Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1905-12-16

that portion OF the settlement 81 tn
stockholders claim
+ The detailed statement farniShe,
Your commissioner BY the sata lras
tees shon balance In money faI
distribaiioa Of s 59i.75. ForAer "a
ports and DEGREES herein show Ina,
the said trustees, by mistake. paid L
those stockholders OF the defendan,
building association, who we're ia adj
vance III the payment of their dues
at the time Of the assignment, Interest
lnn tie advances decreed 10 be repaid
them. All Of that class OF stoekhold.
ers has been repaid the advances So
made, with interest The excess paid
IN interest amounts to 81. on 60 Form.
er reports and decfees herein also
show that the non.borrowing men.
hers Of the defendant building asso
citation We're in arrears 10 the pay.
ment Of their dues at the time Of the
assignment to The extent 81 Si3 .sG5. SO.
Both OF these sums your commits
sloner has taken into account IN max
ing his distributions hereinafter.
Former reports and DEGREES herein al
SO shoW that the amount OF stock in
the defendant building association.
which should have been paid hy the
non-borrowing stockholders to the
date of assignment, amounts TO ST.
COL SO. To pay this sum the said
trustees have in cash IS. SOL. rs aud the
interest overpaid to the stockholders
IN advance and the arrears OF the
stockholders in arrears at the date OF
the assignment, making altogether
s23, 7O4.96.
In the distribution hereafter made,
the interest paid on the amounts
which the non.borrowine stockhold.
ers had paid in advance at the date
of the assignment, and which interest
of said trustees by mistake paid, is
deducted from their pro rata share.
And the amounts which other stock
holders We're in arrears at the time OF
the assignment have been deducted
from their pro rata share.
But as, in large number of IN.
stances. the amount which stookhola-
ers in arrear in the payment of their
dues ct the time of the assignment is
greater than the amount which would
to distributable to them in this distri
button, il they were not in arrear.
wherever this il the case. such stock.
holder manifastlv is entitled TO moth
lug IN this distribution. And in the
aggregate, the amount which said de-
linqnent stakeholder, whose arrear.
ages are 50 great that they receive
nothing under this distribution, are So
much greater than their pro rata share
would be, il they were not in arrears,
thar, In the practical working oft of
the scheme Of distribution of the cash
now In hands of the trustees, the pro.
portion of what might he termed the
par value of the stock to be paid to
those who are entitled to receive nn-
der this distribution. is much less
than it would be ii all arrearages were
paid up.
While if all arrearages were paid up,
a dividend of nearly thirty per cent
could be declared. MS a matter of fact,
only twenty-three per cent of the par
value Of the stock can now be- distri.
buted.
This distribution, of course, is only
made to the non borrowing stockhold
srs of the association. in as much, a
those members, who had received
loans have already been credited upon
their loans with too large an estimate
Of the value of these shares, and. in.
stead or being entitled to participate
10 this distribution. they are liable to
futher assessments.