Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1904-02-06
BUILDING & LOAN FUNDS
Trustees win Make Another Dis
tributlon to Shareholders
HOLDERS OF PREPAID STOCK
wiil Receive About $4,000 Under tecres
Of The Court oiher Sums Yei
70 Come.
HOLDERS OF PREPAID STOCK

10 Come.
Special Judge Moore handed down u
decree ia the Circuit court here about
a week ago, which Il OF more than
interest to many people ia
this city. aud which Affects moro than
100 shareholders Of the defnnct Mar.
tinsbnrg Building & Loan assoeia.
ton. The affairs Of this institution
have been in the hands OF the trus.
taes, A. G. Nadenbonsch and Charles
A. Young, since the assignment ia
1898, and several hundred residents o.
this city are anxiously interested in
the settlement 81 the business by
these gentlemen
The decree OF special Judge Moore
involves the distribution OF about
81, 500 among lis holders OF shares Ia
class d aud class g, which will so 10
those shareholders who bad paid into
the association ali amount OF money
beyond .heir assessments up to the
time the association collapsed. TN
der the report OF Master in Chancery
Woods made several years ago, the
holders of shares IN class Il aud class
g, who had prepaid their stock to a
date beyond the date Of assignment.
were entitled to the return OF the full
amount Of the excess payments, with
interest.
As an illustration, one shareholder
had subscribed for stock, the assess.
ments on which amounted TO 1000
at the time of the assignment He
had, however, paid into the associa-
ton the sum of $4,000, which was
5000 more than he would have been
required to pay under the weekly as
sessment plan. Under the report OF
Commissioners Woods, this share.
holder is entitled to the return of the
excess 5000, with interest. After this
excess is paid then he will be on a
common footing with the other hold
ers of class b and class G. and will be
other 81 900. No person whose stock
was not paid TO date beyond the
date OF the assignment will share In
the distribution of the money under
the above decree.
The present will be the thlrd distri-
button under the report Of Commission
a., tNaads fT,,aa, tf,a .Iaoro. - T..
uarv ~, 1902. the snm of s., 1853 was
distributed by the trustees. aud nnder
the decree of March s, 1908. further
sum OF 81 $50 was distributed. The
present distribution makes total Of
$7,e45, which leaves balance Of s.,
$40 yet TO 20 to the slodars OF pre-
paid stock Of the two classes OF b.
aud G.
After the balance OF 81 500 shall be
pad. winch il expected TO be accom-.
plished i'll few months, then all fu-
ture distributions will be made to all
holders Of class Il aud class q. with
out distinction. and upon tho basis of
tCA1HAfNfiFA ny WV IdilBk
OF the court This means in effect
that all holders Of stock under the
weekly assessment plan will receive
q pro rata on each 81 paid in.
But it is not expected that this re-
suit Will he ACCOMPLISHED for soEe
time vet. While the trustees have in
their charge certain assets of the as
sociatior which ARE valuable. there is
no intention to force a sale and entail
q further sacrifice on the part of the
The property held at present for va
rious sums is as follows Brass works
building. J l.. Dick farm, about
81, 1901. f. Javlor house, about $3.50
John 9. Lewis house, about $500 the
Casey house, about 5000; the Kiner
house, about $500.
On the brass works building a rent
al of $500 per year is received, which
is expected to pay of the balance Of
81 800 due the holders of prepaid
shares. The balance OK rhe assets |
win be used from time to time ia pay.
ing the holders Ct class B and class
G stock.