The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-02-14

They Extended From San Fran
cisco to New Jersey and Back
AGnin-Minnesota Stockholders.
The report Of E. B. Graves. as re-
celVer of the North American Savings.
Loan and Building company, mention
OF winch was made in The Globe
sunday. contains some particularly in
terestlng statements and figures This
! company is composed of w. J. Dona-
| mower, president and manager: III. Fl.
| Walpole. secretary
! INF. Graves was appointed receiver
Jan. To- 1888, and he explains the de-
lay In hling his report as follows:
Your receiver has not heretofore filed any
| report or inventory. he was unable 10
OBTAIN possession of the property CT the com
pany 1or the reason that the state court of
IN an action entitled A. " Mcintosh plant
IN, vs. the North American Savings, Loan
and Building Company, w. j. Donal y yer,
r. f. Walpole. L. l. Casserley and j. II.
macmillan, defendants, brought in the dis
trlet court of the Second judicial district in
ano lor the county of Weber, state of Utah.
united States circuit court for the district
OF Utah. by which court Mr.. Matson was
removed and your receiver appointed in his
stead. Mr.. Matson YVES not removed as re-
ceiVer until October, 1885,
AN INACCURATE IDEA.
1t appears on the showing made by the COM
pany's hooks that the assets exceed the liza
olht1es by $l0,434.18. AS a matter Of lact
thls statement gives very inaccurate idea
or the affairs of the company, for the reason
that the values at which many of the assets
are carried ON the company's books are far
IN excess of their real value and that these
DOCKS do not show a full statement of all
liabilities.
~, A large difference will be noted between
ccmpany's books. and the statement of the
receiver On the company's books the real
estate was carried at exactly what it cost
the company, regardless of it's real value
Inc item of mortgage loans, as it appears
IN the statement OF assets and liabilities as
shown by the companys books, also appears
at much larger figure than in the statement
OF the same as shown by the receivers books
Ihe company carried in each case mortgage
loan at the original amount thereof On the
receivers books, however. he has deducted
from the original amount of these loans the
amount OF payments which must be
credited thereon under the order of the court
for the readjustment of these loans This
trust an amount equal even to the amount
Which appears on the receivers books
Many of the mortgages will have to be fore
closed and the property, which will thus be
obtained, will. in many cases. not be worth
the amount due on the mortgage with the ex-
penses of foreclosure. In the case of item
on the company's books at exactly what they
cost the company, while on the receivers
books they are carried at the amounts which
could probably be realized on them in the
market, which Is much less.
INTEREST IN ARREARS.
The item of interest in arrears on the COM
pany's books is accrued and unpaid interest
on mortgage loans stock loans etc., and is
all uncollectable. The receiver has charged
this OF and it does not appear in his state
ment Among the items in the receivers
statment is the item. general creditors
$SO5.61. These were bills owed by the COM
pany when the receiver took charge and
| they did not appear in any shape on the
| company's books
! According to the receivers statement the
assets of the company are shown to be at
present about 40 per cent of the liabilities.
| The further probable reduction in these as
| sets, however must be taken into considera-
| ton, and the amounts due general creditors
| taxes. insurance and other expenses of the
receivership, which must be paid should
| not be lost sight Of
There is considerable difference between the
| receivers statement and the company's state
ment in the amount shown due the holders
| OF prepaid stock. and of installment stock
| This arises from the fact that on the COM
| pany's books the amounts due these two
| classes Of stockholders were fixed in accord
| ance with the so-caled Withdrawal clauses"
| The receiver has fixed the liabilities In the
| case of all classes of stock at exactly the
! amount paid in the stock, as shown by
| the records of the company's Office.
In the case of installment stock the amount
| shown in the receivers statement is likely
| to be somewhat increased on account of the
| fact that often the claims filed by the stock
holders show larger amount paid in on ac-
count of their stock than the records of the
company showed, and the claims will in many
instances have to be allowed at this larger
amount. This arises from the fact that the
payments were made to local collectors, who
did not faithfully remit to the company.
| On the receivers statement appears an item
accrued taxes" $4,000. which is not shown
in the company's statement. When the re-
| ceiver took charge of the affairs of the com
| pany there was, large amount Of accrued
| taxes and assessments unpaid on both the real
covered by mortgages running to the COM
| pany. 1t was necessary that these taxes
should be paid in order to protect this real
| estate.
DONAHOWER PAID IN SO.
| The books of the company now in
! the hands of the receiver show that
there were 227 shares of full paid stock
valued at $22,7 700; 1903 shares of pre-
paid stock valued at $40, 15O and
valued at $200,5S5. OF this last
mentioned class Of stock w. J.
| Donahower, president Of the company
since 1897 held five shares; H. H.
Walpole. secretary, five shares, and L.
l. Casserley and J. H. Macmillan five
| shares each. MT. DOnanoWer. Mr.. w al
| pole and Mr.. Casserley had each paid
SO, and Mr.. Macmillan is credited with
nothing. although he had subscribed
for five shares. All of the quartette
are residents of st. Paul, with the eX-
ception Of Mr.. Macmillan. who resides
in Utah.
The real estate owned by the COM
pany Is in seven different states, and
on the books of the company is valued
at S15S, 600. The receiver, however
places the value at $4S,333S7. The fol-
lowing table shows the real estate own
ed by the company Jan. 10, in which
the title is absolutely in the company,
it's location as to states, the cost to
the company. the amount as to value
carried on the company's books and
the value fixed on the same by the