The record-union., 1898-01-20

~-0@'SNS -
Your committee beg leave to report
that the appraisementsg given herein have
been arrived at after most careful in
quiry.
In the matter of the out-of-town
properties, as a rule, the opinions in
each instance were invited of a banker,
a real estate man and some other citi-
zen in good standing Of each piece of
property. The committee in reaching
its conclusions was largely guided by
the values fixed by such appraisements,
and believes that as nearly as possible
the figures given represent a fair cash
valuation.
1t will be noted that there is shrink
age in values aggregating $94, ,S17 As;
this shrinkage deducted from the as
sets amounting to 1921, ,916 75 given by
the Secretary in his report at the
last annual meeting leaves balance of
Sl31, ,O99 %, against which stand La
bllities due to banks and others of
SlU2, I26 IS, leaving a balance in favor
of the stockholders of S33, 606 SO.
To meet liabilities to stockholders of
Sl29, 9,362 10, which is equal to about
twentysix (26) cents on the dollar of
book values of the stock, or thirty-one
and one-half G11a) cents on the dollar
on amounts actually paid in.
The chief losses in this large and
deplorable shortage are herewith nu-
merared, as follows:
Bigelow property, representing $50
acres on Sherman Island, Sacramento
County, cost the association sc, ,233 so;
appraised value, S536; loss, So, ,697 50.
Briggs property, two miles south of
Woodland, Yolo County, containing
1000 acres of raisin vineyard, cost the
association S34. $50 0S; appraised value,
$1,000 loss, $50. $50 o.
Walton property, on Grizzly Flat
road, leading out Of Placerville, Ell Do
rado County Cal, 240 acres, cost
S2,034 II; appraised value, $500; loss.
81 ,434 II.
Maydwell & Hansbrow forty acres in
uncleared land two miles southeast of
Loomis, Placer County, cost 81, ,S5S 30:
appraised value, 81 200; loss. 81, 1,65S -.
e. M. Stock property, 153 acres near
I'll Dorado. Ell Dorado County, Cal,
cost S2,3S1 II; appraised value. $3.50.
loss, S1,631 IT.
Thlrty-second street and Telegraph
avenue property, Oakland, cost Ss.-
so So; appraised value, So, 75O; loss.
$2,675 Sc
knights of Pythias' Hall, Ninth and I
streets, Sacramento, cost S21, ,723 45:
appraised value. $4,000; loss, Sill
723 10.
Tehama County lands. 3,4OO acres.
situate about fifteen miles west of
Corning, Tehama County, cost S22.-
I42 a; appraised value. $4,000: loss.
$12. 72O ~. ~'
W: Q. Brown lots in what is known
as Peralta Park, Berkeley. Alameda
county, Cal, cost $4,000 Sc; ap-
praised value of property, S4,65O. To-
tai loss, owing to the principal note
having been allowed by the officers of
the association to outlaw.
Pat H. Anson. on property in San
FRANCISCO and in the county of Mon
terey. cost S2.096 79-value nil-for the
reason that the lands in San Francisco
were encunbered by a prior ;rnortaa 60
TO the one given the association in fa-
vor Of the Humboldt Savings Society
which mortgage was foreclosed and
the property bought in under the FORE
ciosure sale, thus extinguishing any
rights this association had therein.
Ine Monterey property has since been
decided to the association, but owing IN
the fact that it is remote from the rail
road line We have been unable to oh
tain a valuation, and since the loan was
but 5000, we have deemed it prudent 10
place no valuation thereon.
T. IL. Penfield. 160 acres about four
miles from San Miguel. Monterey Coun-
ty cost 81 106 3s-appraised val,,a
81, ,920-loss 50, ,246 80
d. q NJ. Hahn. lot % by 70. Fourth
and Clara streets, San Francisco. cost
S6l2 50-value unknown.
c. w. Ashford, six full lots and two
haif lots in block V and w, TwAty-
sixth and Twenty seventh streets. ac-
ramento City, cost 81, 300 95-apprafsed
value, Sl,500-loss S799 95.
James CARROLL 40 acres near La
trobe, FL Dorado County, cost 50. .176 O5
appraised value, $500-loss 81. GIG.
w. b. Somers property. cost ST.
lG6 10-value unknown.
The committee was unable TO find
any papers in connection with this loan
or obtain any description of any prom
erty given as security. Mr.. Alsip in
formed the committee that the papers
'ftAt IL san Il iduClStO anu the loan
course of collection.
These losses are the result of a com
bination Of causes as follows:
First. in justice to the officers it is
but right to state that there has been
a depreciation in real estate values all
over the State. from which the prop
critics OF the association could not hope
to be exempted.
Exceedingly bad judgment
exercised on the part of the officers in
making leans.
Third-Reckless and thoroughly un-
businesslike methods pursued by the
officers in the transaction of the bus
mess Of the association.
As an illustration in the matter Of
depreciation of values may be cited
the case of the Briggs property: at the
time the original loan of $4,000 was
made on this property in 1888, this
property was said to have been
valued at $4,000. and it is said
that it paid a handsome inter
est on that valuation. Owing, however
/ 20 the very great decline In the prices
/ of raisins. as the result of vast acre
age planted TO that product there has
i been steady and irresistible decline
/ In the value of this property. until to-
day the yield will not pay the cost Of
| operation and the property can be val
/ ued only for the cost of the bare land.
/ As an Illustration of bad judgment IL
| making loans, the case iS cited of ths