Show PROGRESS MADE IN liquidating WESTERN manager sumner reports on shareholders prospects for withdrawals As many people in this section are arc shareholders in the western building loan co the following item taken from the oregon voter published at portland and eon on firmed by C J sumner while visiting in richfield last week will be read with interest locally good news has just come out to shareholders of the western loan building co from salt lake headquarters from liquidating activities and earnings approximately of cash has been accumulated and the directors wish to distribute this to shareholders letters going to shareholders ask for authorization for distribution of withdrawals as large as 10 per cent A 10 per cent withdrawal payment is contemplated tem plated if the authorizing amendment of articles of incorporation is voted vice president C J sumner visiting the portland office office the past week referred to the forthcoming disbursement as a 10 per cent withdrawal shareholders may wonder how it happens that their votes are needed in order to authorize a liquidating withdrawal larger than the monthly one per cent paid the past four months to those requesting cash the explanation is that W NY L B in liquidation is in virtually the same status as a savings and loan association tied up by a superabundance of withdrawal filings for protection of shareholders in general regulations limit permissible withdrawal payments to claimants to 1 L per cent a month unless larger payments to all shareholders alike are legally approved thus in order to legalize the larger contemplated dividend disbursements shareholders must vote through the necessary amendment to the companas comp anys articles of incorporation proxies for this purpose to be voted at official shareholders meeting in salt lake december 16 are sought made out in name of secretary R W bailey of the organization we see no possible reason why shareholders should not sign and mail in the proxies promptly it will be pleasing news to holders of the A shares that a fair sized withdrawal with drawl is to be paid if conditions continue favorable shareholders subsequently may expect frequent liquidating withdrawals of 2 or 3 per cent or more in the opinion of general manager sumner for those who have drawn down the 4 monthly 1 per cent withdrawals the forthcoming christmas distribution will set this years recovery return at 14 per cent of face of class A holdings fortifying advice given here against sale of the shares for on the dollar in addition to that cash return the A shares are being credited on the books with 4 per cent annual interest or dividend which mr sumner says is actually being earned the visiting official again called attention to the opportunity that exists for ori rinal owners of W L B certificates and class A shares to exchange them for real properties where an individual shareholders holding may be too small to equal the price or a substantial percentage of the price of an available property two or more stockholders may unite in a partnership deal if desired |