Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1901-07-27
GETTING ON ITS FEET
Stockholders of Home Building
Association Decide to Con-
tinue Business.
sIG DIRECTORS ARE ELECTED
First Annual Statement of Sec
rotary Maucker Review
ing the Crisis.
SIX DIRECTORS ARE ELECTED

Int uOune DuiluluR anu IOdu dSEO-
citation, which suffered severe finan-
cial shock as the result of the mis-
dealings of its former secretary, has
so far restored confidence among its
meeting last night in the rooms Of
the Retail Merchants association
voted unRni IL ously to continue the
business.
The meeting was to decide finally
the future of the association, some of
the stockholders since learning the
extent of the Donaldson shortage hAv-
ing favored liquidation.
The following directors were elect
ed: John Ohlweiler, Simon Lewis,
II. e. Schaffer. IL. K. Casteel, James
McEiroy and l. B. Strayer. Officers
will be chosen Mt Nt week.
Secretary w. G. Maucker submitted
his first annual report, which was
prepared under the supervision of the
auditor of public accounts. The re-
port says:
The valuation of real estate which
was n part Of our assets was appraised
at $27 900. while in fact we only had
a clear title to property to the value
of $40 30, and required an. eXpendi-
ture of hundreds of dollars TO secure
title to the balance of property, in
some cases by compromise and in
others by fOreclosing. L can NV
safely say that everything has been
done that was possible to do to ac-
quire title and with most satisfactory
results.
The Donaldson Affair.
at was necessary, owing to the
condition of the books, to purchase a
new set throughout. L also called in
all the slip receipts and checked them
up in the stock ledger and issued pass
books in place. This work was done
oy order of the board of directors,
and the change has been most salts
factory, not a one to the secretary
but to the stockholders in general.
Another source of expense was the
collection of MIR. Donaldson's insur-
ancG accounts, a total amount of
81, 700, which he had assigned To the
association as part REIN bursemert
toward making up his shortage. Some
of these accounts dated lack as far as
four or five years and created a great
amount of book work and expense in
collecting the same. You will note
by referring to the annual statement
that his sh ortage was $25 ESQ. Al. that
that amount has been collected to the
extent of S25, sos 80, and notes not yet
due are in the secre ary'S possession
to make upthe balance; notwith stand
ing these unusual expenses the direc-
tors have been enabled TO declare a
distribution of profit on the stock to
the extent of 1910 per cent for this
year.
I.I6I Shares I'm Force.
lin addition to the annual state
ment l will inform you that the mum
Der Of shares in force July l, 1900,
was 1.5l5; issued during the year,
2O4 shares; Withdrawn 55S. leaving
in force July /, 1901, 1.16l shares.
There is money borrowed upon 424
shares by % borrowers Oh tot4l
mum Der of shares OF 424. We have
43 n-borrowiDg mem bers, holding
| 1877 shares. We are now loaning
money at 6 per cent with 10 cenl
premium upon general valuation
not exceeding IS per cent of the value
of the property. Loans are awarded
by a committee of the beard Of
directors. We have now seven Dor
rowing members who are more thar
six months in arrears and their con
dition IS reported to the board Of
directors once n month. The asso
citation has IL pieces of real estate
which was appraised in May, 1901
and represents $2S 307 of the asseti
of the association.
Black Hawk OdceTs.
The old officers were reelected n
follows at a meeting last night of the
directors of the Black Hawk Building
Loan & Savings sssociation:
Presidential ID Mack.
Vice President-E. ID. Sweeney.
Secretary-T. j. Modill.
Treasurer. Frank Robinson.
Attorneys-Sweeney & Walker.