Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1903-01-03
Mechanics Building Assc-
citation, No. ).


shares. were present in person. r. w. Ar
mold was called to the chair, and Francis +.
Marbury was appointed Secretary. Eighty
two shares only were represented and no
quorum therefore present. The meeting adj
iourned to meet on Monday, January ~, 1905,
at D. m. at the same place, 2l2 King street,
at which time and place all of the stockhold-
ers are earnestly requested to be present in
person or by proxy, so that officers may be
elected and business pertaining to the affairs
of the association be transacted.
By request, the report Of the president and
6,ard of directors was read, and also a state
ment of the assets and a statement of the liza
bilities presented likewise at the request Of
the stockholders present the said report was
ordered to be published in the Alexandria
Gazette.
REPORT.
Report Of the president and board of d.
rectors of the Mechanics Building Associa.
ton No. 5. of Alexandria, Virginia. January
LIST, 1908:
To the Stockholders:
Gentlemen Since the last meeting held
in January, 1901, Anthony w. Armstrong
attorney for the association, and Leonard
Marbury, secretary of the association, have
died.
In the place of the former John NJ. johnson
was appointed and in the place of the latter
Francis +. Marbury was elected.
The books Of the ass0ciation are written up,
and stock accounts s ,d loan accounts are post
ed TO January 1, 1905.
We herewith present q statement Of assets
and statement Of liabilities as of January l,
1903:
The statement of assets shows the names of
each borrower, the amounts due on loans, the
value of stock and the assessed value of the
property owned by the association, and
likewise Of property upon which it has deeds
Of trust.
The dividend heretofore allowed is not in
cluded in the liabilities it is on the first series
Sl505 share and on the second series $500
share. There are 278 shares of first series
and 26S of the second series now outstanding.
Assets exceed liabilities without including
dividend aforesaid) S1S,S24.0S.
AS it will take nearly 100000 to pay the
dividends aforesaid on both series, which, ii
added to the amount of liabilities, then the
assets will exceed the liabilities 81, S2i.08.
Assets amount to $61, 632.07, and liabilities
amount to without dividend $42, S07.09, with
dividend added s4s,S07.99, according to the
statements aforesaid.
On September II, 1902, the board appointed
J. NJ. Hill, NJ. A. Ahen and r. Lee Field,
stockholders, to appraise the property owned
by the association and upon which the asso-
clation holds deeds of trust, but as these gem
tlemen did not report by December |, 1902,
the board, on December 3, 1902, directed the
secretary TO ascertain from the tax books the
assessed value Of said property, and the same
appears on the statement of assets.
There are 81 trusts owned by the associa-
ton, and the association owns outright about
s., O00O 90 worth of real estate This real estate
pays about per cent. net per annum. Ii APP
pears that the amounts due the association on
about 20 trusts, respectively, exceeds the as
sessed value Of the property, but it is believed
the assessed value given on 10 pieces thereof,
is less than the actual value, and that the said
property. if sold, will bring more than its as
sessed value. AT any rate, if only the assessed
value be realized, even then assets will only
be reduced $4,000, still leaving assets in ex-
cess of liabilities without dividend Sl3, S249S,
and with dividend added s., s24.0S.
A number of the borrowers are more than
six months behind in the payment of interest,
they were all notified in July last
that unless they kept up interest on loans, a
sale Of their property would be made.
The board has been reluctant TO sell proper
ty for two reasons; first, because the ass0cia-
ton might have TO take it, and as the proper
ty taken before and now owned by it, does not
pay; second, because the property might not
bring the associations debts thereon, if sold
to the highest bidder, by less than s., 100000,
which is given above as the reduction upon
the assets. That is to say, at a forced sale the
said property would fall short more than
$4,000
On January LIST, 1902, the association owed
in bank $1l 5000; today it owes in bank
s., 000.00 having paid off $4,000 during the
year, and besides 10 shares first series, and 80
shares second series have been cancelled and
$4,000 returned TO No. 3 association during
the same time.
No dividend has been allowed since Jan
uary 1, 1900, and no loan has been made dur
ing the past year.
The board has directed that no moneybe re-
ceived on stock after January /, 1903. And
the board now recommends that the affairs of
the association be wound up as speedily as
possible. In order to do so, the loans must he
either by voluntary payment. or by
the enforcement of the deeds of trust.
We do not deem il expedient to force the
trusts by sale, if the borrowers will pay inter-
est promptly. We leave it for the stockhold
ers to pass resolution to wind up the affairs
Of the association, if they deem it expedient to
do so. If such a resolution is passed, then
we request that resolution TO the foregoing
effect be also passed:
THAT the value Of stock, less dividend
heretofore allowed, be at once credited on
loans, and the residue then due ca loans shall
bear only per cent per annum interest here
after, that the stockholders who are not bor-
rowers, shall receive every siz months pro
rata dividend up to the amount actually paid
in by them on their stock out of collections,
and thereafter, If there be residue of assets,
that the same be divided equally between all
the stockholders"
BY this action justice and equality will be
established between the borrowers and the
who are not borrowers and
tba- bor oil.
age Of the other.
And as no dividend could or would be
earned and declared hereafter, and the bor-
rowers, will be required to pay interest on
their loans, we further recommend that
showing the amount due on loans
after stock values have been credited thereon,
and requesting the payment thereof, be sent
to each borrower.
For example, A. i. Is loan amounts to ST.
900. 90 and he is charged thereon $G0.00a year.
His stock is worth $4,000 on which he will
receive no dividend, and this amount is worth
10 him $30.00a year. these two items max
ing 5000 per annum. Whereas he could
borrow the sum of $4,000 the amount neces-
10 pay the loan of the association at q cost 10
him Of 5000 per annum.
OF course, If resolution, as above request
ID, is passed by the stockholders, the above
example would not be applicable, but on the
,oDtrary, borrower would only pay interes
N the amount due by him after his stoc,.
'alue was credited on his loan, and his truss
would only secure that amount
A statement will be absolutely necessary IL
resolution is not passed by you allowing the
took values to be credited on loans: and we
'eieve that number of loans would be paid
a promptly ifsuch statement was sent to
he borrowers. The interests of the borrowers
rho have made the money for the Association
hould be the first consideration Of those who
nay be selected to wind up the affairs Of the
association, and undue pressure should not be
ut upon borrowers, and whenever the inter-
st of borrower and the non-borrowing
conflict, care should be exercised
D protect the horroHer,s interest This