Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1902-04-10
REPUBLIC LOAN ASSOCIATION.
Attorneys Tor the Local Stockholders Make
u Report.


Report.
The attorneys for the local stock
holders of the Republic Savings and
Loan Association have made the follow
ing report to the stockholders:
Wilmington, Del, March 81, 1902 To the
Delaware Stockholders 81 the Republic Say
ings and Loan Association; We desire to
call your attention hEHin 10 the affairs OF
the Republic Savings and Loan Association.
At a prior time in the Nlairi Of that COM
pany we caused u me- ting of the Delaware
stockholders to h. held for the purpose of
considering a propositi ~ Is tha Corpora
tion Liquidatng Co. of New York to ex-
change $4,000 worth If n1',i.y in Brooklyn
real estate for t3O,0OO worth of Delaware
stock in the Republic Savings and Loan As
sociation. We are prased to report that at
a recent visit to New York by Mr.. Byrne,
he ascertained that the BROOKLYN property
exchanged by the Liguidating company for
Delaware stock is now operated ut Il profit
for the stockholders in the new company,
which was organized here in Delaware TO
take over the ownership of the Brooklyn
property. We are gratifled at this evidence
of the good faith of the Corporation
Liquidating Co. in dealing with nur Dala-
ware stockholders, and there is every ground
10 believe that persons who invested III the
Brooklyn real estate will ultimately make
out well because of their investment. The
Corporation Liquidating Go. conducts the
business of buying stock in associations
which, like the Republic Savings and Lean,
have failed; and in the case OF this associa-
tion they have bought III a very large
amount of stock Owned by the citizens Of
various States. They hive already become
possessed of large amount cf Delaware
stock in the Republic Savings and luut As
sociation and are rcitl% to negotjdt" On Il
fair basis for the purchase of the remainder.
They have signited a willingness p buy
this stock, but we think the matter of such
Importance that it warrants II meeting of
the persons interested, so thai an agent from
the tr!rany, direct, may lay the nlatter
before you, ard YOU may determine as Il
business proposition what course you will
ADOPT, ne the question OF the sale of your
stock is one of Business rather than of nw,
and II is more properly for your decision
than for the decision OF lawyers. We ought
TO say, however, that when Mr.. Byrne re-
Gently visited the office of the receivers of
this company the information he gathered
leads us to believe that the affairs of this
company will certainly not be wound up he
fore the ensuing fall. The receivers are men
of the highest character and are advised by
lawyers of the best ability, but it must be
remembered that the corporation in Gues-
tion was loan association with n large
volume of business scattered through the
various States, and, in many instances,
placed in small loans. These ncccssitate an
infinite amount of attention, and, there
fore, it is not surprising that the settlement
and winding up of this association has
already occupied SO much time and will
continue to occupy more. We could learn
nothing definite as TO the amount of divi-
dclds anticipated, The fact that in many
instances real estate which the old company
bought, subject to certain mortgages, failed
to produce any revenue for the receivers,
and the fact that many loans were made by
this company with no other security than
the company's stock as collateral, and the
fact that many loans were made on mort
cages in which the mortgages were very
| inadequate for security, would Seem to in
dictate that the dividend would not be large.
However, these matters are necessarily
| matter of estimate, and no positive state
| ment can be made concerning them. They
1 can be taken into consideration by you and
be considered in connection with any propo-
sition inade to you by the representative of
the Corporation Liquidsting Co. The fact
| that the former transaction conducted hera
| by the Corporation Liquidating Go, gives
/ reliable promise OF profit 10 our people,
| justifies us in commencing their second
| offer to your careful consideration.
You therefore are invited 10 meet at the
office of Herbert H. Har'i, Esq, Bayard
| Building, Ninth and Market streets, will
mington, Del, Thursday evening, April
10th, o'clock, y. IN.
| Very truly YOURS,
Herbert H. Ward.
William Michael Byrne.