The Worthington Advance

The Trouble at Hudson, Wis.

The North Hudson Building and Loan association was organized in 1875 with a capital stock of $100,000. Under the last series $58,000 has been paid in, stock being held by a few business men, clerks and laboring men. No articles of incorporation appear to have ever been filed, as required by law. Its sudden collapse is due to the unbounded confidence reposed in F. H. Harvey, who, as secretary, received all payments for the past five years. Harvey died recently, leaving rumors of crookedness in other transactions, and upon the election of a new secretary a complete investigation was made, which resulted in the discovery that Harvey had kept no books whatever, but furnished the directors with written statements which always corresponded with the treasurer's report and excited no suspicion. A committee annually appointed to examine his books seem to have made no examination whatever. The deficiency will amount to over $12,000, although officers of the association promise to be able to refund the actual cash subscriptions within two years.