.
"Our scrip Indebtedness AZ the time
OF the proceedings for dissolution wal
very large, aggregating nearly $40, 600
That has been mostly paid off and set.
tied, and we have but few thousand lef
to pay yet We hope TO be able topaytbi
balance ia very short while, aud W
shall then turn our attention to con
vertiug the remaining assets int
cash for distribution among tn
stockholders. feel encouraged TO re
peat that the outlook is favorable, To-
not only a speedy settlement of tn
affairs OF the association, but also, as
have before said, for settlement upon a
least 80 per cent basis OF course
this Is my opinion, and knowing tn
securities as do Think am thoroughly
well qualified to Judge Of their sound
ness l don't wish to hold out any falls
hopes TO the stockholders, but will sa
It IS our Intention 20 realize for then
every dollar possible