National Republican. (Washington City (D.C.)) 1872-1888, 1874-10-09
CITIZENS BUILDING COMPANY
ITS OFFICERS AND SOME OF ITS PRIN-
CIPAL FEATURES.


CIPAL FEATURES.
The object of the company, as stated In thecon
stltution is Exclusively for the purchase OF
square $685. in Washington city, for $ll2,5Oo, and
for the Improvement Of the same by building
dwelling houses and selling them TO stockholders
or others, for the benefit OF the stockholders"
The capital of the company consists Of s3O0,OO0,
which Is divided into six hundred shares OF $500
each Each and every person holding one or more
shares Of stock shall pay to the treasurer an in
staIIment Of two per cent or $40, on each and
every share so held, to be due and payable on the
first Wednesday Of every month, until the amount
of each share shall have been fully paid, until
sufficient money has been paid in to accomplish
the object Of the company. No assessment shall
at any time be made upon the stockholdors ana
no other further payment shall be required eX-
cept In case OF delinquency in the regular pay
ments, when he shall forfeit fine of ffty cents
month on each installment IN the payment OF
charged to bis stock. II such delinquency shall
continue six months the stock Of the delinquent
fines shall be paid to the delinquent.
Printed copies Of the constitution contain the
names Of the following officers for the current
wear: President, Hon. E. B. French; Secretary.
b. F. BigelOE; treasurer, Hon. 7. L. Tullock;
directors, Hon. Z. b. French, Hon. T L. Tullock
]. @. McKelden, J. N. McGreW, James Fraser,
q. &. Duncanson, ]. g. Judd, Samuel Emery E.
G. Davis, NJ. Ashford, b. F. BigelOW, James E.
Fitch and W. B. Morgan; trustees, VIM. F. Nat
tingly, ESQ.,, and Nathaniel Wilson, esq.,; attor-
ney, NJ. Ashford; board of audit, ]. III. McGreW,
John G. Judd and O. o. Duncanson.
square ooo is situated between Ninth and Tenth
and and streets, and the price paid was in
the gross about nifty cents the square foot; exclu
siVe Of streets and alleys, which IT might be ne
cesEary to lay of, about sixty cents per square
foot and only last week lOts on the opposite side
Of one of the streets fronting this square were
sold at eighty cents the square foot. The terms
Of payment required BY the company's contract
are quite moderate. 1t is proposed during the
ensuing winter to invite plans from architects for
q row Of houses to be erected upon side of the
square, and have everything in readiness to COM
mence work in the spring of 1875. The company
will then have in its treasury, less the payments
upon the land and a few expenses, $4,000 as a
building fund, with regular income Of 90, 900 per
month with which the row could be completed
and ready for sale and occupancy the next win
ter. From the proceeds Of these sales and the
accruing income the deferred payments upon the
erected the next season.
In regard to the sale Of houses the constitution
provides that whenever q stakeholder in this COM
pany may desire to purchase house on square
such stakeholder to deposit the certificate Of his
share shares Of stock, as representative of its
paid up value, for or on account Of the cash pay
ment on such house; but such deposit shall not
relieve the owner of such share from the payment
of further instalments thereon; neither shall its
the owner thereof Of his share Of profits in the
company.
When the improvement Of square 1853 shall
Lave been completed, the houses sold and the pro-
ceeds paid into the hands Of the treasurer, and
distributed in the manner as herein provided, Dy
the redemption or purchase Of stock by the COM
pany, or the declaration Of dividends, then this
company shall cease to exist.
The constitution appears to place all necessary
safeguards around the rights Of the stockholders.
company by dividing the assetsPro rata among the
shares