The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1856-02-28
LOCAL MATTERS.

oSSAB 4SAA4 46AxA9s
Building FuRd AsSociations.--An act to provide
for the incorporation of Building Fund Associa.
tions passed by the Virginia Legislature in
May, 1852. Since that time there have been or-
ganZed in accordance with the provisions of this
act, the following companies: the Henry, the
Homestead, Marshall, Mechanics. Monroe Mutual,
Protection, Richmond, Shockoe Hill, and Union,
having in the aggregate about nine thousand
shares. There may be a few other companies not
enumerated in the above list The total amount
loaned at each monthly meeting is composed Of az
instalment of one dollar each share and the in
terest for one month on the whole amount of pre-
vious loans. These companies will thus put In
circulation each month from ten TO fifteen thousand
dollars. By the terms of the charter, the eompar
nies restricted in their loans to six per cent In
terest; but inasmuch as the interest ia payable
monthly and the amounts received are re-.nvested
monthly it is estimated that the ultimate value Of
two hundred dollars each share will be reached
in about one hundred months from the time Of
zach company's organization. The companiesare
nj 'thorised to redeem buy in the shares OF the
ind tyidual stockholders at such price below the u
lima II value as may be determined by the bids Of
the N embers at each meeting. The lowest bidder
of cou takes the loan, upon which he Is requir
ed to pa the interest monthly in addition to the
monthly instalment of one dollar upon each share
thus redee ued.
The oper erations of these associations. either "a
Savings Banks for the accumulation of capital, or
as institutions from which loans can be obtained on
AS Savings Banks, the monthly instalment Of
one dollar on each share is reinyested and the In
terest compounded as it could not be done by al
individual for himself; and at the expiration Of
one hundred months, or about eight years, the
member receives two hundred dollars on each
share The monthly payment Of an instalmsnt
| induces economy in expenditures tor those things
1 which are either useless positively injurious;
and at the expiration of few years, the member
will find himself in possession of capital sum
cient to enable him to provide home for his ia
l mily.
terms an illustration will best explain the nature
! Of sbs oDeration Take, for example, the Home
| stead Company. This Company has been in exist
! ence about two years. At the last meeting, mem
! bers received Sl05 upon each share redeemed.
ITpon this amount the monthly interest to be paid
vvonId he 50 cents and the monthly instalment 81
The member receiving $l05, would be required TO
paw monthly $I52 for about six years or seventy
/ two months, or in the aggregate Slos44
| From the amount of Sl05, received by the
member. should be deducted the monthly nstai-
ments paid. ~ ~
And the interest ON these payments. ....... ID
Or the actual cost of each share to this date $6 10
And we have the sum of S7e % as the nett amount
which any one purchasing shares at this time
Bya purchase of twenty shares, and a redemp-
ton of the same the purchaser after paying
shares would have 81, ,564 40, with which he could
buy a comfortable dwelling. and be required mere
v To nav $50 40 per month for six years At the ex-
niration of this time no further payment world be
required, and the building would Deiong 10 me
member in fee simple
4 An act which has passed at the present session,
authorizes member to hold fifty instead of twesty
shares as heretofore. This will increase the de-
niand for stock, and ten1 70 diminish the expense
attendant upon redemption .of shares
The charter of these Associations provides am.
ple sarrity for the protection of the interests OF
those wiz, may be disposed to make itvestE ents;
and frpElfbe past history as well az the present
condition oE Etseir finances, there Is every reason %
sIsesethat the entitled to the confidence ana
pa tnoaage of this community
'ssna Ressoraties--We are indebted to Mr.. An
.o,o, u OF the Central RESTORATIVE for some of the
snes, and most lnscious shsd we have ever seen.
We a, met surprised, "a. hear that Restaurant
which ,rniahes such fare as thIt Of Antelotti u
having greaf run Of business e is bound TO
nrnsrarn n, tder such management The passepgers
bv he Cen trad Railroad viii find It great c9nve'
nience and VHHaRL
Iock Mast v.--Ms learn that Mr.. Daniel r.
uouIe who enserIs ,aeld the position OF Lock
Master of The I Noak, has resigned his once. ana
that the same is ~@ Nscans. h HOWE a;,ssiy
insarmeS : most : spsLle and excels9s ofscer =
The Tames River ND Kan&wha Coipsny, use
have the anno;ntme, Z Of the Lock Master, cusns
certainly to be able to saeraso give nm ,nuss
the pittanee Of 500, - ~ ~. nan cam netept
70 discharge the duties ca snS< 80 Obtained 'sf
sum.
Load Salss--Aftenton Is v1a - - suetion 2
sales Of land TO take place th 1osning e 9 asd
o'clock. on the line Of the Rtr vnsaa Ann fredeT-
icksburg Railroad Company, pa uanAss o. wnic1
can be CLEANED by referring 70 I W npsaee aoaef
the appropriate head.
Richmond zkeneam Hoa. u. Mofrison
Harris a gentleman who is in every way SaSnned
TO invest even . dry subject with interes. WI %
this evening deliver lactnrr on toe us, ensIsssef
and writings OF Sir Walter Raleigh. Inc suolees
OF this lecture 10 an historical parsonage ana ono
Of no mean note. His early discoveries snu soy.
ages to America. his cruel treatment anu long ha'
rrisonrnent followed by his murder. ~ ofaef o.
Queen Elizabeth together with bis writings, whicn
were OF considerable extent must altogether prove
q theme TO which any one could listen wiia ples'
sure.
Ffaed --AIfns Of one doIar was Imposed on
Mr.. II. W. Ford yesterday. BY the Mayer. eecsass
his servant drove . team on the sideWak, ID vioAr
tion Of : city ordinance.
Rew1rka5is The celia 1t The cage over the lss
market did not have single tenant during n.s
whole OF Tuesday nixhs. The criminal recefa
not very prolific jnss now. Yesterday there Wa
nobody arrsisned q The City HAL