Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1900-09-22
SHORTAGE IS FOUND.
In Secretary DonaIdson's Books
of the Home Building As.
ISOLATION.
DEFICIENCY OF $4,000 MADE GOOD
Directors Find Fortunate Issue
Out of Surprising State
of Affairs.

| Developments in the affairs Of the
Home Building and Loan association,
of this city. the past 10 days or more,
have occasioned public discussion in
a greater or less degree, and, natur'
ally, considerable interest has been
aroused and inquiry made as to the
actual facts. That the newspapers
have not given the matter the publ
city that would ordinarily be expected
in such circum stances has been simply
due to a desire to be just-just to
every one in any way concerned in
the affairs of the association.
The first information that came
in the regular course of the GUS
tomary inspection of the associ-
alton by State Inspector j. M.
Appel that the books did not make
the showing that they should was OF
course discredited and even secuted
at, particularly by those who consid-
cred themselves in position to know.
But when the secretary, r. A. Don
aldson, admitted the shortcomings
and promptly resigned his office, the
officers and directors, in a measure
at least, became prepared for the de-
velopments that have followed.
Mr.. Donaldson entered into the
searching investigation that has been
made. and gave assistance in a
way that has resulted in the discovery
of discrepancies amounting to $25. 600,
which. however, very fortunately have
hn cnlUannu of tho
association saved and the interest of
every individual borrower fully pro-
tected.
Omcers Stand by Borrowers.
II was the earnest desire of the off,
GERS and directors that such salts
factory condition should be brought
about before allusion was made in the
public prints to the unfortunate af-
fair. And they have not only worked
faithfully and anxiously to that end,
but have each submitted to an as
sessment, which together with what
Mr.. Donaldson has been able to partly
REIN burse the association by turning
over his home and other prop
erty from which money could
be realized, and the assistance
from outside sources that has
been rendered in his behalf. has
placed the finances of the association
in good shape.
After the meeting of the directors
this afternoon, when the last details
were perfected, President Maucker
announced that the board was in
position to state that the interest of
every borrower was secure, and that
the association would continue torun
as if nothing had happened; that while
such a condition was only brought
about through considers BILE pecuniary
sacrifice on the part Of the directors,
not a borrower would lose a cent,
as all irregularities had been fully
met and provided for.
On learning of the state of the as
sociation's affairs the directors felt
that what was most to be dreaded
was a premature publication such as
might lead, although without warrant,
to a panic among the stockholders
that would unav oidably precepi-
tate the associations wreck an d ruin.
With this view of the situat ion the
newspapers were counseled with and
urged to withhold reference to the
matter for the time being to the end
that the interests of stock holders great
aud small might be safe guarded.
The facts having been presented in
this light, and with the assurance
from the class of men who compose
the board and it's advisors OF the
earnest purpose to save the associa-
tion's credit. it was deemed wise to
suppress the publication of the de-
velopement until the officers of tie
association felt that it should be given
to the public.
The Association and It's Omcers.
The Home Building and Loan Asso-
citation of Rock Island was esta blished
July l, 1891, and Mr.. Donaldson has
been the secretary since that time,
taking up the duties soon after he re-
tired from the Office of county clerk,
which he had held for several years.
Henry Carse was the first president,
an office he held for eight successive
yea rs.
The officers last elected by the asso-
citation were:
President-W. c. Maucker.
Vice President-Sewall Dodge.