Albert Speier Financial Statement

Date: July 15, 1936
Format: document
Category: Stories
Subcategory: Hanna Rosenberg Gradwohl
Data URI: soh.sto005.00245.xml

At Mr. Speier's request we have prepared a statement to show his financial status as of July 15, 1936. We have not brought into our statement any of his private or personal assets, such as household goods, automobiles, jewelry, and such items. We have taken into consideration only the assets and liabilities considered to be his business.

The statement of his assets and liabilities, which we have prepared, is attached hereto and marked Exhibit A. Because of the nature of the items we have not attempted to place exact values upon each of the assets. We believe, however, that the valuations shown are conservative. The cash amounts to $1,550.00. It is on deposit in the Continental National Bank, Lincoln, Nebraska, in his business checking account. The approximate value of the stocks and bonds owned by him is computed at $89,500.00. Following is a list of his principal investments:

Stocks and Bonds Owned as of July 31, 1936: Name of Company No. of Shares Approximate Value Stocks: Speier's Laundry Co. 400 $52,000.00 Beatrice Creamery Co. (Pref.) 100 10,000.00 National Standard 100 4,200.00 Du Pont 50 7,900.00 American Can 50 6,800.00 General Motors 50 3,400.00 Warner Brothers 200 2,200.00 Mid-Town Development Co. (Pref.) 10 1,000.00 Bonds: American Telephone and Telegraph Co. 2,000.00 Total $89,500.00

Most of the stocks shown in the foregoing schedule are listed stocks and bonds, and their market values are subject to daily fluctuations. His major interest is in the stock of the Speier’s Laundry Company, Lincoln,

OSCAR R.MARTIN, C.P.A.
DANA F. COLE, M.A.
ASSOCIATE EDWARD E. LANPHERE.C.P.A. MARTIN & COLE
PUBLIC ACCOUNTANTS
307-9 FEDERAL SECURITIES BLDG.
LINCOLN, NEBRASKA TELEPHONE
B 1355 -2-

Nebraska, in which he owns 40% of the total outstanding shares. Since this stock is not actively traded in, the approximate book value has been used in arriving at the valuation. Mr. Speier is President of this corporation, and is being paid a salary of $8,400.00 per year as manager of the company. This corporation has made net profits each year of its existence, and during the past five years the earnings have been as follows:

Fiscal Year Ended April 30, 1932 $ 47,735.36 April 30, 1933 18,344.42 April 30, 1934 8,546.67 April 30, 1935 4,193.48 April 30, 1936 33,799.15 Total $112,619.08 Average Per Year $ 22,523.82

The valuations placed upon the other stocks shown in this list are approximately the present market values.

The other principal asset is Cash Value of Life Insurance and Annuity Policies, shown in Exhibit A at $57,000.00. Mr. Speier owns life insurance policies with the total face value of $75,000.00. He also owns a single premium endowment policy of $11,000.00, and an annuity for which he paid the principal sum of $11,874.46. The following is a list of the insurance and annuity policies owned by Mr. Speier:

Name of Company Policy No. Amount of Policy Life Insurance: John Hancock Mutual 1775790 $ 25,000.00 Massachusetts Mutual 722841 10,000.00 Massachusetts Mutual 723810 10,000.00 Equitable Life Assurance Ass’n. 2752980 10,000.00 Franklin Life Insurance Co. 198205 5,000.00 Midwest Life Insurance Co. 12851 5,000.00 Bankers Life Ins. Co. (Nebr.) 49088 5,000.00 Pacific Mutual 475746 2,000.00 Pacific Mutual 471633 3,000.00 Single Premium Endowment: Massachusetts Mutual 1102877 11,000.00 Annuity: (Prin. Paid) Massachusetts Mutual RA1137530 11,874.46

OSCAR R.MARTIN, C.P.A.
DANA F. COLE, M.A.
ASSOCIATE EDWARD E. LANPHERE.C.P.A. MARTIN & COLE
PUBLIC ACCOUNTANTS
307-9 FEDERAL SECURITIES BLDG.
LINCOLN, NEBRASKA TELEPHONE
B 1355 -3-

So far as we are able to ascertain, Mr. Speler has no liabilities. Therefore, his net worth equals tire total of his assets, and is $128.050.00.

We have made an investigation into the earnings of Mr. Speler. His income is derived chiefly from salary, interest, and dividends. Ths following figures have been taken from his income tax returns. They show the amount of income collected from these sources during the past five years:

Year Salary Interest Dividends 1931 10,000.00 367.94 25,402.63 1932 9,918.13 205.00 11,633.95 1933 7,350.00 620.37 4,664.95 1934 7,200.00 896.61 1,647.73 1935 7,200.00 1,821.32 6,312.84 Total 41,666.13 3,911.24 49,362.10 Average Per Year 8,333.22 732.26 9,972.42

If there is any further information which w nay secure for you, we will be pleased to have you lot us know.

Respectfully,
MARTIN & COLE,
By O. R. Martin
Certified Public Accountant STATE OF NEBRASKA )
) SS
COUNTY OF LANCASTER )

O. R. Martin, being duly sworn on his oath says, that he is a member of the firm of Martin L Cole, who prepared the foregoing statement; that he is familiar with the same, knows the contents thereof, and believes the matters and acts therein set forth to be true.

O.R. Martin

Subscribed and sworn to before me this 23rd day of July, 1936.

Kathryn M. Slaughter My commission expires February 6, 1938

OSCAR R.MARTIN, C.P.A.
DANA F. COLE, M.A.
ASSOCIATE EDWARD E. LANPHERE.C.P.A. MARTIN & COLE
PUBLIC ACCOUNTANTS
307-9 FEDERAL SECURITIES BLDG.
LINCOLN, NEBRASKA TELEPHONE
B 1355 EXHIBIT A
STATEMENT OF ASSETS AND LIABILITIES
MR. ALBERT SPEIER
AS OF JULY 15, 1936 Assets: Cash. $1,550.00 Stocks and Bonds 89.500.00 Cash Value of Life Insurance 37,000.00 Total $128,050.00 Liabilities None Net Worth: Albert Speier, Owner 128,050.00