The Providence news. (Providence [R.I.]) 1891-1906, 1902-01-09
SUCCESSFUL
YEARS
BUSINESS
Annual MssIing Of Working
mems Loan Association Held
Yesterday Afternoon.

The annual meeting OF the Working
mems Loan association was held at 3
o'clock yesterday afternoon at the office
OF the association. 2S weybosset street
with the president +. s. Clarke, in the
chair
The meeting VAS called TO order by the
president shortly after 3 o'clock, ana the
minutes OF the last meeting were read by
Hon. Rathbone Gardner, the secretary.
The report OF tho treasurer, Howard l..
Clarke. Was next read and this showed
the following financial status OF the So
ciety:, Receipts sIl.SS3is; expenses,
$3.50 20; net earnings, $sGosO; income for
the year. slS,3S5i9
The report OF the board OF directors
was next presented by Secretary Gard
ner. ahd was, IN part, as follows:
To the Stockholders Of the Working
mems Loan Association;
Gentlemen-Your board OF directors
hereby submit report OF the business
and transactions OF the company during
the year 1901. There has been a steady
growth OF the business during the year.
Loans to the number of 940 amounting
to SD, 500. an amount considerably I'm ex-
cess or those made I'm any proceeding year,
have been effected.
The repayments on account OF principal
have been very large, amounting 10 S2S,-
l59. The loans In force on Dec 81, 1901.
amounted TO SOL. 1875 net increase OF $500
for the year. The number OF open ac-
counts on the books increased during the
year from 93s, to 1903
The average amount of each account
was ABA. The number OF foreclosures
has been less than i'm the previous year.
The losses charged up during the year
amounted TO $685. being less than one
fourth of one per cent on the average
amount outstanding, record which We
submit is rarely equalled by any hnan-
cal institution. and which is more fa-
vorable than that of any other similar
association of which We have any
knowledge.
IL Is a great qualification TO be able TO
state that we have never as yet been
forced to forclose and sell any furniture
in use by the party to whom belonged
Our capital stock remains at $50, 600.
This amount. as above stated, Is fully
employed, and we are loaning from our
surplus We continue 10 transfer many
loans from the brokers who are charging
the parties from four per cent TO ten per
cent a month interest.
The association has lost little through
fraud practiced when loans are nego-
when applications are made have been
found TO eliminate almost all cases where
deceit is attempted.
In some cases we have found that
brokers who desired to effect a transfer
of bad loan 10 us have not hesitated
to misrepresent the conditions. In one
such case. where a loss seemed probable,
we have brought naction for deceit
against the broker, who had made To us
Col faf IN ha Sta m
OF the party and the title of the property.
Judgment was obtained against him in
the district court and Is now pending in
the court OF common pleas. upon his APP
peal.
Each year we are forced TO appreciate
more and more fully how largely this
association IL relied upon for emergency
expenses arising from death. sickness or
other misfortune. We endeavor as far
as possible 20 confne our assistance to
people who are in need OF IL for these
causes. Many persons who apply for
loans and whose security is perfectly
good are advised not TO borrow when we
find that such loans are not absolutely
needed.
Some persons come 10 us who are en-
titled 10 loans from banks, upon much
lower interest than we are able TO charge.
and IN such cases they have been referred
to banks. and frequently the needed ad-
vances have been secured. A large por-
ton OF the time of our superintendent
Is consumed I'm giving advice 10 would-be
borrowers, which enables them 10 secure
relief without the necessity OF negotiating
a loan at the high rate which we are
compelled TO charge.
Election OF officers occurred during the
evening resulting as follows: President
Edward s Clark. vice nresidenl.- William
Gammell; treasurer. Howard l.. Clark:
secretary. Rathbone Gardner; board 81
directors Edward < Clark. stephen q.
Edwards William Gammell, Rathbone
Gardner, Preston III. Gardiner. Robert II.
l. Goddard Daniel l.. ID. Granger. How
ard L. Clark. William ~. Spencer. Edwin
NJ Dodd r. w. Jackson. H. G. Waters;
executive committee Edward =. Clarke.
William Gammel iRathbone Gardiner,
Howard l.. Clarke. William III. Spencer.