The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-10-28
BALTIMORE real. ESTATE SAVINGS
INSVTVITT1ON.

THNHB undersigned, Treasurer OF the Baltimore Real
4 Estate institution, in accordance with the wishes
OF the members presents for public consideration the
following brief statement:
Ist This institution established for the purpose
of affording convenient change the community and
accommodation TO persons of small captal-mechanics
and lab0rers.
3D. Its capital consists OF deposiies made bv its mem
hers each of whom liberty TO depose any sum he
may think proper not less ihan ONE DOLLAR per week
Upon this capital business Is carried on, and each de-
posito at stated periods, receives, in proportion his
interest," fair dividend of the joint profits of the nsti
tuition.
3D. The institution has constitution for its govern
lAent-under this constitution its officers are elected
Each depOstor is elected member, and at all times
the members have the privilege of examining the books
| and papers Of the institution.
4th. The capital of this institution was, at the com
mencement, comparatively smalI-it has considerably
increased, and yet increasing Added to real estate
which has been vested in trustee for the benefit of
those concerned, the institution becomes daily interested
i'll valuable ties judgments, mortgages liens upok
personal property, &c, Sci these naturally tend TO give
it power, stability and character
5th 1t is believed that this institution merits public
approbation and deserves the especial attention and
support of of small capital It's funds under the
control of board of directors literally working men,
and who from their situation III life and business, can
properly appreciate the wants OF their own class I'm
der direction of these directors the funds of the ia
stituton loaned out TO deserving persons, chiefly
dustrious mechanics, npon well secured paper.
9Th The difference between this Institution and the
larger institutions banks is, that the banks may be
Looked INT as the institutions of the commercial class.
possessed of large capital while this may be regarded
as the institution of the mechanic and laborng classes
possessed of only very limited means The dctineiioh
between banks and this institution may be fairly stated
thus Here comparatively poor man may with conf
dence look for assistance, while, ii the same man were
10 apply for discount a bank he would be refused
either because he is not known to, or IN favor with
the directors, beeau the amount he wants Is So
small that the bank thinks the transactisn beneath its
notices the consequence is the poor man is driven To The
shaver, and obliged to pay from 20 TO 80 per cent.
This Institution Is a remedy for this evil Here an
honest industrious may obtain discount at the legal
rate of interest. IL the applicant unknown to the
directors. he will not that Snunt he refused, the
board causes the necessary inn 10 be made 10 ascer
tain if the applicant deserves the assistance OF the In
stituton and if the report bc avorahle he receives the
aid he asks,
7tI Envious and designing persons whose Interest il
is 10 see industrious mechanics depending for financial
mid upon brokers and savers have eXerted themselves
for some time past njure this institution in public
estimation They succeeded SO far as TO cause many
thousand dollars Off paper to be, within week OF
two mast presented for redemption. Every dollar thus
presented has been promptly redeemed; the coise-
auence is that the Institution, instead OF falling prey
10 die omen or nsdious attacks Of its avaricoas and
srious foes has stood its ground, aud desevedy Oceu
pies a high place in public esteem.
9Th In conclusion the public, and especially the me-
chanc and aborng classes, respectfully asked 10
give their countenance and support 10 this institution
Il is now prepared, and sirous TO issue and advance
IFS paper unon good security and WILL upon accommo-
dating terms, discount well secured notes, judg2ens
and claims of every character however small in amount
or extended in point of time.
Baltimore, September %, 1910. lw oc6