The Wilmington daily Republican., 1901-08-05
Guarantee Association

AS there seems to be a desire on
the part OF some persons 10 heap
opprobrium on some Of the officers
OF the Guarantee Building ann Loan
Association, it is il justice that
these remarks are submitted to the
public. 1t is we'll understood that
when a state official enters the Of.
fee Of an association. makes an ex-
animation Of the books and pub
fishes an untavorable report
whether that report 10 accurate
and Just bfaot, it will necessarily
cause great loss to the association
and for time cripple it's business.
Whether that temporary embarass-
ment will be overcome remains 10
be seen. We will state here, that
1t seems 10 be the desire OF IN :.
iority OF TIE stockholders that the
association continue in business as
in that way it might overcom, 'n2
loss that may have occurred and
the stockholders be made safe. We
will not argue as TO the solvency
or insolvency OF the association,
but If il is insoIvent and that in-
solvency, as many seem to think,
is the result OF excessive expenses,
we ask the public to compare these
figures and place the blame where
it properly belongs
In the articles publish ed in the
newspapers. some OF the most i'm
portaut facts discussed in the
stockholders meeting were omitted.
The Guarahtee Building aud
Loan Associ alton was incorporate d
April 20, 1893. The expenses dur.
ing that year were comparatively
light The office expenses during
1899 when the affairs OF the assoc
citation were directed by other OF.
iicials, were very heavy. The sec.
retary received salary OF twenty
five dollars per week, besides en-
ployiug another man tor a great
part OF the time, who was paid out
OF the lunds OF the association
twelve dollars per week. The gen.
eral expenses lor one period Of six
months Of that year were $5736. &c
as against $90l0.S2 Tor the entire
period Of last year 1900. The ex-
peuses for the whole year Of 1899
were $4,000 to $4,000. The ex.
penscs for six months Of the present
year were S296249.
This clearly shows expenses
growing less each year.
During the period Of last year the
Association loaned to borrowers be-
tween $4,000 and $4,000 of the
stockholders money secured by bond
and mortgage on real estate. This
amount is more than has been loaned
during the entire history Of the AS.
socation outside Of that year, The
Association also faithfully met it's
oblig gations in paying interest on
straight mortg ages, paid up ccrtiti.
Gates and prepaid and full paid
stock. At the beginning ofthe pres
ent year there was III force on the
books OF the Association Sl2,750 90
in prepaid aud full paid stock.
There has been paid off this year
including some installmcnt stock
sS629 90. In comparatively short
time had not the Insurance Com.
mssoner's report crippled its in-
come, the most oppressive liability
the Association had, prepaid and
full paid stock, would have been
entirely liquidated, The expenses
were growing less, the liabilities
less and the assets more secure.
We desire an honest inspection
of the books which will corroborate
our statements.
We repeat that il this Association
is insolvcnt from excessive expense,
the blame lies chiefly on those who
incurred the most expense.
During the year 1899 when the
Association was under entirely dif.
ferent control. the expenses wsre
from $1,000 10 $4,000, which was
more expense than that incurred
in all the history OF the Association
combined,