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Transcription
1 Mr. H. G. Mutt, President. Los An>^elor?, Deo. 3, 1913. File 1199 Dear Sir: Referring to the matter of making loans to 'employees at Las Vega-3 who own lots for the purpose of building homes, in your letter to Mr. Bancroft December 13th you stated that you would have Mr. H&lated prepare a form of contract to submit to the Committee for approval before putting it into effect. We do not recall having seen this form, and ’understand that several contracts have been made. Will you please let ns know how many contracts of this kind arc now in force. We fool that a record should he made of each individual transaction, and will ask therefore that you submit each case to the Committee for their approval, and later for approval of the Board also, and in this way each transaction will ho a natter of record* In the natter of $2000 loan to Mir. -7, -f. Heaton, Agent, we understand Mr. Heaton's house has been correlated several years and the loan is being made to take up an old loan bearing 10^> interest, while the band Company loan will bear only 6$. fe feel that*this is establishing rather a bad precedent, as it wo?’Id really mean that the Land 'Conn any is going into the loan business, 1' which, wo should avoid, our object being that we want to encourage
