The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-03
STAR S. AND L. ASSOCIATION.
Directors Explanation as to Its
Financial Condition.

There has been talk about the nnanclal
condition of the Star Savings and Loan As
ISOLATION the last few days. Directors of
the association said yesterday that it was
probably due to the fact that there has
been some delay about maturing stock of
the thirteenth series, in which fourteen or
fifteen stockholders, with stock aggregating
about $4,000, are interested. June 80 the as
ISOLATION declared the usual semi-annual
dividend of per cent. and the directors
assert that it is perfectly solvent in every
respect.
H. nj. Hadley, one of the directors and
until year ago president of the associa-
ton, says that a year ago he personally
made an examination of the books and
found them clean and satisfactory in every
respect. c. S. Denny, another director, and
at present acting attorney Of the asso-
citation, explained last night the cause for
the delay in maturing the series In the
last two or three years the association mas
found it necessary to accumulate real estate
appraised at about $4,000. sum $b,OOO IN
excess of the money due the stockholders of
the thirteenth series. 1t huppened, also,
that nearly all the stockholders OF this
series were non-borrowers, SO that with the
expiration of the series 1t became incum-
bent upon the association to pay sum
aggregating about $4,000 in cash. But Tor
the failure or borrowers TO pay OIL their
loans and the consequent necessity for fore
closing mortgages and accommodating real
estate, the association would have been
ready to declare the series matured and pay
it OFT at the end of the estimated time, he
says month ago the stockholders or the
series affected were all invited to attend
meeting OF the board of directors, when the
situation was placed before them. All were
present or represented by proxies. They
were informed that if they did not want to
wait for their money reasonable time, the
association would either be compelled TO
sell the real estate or borrow money upon
it to pay off the stock.
1t is said two of the stockholders Messrs.
Joseph Taggart and Gray, voluntarily
agreed to take part of the. real estate
amounting to o's 5000 a'h have been thus
settled. The largest claim now outstand--
ing is held by the Harvey estate and
amounts to $1,000. Judge Lawson NJ. Har-
vey is one of those interested in the claim
of the estate. In another day or so, the
directors will have another meeting and
they hope that some of the stockholders
will agree to take part of the real estate in
settlement OF their claims. After the meet
ing or month ago, the real estate was
advertised for sale by direction Of the
stockholders of the thirteenth SERIES beside
being listed with various real estate men.
JUS now there is glut in the real estate
market, and the association is unable to
dispose of its holdings Unless an agree
ment can be reached by which the maturing
of the series can be further delayed, Mr..
Denny saiu last night that one of two
courses must be adopted. Either the real
estate must be disposed of at forced sale,
with possible small sacrifices, or a loan
will have to De secured None of the direc-
tors regards the situation at all serious.
The association has already paid off twelve
series as they matured, and has eight or
nine still running. 1t Is asserted that its
management has always been economical
and conservative and that the real estate
now held is worth considerably more than