The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-06-30
HE HITS HARD.
John BreidenthaI Severe in His
Recent Report.
Discusses Plan of Working of a
Topeka Concern.
EXPENSES VERY HEAVY
How People Who Withdraw
Lose Their Money.
Record of Building Associations
That Have Failed.
EXPENSES VERY HEAVY

Discussing the building and loan asso-
Citations in general, in his report Bank
Commissioner Breidenthal states that the
Kansas national associations make a
better showing than the foreign associa-
tons that have done business In the state
The report says:
The Aetna Building and Loan associa-
ton, of Topeka, I consider the best ma
tional association doing business in the
west yet what road it has travelled to
arrive at its present position, and how
the pathway is streWn with the Door
victims who. after paying their dues for
years, cannot withdraw and play an even
game: Examine the statement for June 80
rnenSe expense accOunt-Over S1S,700 ex-
pense Of organization and first manage
ment; clear steal, for which the present
lIli,aIltseIlSnl' however, IS not responsible
observe the following items In the profit
6CCouht- Wnlcn are not earnings put de-
quctlons from the money paid by stock
Instaliment stock to guarantee
Profit on NEUTRALITY-SUSPICIOUS.. 1880 Is
Membership fees ...........-...-... 1,099 IS
Total ..:................. :....... sos, 4O8 O5
paid to agents, which do not
show on the books of the COM
pany, estimated. ..--...---....-. $4,000 90
and we have a total of. .S15s. 4Os 05
paid into the profits of the association
by stockholders-that is, the common
stockholders. And what have they
ceived in return thus far? The statement
dlscloses what. as follows:
Dividends to stockholders. ....... SIS, 213 q
interest on Withdrawals. 1902 49
interest on prepaid stoclS.......... 657 GA
Interest on full-paid stock........ 1884 81
A total ACKNOWLEDGEMENTS. Sa8 PAS "a
or S65.1541 less than they have contrib
uteu TO the prOup account This IS the net
aggregate result for the common stock
holders in the largest, safest and best
general or national association in Kan
sas and the west, at the end of seven and
one-hah years; Those who withdrew
early are tie heaviest losers; those who
have been paying in for four years can
now withdraw without loss. and those
who have been paying for a longer period
they continue for the full period of ten
years viii doubtless receive the par value
of their stock. 1 use the statement Of
this association because 1t is the largest
and best national in Kansas and the west
but that no Partially may be shown. 7
viii take the entire lot that were en-
gagged in transacting general business in
Kansas at the time our law took effect.
1Ae-e give hs re sults as IolioWs.
Profits deducted from payments, not prop
Guarantee and other expense
Profits on Withdrawals 30.S40 %
Membership fees Observation-Disclosures. is .935 62
Commissions. collections and ex-
cnange -..---.. ....-.--..---..-..-- 3.3gl ~
Collection fees................. -. 91O9 76
Making in all. ................:. .s244.442 Of
Add membership fees collected by
agents and not credited to
stockholders or shown on
books, estimated ................. 10000 90
Total -....................s3 800. 442 Of
From which deduct
Dividends to stockholders. S57. $40 q
Interest on Withdrawals $50 30
Interest on prepaid stock, 13, So SO
Interest full-paid stock. 1,945 II
Carried to reserve fund. 20,2S5 AZ
Undivided profits .---..--. ,23o 70
or Sl52, 679. SO less than has been paid into
the profit account by them, to say moth
Ing of the earnings. In other words. in
order that portion of the stockholders
who are persistent may receive dividends
or Accommodations to the amount of $151.-
1912, all the stockholders have been
called upon to contribute in the aggregate
1904 442.01 in addition to the earnings upon
their own payments. Again, note the
in the nationals from 60 $40 per cent. in
in the nations from SO $40 per cent. in
the Aetna, the best. to 4l737 per cent. in
the National Savings and Loan associa-
ton of Topeka, as compared with 1910,
per cent. to 81 $40 per cent in the local
associations The expense of manage
in the hest national is n