The news-democrat. (Providence, R.I.) 1906-1909, 1908-01-16
MONEY
PROFITABLE 1T
ONE PER CENT.

At the annual meeting OF thet
stockholders OF the Workingmen'
Loan association. in the associations
rooms, 23 Weybosset street. yesterday
afternoon the outlook for the coming
year was reported as very promising.
duced from ~ to % ! per cent cent since the
last annual meeting. and although this
necessarily caused a falling off In the
income the dividend OF 8 per cent has
nevertheless been earned. The present
surplus is $23,42s.06, with outstanding
loans on Dec. 81 OF ss7.ls7s5 The
gross earnings were Sl1,0s256, max
centage OF bad loans during the year
has been very small. only little over
5000. resulting out OF loans OF over
$4,000. This is much larger than on
The secretary's report advocated an
increase OF capital stock, since the re-
cent business depression and the clos
a demand for loans so much larger
than usual as TO place the association
In a position OF inability to meet them
all The report continues as follows:
Our outstanding capital OF $52.050
and an additional sum Of $4,000 which
we have borrowed is all employed. and
az the close of the year there were 40
applications to meet which we had no
FUNDS. We have met the situation tenn
porarily by vote OF the board of
directors to Increase the sum borrowed
" $lo,VVV, out the company can only
be placed upon a permanent and salts
capital stock.
The authorized issue is now 5000
issued. At the time the increase was
made the directors voted that the
stock be offered for sale at $50 a share
believing that with our surplus. which
gave to the stock book value OF more
than $40, and with an assured return
or per cent, this was reasonable
rate.
Recently, however. the return from
Investments has greatly increased, and
we have become convinced OF the inn
practicability or our endeavor to sell
have decided to OFFER portion of IL.
2is shares or the par value OF $12.950.
at par We ask the pres~Ut stock
holders to subscribe promptly for this
:, I'VE have. demonstrated. as we be-
iieve, that the pretence that this busl-
ness Is or so hazardous character
10 per cent a month which prevailed
before the organization of this associa-
,lon were necessary Is utterly ground
less: We have established in this COM
munity sound and substantial COR
portion which can and will extend to
the smallest borrowers upon security
mat almost everyone is able to offer
larger borrower can obtain from a
bank, upon terms which are absolutely
1air and which exceed the return re-
CURED for larger loans only to such
extent as is necessary to meet the-in-
creased cost OF doing the business
due 10 the size OF the loan, the char
acter OF the security and the neces-
sity for investigation"
These officers were reelected: Board
OF directors. Edward S. Clark, Stephen
o. Edwards. William Gammell, Rath-
bone Gardner, Robert H. /. Goddard.
Howard L. Clark. Preston III. Gardner.
FREDERICK IL. Jackson. John r. Glad
dlng. Charles A. Catlin, Charles II
Bigelow and Walter G.. Brown; execu-
tive committee, Edward S. Clark, VIII
liam Gammell. Rathbone Gardner
aai,owaro a. clark and John >R. Glad
uing: onicers: president, Edward s
Ciarki vice president, Willianr1;am-
neil; treasurer. Howard L. CIa h2sec-
retary. Rathbone Gardner