The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-07-09

A little more than q year ago some
Wheeling aud Pittsburgh business men
determined to establish q building and
loan association to operate in WeOt ViF'
giuia and Western Pennsylvania, field
from which q great deal Of money was
being taken by foreign associations.
The organization was effected and the
following ofIicers elected; w, A. Wiz
son, presidenti George Hook, first vice
preaidenti E. D, Smith, second vice
president; @. D, Hart, third vice prsSI'
dent; Alfred PAUL, secretary +, b.
Dobbinu, treasurer; ]. B, sommervllle,
counsel; s. L, Pool, general manager
Depository, Dollar Savings Bank trus'
tee, Wheeling Title & TruSt 90.
The office was established in rooms
sol aud 500 Peabody building Work
began at once and vigorously.
1t was not propitiOus starting time,
but the success which has crowned the
efforts OF the association 10 greater than
would have been looked for in more
prosperous times. By commanding
confidence the association has had in
hand money TO make loans to It's mem'
bers aggregatinG the very large amount
Of $4,000, This was made possible, OF
course, by the sale Of tho associations
fully paid stock, to the extent OF SS7 900,
on which s per cent interest is paid.
II is now apparent that this assocta.
ton will in the near future DO one OF
the largest financial institutions in the
state, and az solid as the best The
books Of the association have just been
carefully audited by the foremost ex'
pert in the country, Mr., Wilbur L.
Lawrence, OF Chicago, whose report is
here given:
10 he Board Of Directors of he Iuiad! German
Saviags and Loan association.
GKNTIRNEX:-tieroto annexed hand
you statement OF tho condition Of your
association, as shown by its books at
the close OF business May 81, 1866.
Tho growth OF the "Mutual German"
in its first thirteen months has indeed
been marvellous. During the short
period Of little more than one year, its
assets have reached tho very handsome
sum Of Sl36,97l 81, Notwithstanding tho
fact that, from the date Of its organiza.
tion, the management has had to pilot
the association through a period oil un'
precedented financial depression.
The mutual German" has In one
year reached the stage that most insti'
tutiouS OF its kind require at least dou'
Bile the length OF timo to reach which
should be sufficient guarantee OF its tut-
ure success.
Your mortgage loans, s12s.927 o. are
secured by first mortgages on real estate.
Of the appraised cash value OF $685.
SlS 90, equivalent to 50 Is for each one
dollar loaned. This, together with the
stock Of the book value OF SAIL 81 as.
signed TO the association aa additional
security, gives total security oil $751;
924 "a against $l2S927 60 loaned. or
50 20 security to each one dollar loaned.
The property mortgaged Is covered by
fire insurance IN tho amount oil Sl63,.
AGO 90 or 81 q to each one dollar loaned.
Your stock loans, S775 90, represent
the amount loaned on stock of the value
Of about $1,000 90 which is ample
security for the amount 30 loaned. The
interest and premium accrued, S795 OF
represents an average OF only about
one.halt month delinquency on all mort
gage loans. Unearned discount, $50 40,
represents the amount allowed for pay.
ments Of dues in advance Of tho month
Of May payments.
Respectfully submitted,
wlLgER L. LAWRENCE, Auditor.
ASsETS