The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1898-05-19
WILL CONTINUE BUSINESS.
UNANIMOUS VOTE OF STOCK
HOLDERS PRESENT.
Occidental Building and Loan AS
ISOLATION VIII Start on
New Basis.

There was a large meeting Of tie
stockholders &C the Occidental Building
and Loan Association last night at the
Foresters' building, A. J. Johnston pre-
siding
The roll Of stockholders was called,
and a number Of proxies were recorded.
1t was found that $50 shares were
represented out of 1889.
The Secretary read his report, show
ing that the total assets of the assocIa-
ton are $142. S23 %, and its liabilities
the same. The receipts for the fiscal
year were S124, 9G3 II, and the dis
bursements $4,000 leaving cash on
hand 1868 81 The association was
SIT, 149 10 short of meeting its liabili-
ties. but as the shortage goes wholly
against dues, it reduces the value Of
shares to 1903 per cent. of cash actu-
ally paid in.
The new Directors are L. Elkus Of
San Francisco and ]. J, Feeney, w A.
Curtis, F. D. Grif1ths s I. Hopkins,
r. T. Devlin, Grove L. Johnson A. j.
Johnston and J. L. Siller Of this city
The California State Bank is Treasurer
and Depository, A. J. Johnston Is Presi-
dent, p B. Johnston Secretary and
Grove L. Johnson attorney.
The real property owned by the as
ISOLATION amounts to $40. 1873 50; there
are mortgages amounting to $l3,cIO
and a mortgage in process Of foreclos-
ure amounting to 81 $50, besides con-
tract for S3,9SS.
Grove L. Johnson, attorney for the
Directors. made his report. He said
that when the new Directors took hold
things were in an awful condition The
books were not posted, and they could
not find many Of the accounts The
present Secretary had done an immense
amount of work and had brought order
out Of chaos, and everything is now
IN shape.
Shortly after the annual meeting the
Attorney General had brought suit to
throw the association into insolvency
and have a receiver appointed, but
many Of the stockholders had stout
" opposed it, and after hard work
had succeeded. The Directors had
Strengthened out a large number or
loans, which he enumerated, some OF
which stood in Alsip's name, and on
some Of which the association had no
title. There were two or three Of which
no record could be found. and they had
been put down to profit and TOSS me
property on winch the 0udSld ivan " a.
made had been sold for more han the
value the Directors had fixed on it.
They had collected a considerable
amount Of back interest, and shown the
court the value Of the property. and
that the association is all right if the
stockholders wish to vote to go on
They had also reduced the salary of the
Secretary from 500 a month to S6O
and he was doing a large amount of
work for that.
Whenever there was a doubt on the
security for loan they had charged it
70 profit and loss. by order Of the court
and by scaling down the book values
35 per cent. making the assets and la
biities equal, the association could go
on all right Under the law the Di-
rectors' action is final but they thought
better to ask the members whether
they wished to go on or 60 into insolV-
ency. They can make their choice and
then go into court and report. The Di-
rectors have considerable money in the
association. and had voted unanimously
that it is best to go on. They think the