Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-07-09

A little more than a year ago some
Wheeling and Pittsburg business men
determined to establish a building and
loan association to operate in West Vir-
ginia and Western Pennsylvania, a
field from which a great deal of money
was being taken by foreign associa-
tons. The organization was effected
and the following officers elected: w.
a. Wilson, president; George Hook,
first vice president; q. d. Smith, sec
ond vice president; c. b. Hart, third
vice president; Alfred PAUL, secretary;
2. B. Dobbins, treasurer; J. B. SOM
merville, counsel; S. E. Pool, general
manager. Depository, Dollar Savings
Bank; trustee, Wheeling Title and
Trust Company.
The Office was established in rooms
SOl and 9O2 Peabody building. Work
began at once and vigorously.
1t was not a propitious starting time,
but the success which has crowned the
efforts of the association is greater
than would have been looked for in
more prosperous times. By command
ing confidence the association has had
in hand money to make loans to its
members aggregating the very large
amount of S130,000 This was made
possible, Of course, by the sale of the
associations fully paid stock TO the
extent Of $4,000, on which per cent.
interest is paid.
1t is now apparent that this associa-
ton will in the near future be one Of
the largest financial institutions in the
State, and as solid as the best. The
books Of the association have just been
carefully audited by the foremost eX-
pert in the country, Mr.. Wilbur E.
Lawrence, Of Chicago, whose report is
here given:
To the Board Of Directors of the Mu-
tual German Savings and Loan
Association.
Gentlemen:-Hereto annexed I hand
you statement of the condition of your
association, as shown by its books at
the close of business May 81, 1895.
The growth Of the Mutual German"
in its first thirteen months has indeed
been marvellous. During the short
period of a little more than one year,
its assets have reached the very hand
some sum of $1S6,97L57, notwithstand-
ing the fact that, from the date of its
organization, the management has had
TO pilot the association through a
period Of unprecedented financial de-
preston.
The Mutual German" has in one
year reached the stage that most insti-
tutions of it's kind require at least dOu-
BILE the length of time to reach; which
should be sufficient guarantee Of its
future success.
Your mortgage loans, $12S,92762 are
secured by first mortgages on real es-
tate, of the appraised cash value of
S27S. $780, equivalent to $2.16 for each
one dollar loaned This, together with
the stock of the book value Of S4,11L94
assigned to the association as addi-
tional security, gives total security OF
2S2,92434 against $12S,92I62 loaned,
or 1920 security to each one dollar
loaned. The property mortgaged is
covered by fire insurance in the amoun&
of 1853, 10000 or $1.27 to each one dollan
loaned.
Your stock loans, S775.OO. represent
the amount loaned on stock of the
value of about 81 100000, which is am
pie security for the amount so loaned.
The interest and premium accrued,
$795.O7, represents an average OF only
about one-half month delinquency on
all mortgage loans. Unearned discount,
1920, represents the amount allowed
for payments of dues in advance OF the
month of May payments.
Respectfully submitted,
WILDER Z. LAWRENCE,
Auditor.