The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-17
UNION NATIONAL REPORT.
Examiners Appointed by State Find
Association All Right.

John e. Clelard and George L. Bingham.
appointed by the Auditor of State, upon
the application of the Union National Saw
ings and Loan Association, to examine the
affairs of the association, made their re-
port yesterday. They report IA, 9S5 shares
of stock in force, and that on July /, 1895,
the expense fund was abolished, resulting
in a material reduction of expenses for SAL
aries. The only salaried officer now is the
secretary. Some errors of bookkeeping
prior to July /, 1895, were discovered, but
they were adjusted. The assets on Sept.
30, 1896, were 1858. S35.13 undivided profits,
SO, 904.21; loans on mortgage security. $524,-
4SS.23; cash on hand, $19.6S3. 43; contingent
fund, s261.1S. The examiners declare that
the securities are ample, and the affairs Ct
the association were found TO be in sound
counts are now kept with accuracy and
care
The report is as follows.
Pursuant to your appointment and in
StruCtionS we have made a complete ex-
animation of the books and affairs of the
Union National Savings and Loan AsSocia-
ton of Indianapolis, Ind, and submit the
following report:
This association was incorporated in
February, 1891. and has been doing bus
mess as a State association. 1t now has
2.558 certificates of stock in force, repre-
senting IA, 985 shares, which is held in about
two hundred cities and towns in this State.
Prior to July l, 1885, it was what is gener-
ally known as an expense 1unQ aSSOCla-
ton. On that date the expense fund was
abolished, and since that time the expenses
have been paid from the earnings. This
change has resulted in a material reduc-
ton of the expenses for salaries. The sec
rotary is now the only salaried officer.
Prior to July /. 1884, a number of errors
were found in the matter of charges and
credits. AT this time there was a shortage
in the accounts of the association, which
was adjusted by the directors at $40, and
before this examination was charged off
against the earnings.
In making this investigation it was
found that the association had not been
charged with $500 received from the sale Of
ten shares of prepaid stock on Feb. l. 1893.
1893. on account of the withdrawal of five
shares of prepaid stock. which was SUBJ
sequently returned by the holder, both Of
which amounts were deposited to the cred
it of the association in their bank. Upon
the discovery of these eI> orS they were at
once corrected.
1T was also discovered that in a few in
of accrued dividends credited to prepaid
stockholders. In some cases too much and
in others too little had been credited. The
attention of the officers of the association
has been called TO these errors, and thew
have been noted for correction. The adj
justment will not materially change their
liability on this account. The, result will
these exceptions, which are in the aggre-
gate entirely insufficient to affect its SOL
vency. the affairs of the association were
found to be in a sound condition. The
books and accounts are now kept with
care and accuracy.
This association has over eight hundred
mortgage loans scattered over the State.