Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-11-14
WORKINGMEN's ENTERPRISE
The First OF the Building and Loan.
Associations OF Memphis-A Great
Work Performed.

Figures and Facts-What the Members
Have Invested and What Has Been
Made-A New DiTision-Etc,
-. 1ALiong t.-le cAnses which have led to
e ells p.I .Anent gtoElh and sound deyel-
49, = pm e Of American cities, none have
>Fib6ted more successfully, esuitably
,srf1 satisfactorily than building and loan
associations. Such OrganizatiOn increase
rapidly in membership, and are general
conducted upon basis Of positive BEN
efit to these interested in their woF hIn,,s. I
Is We s. TO the public 81 large. By in !
yesuDg 10 lOsR aid building associa- ,
ton Any c.S1 can soon acusire q gpue
little nome IN his ON name. and also
oscJme jointly Interested in the owner
sb'p aud control Of realty TO very large
amount. In Amelia no association. un- !
less, Indeed, il be that Of insurance, [ az
proven go highly advantageous to the |
IaOOIer, mechanic or honest poor man, !
whatever may be lis vocation, trsde or
profession. Certain IL is tNst D., theory
Of associated aid Possesses better adyan- |
tHSes @ worKs more harmoniously fer |
the good OF all its members. The very
perfection OF theories OF political econo- |
my, like the wisdom of science In its /
conception and attempted regulation of !
civic associations and communities. ia |
really an impsdiment 70 the accSm- |
plishment OF the drsired end and its !
practical application. This will be
iOunu tue wherever studied
out, and hence the la
mentable disparity between an ideal |
and a real government. The "bread |
and butter seiences,n as the Germans |
would say, have long since absorbed all |
other PHILOSOPHERS 10 lie, aud the great |
mass OF people to-day labor not FOR the |
vindication Of any theory, rs the en-
bodimeDt Of principle solely and the |
expression Of a sentiment merely, but |
for the attainment Of that which is prac-
teal, sffoTding comfort, utility AID real.
istic result; mutuality Of aid, therefore,
Is st all times a means for such accom- !
piishment, and wherever we go in Amer |
lea We hLd societies, organizations and !
associations for the prosecution Of prac-
ucAl plans, the improvement Of society,
OF purposes henefcially pe manent.
Hence we see that building and loan
associations flourish in every CITY, and
have actually accomplished seeming
possibilities. Memphis, we are glad
to say, has "NVorkingmen's building
and loan association" which was or
gsnize1 November s, 1871 By an act
of the last legislature the form aud sub.
stance Of the charter for organization
and working Of building and lean Ss-
sociahons, section IA, provides:
BE it known, That Louis LsGrill,
Charles 7. Paterson, Ben May, c. C.
Burke, John I. Willius, John G. Ions.
dale, jr, J. j. Sullivan, J. w. Justice,
}. Raphael Lucarini, and B. P. Ander-
SOD, al Of S1elby county, Tennessee, are
hereby constituted body polite, by the
name and style of the Workingmen's
Building and Loan association, to do
business in the county and State sf0Ye-
said" The charter and organization
were secured and perfected July, 1875.
THE OBJECT OF THE ASSOCIATION
Is to raise funds, to be used only by its
members, for the purpose of building
houses and securing homesteads. The
fund is loaned on good security to the
members, who shall be white citizens,
and shall have subscribed for one or
more shares Of stock, IS regulated and
provide for by the constitution Of the
society. The stock Of the association is
Issued in successive series of two hun
dIed dollars per share, the number on
each new series to be determined by the
board OF directors. By the constitution
OF this organization we see that unmRr-
ried women and minors may own stock
IN the association when represented by
g guardian, or competent agent. Or
course, it is hardly necessary for us, in
our notice OF this building and loan as
ISOLATION, to enter into the rules
governing the various details
and features CT the society,
suffice to say that the cor stituiion ana
bylaws are excellent, for they have been
taken from the very bsst models to be
h9d. There is no DOUBT but what the
WOTkingmen's building and loan asso-
citation Will soon become u magnificent
Of which our city will have
Just cause TO be proud. By investing in
this association person can in a few
years purchase home for the sum of
money which he would otherwise have
paIted with for rent. Among the pro-
visions OF the constitution is one provid-
ing that an insta,lment OF one dollar per
month in advance shsll be paid on each
share OF stock. In regard to loans the
constitution provides that every men,
Der shSil be entitled to a loan not ex-
ceeding the par value OF any number Of
shares held by him or her; provided,
however, tbat no member shall be emit.
tied to loan on more than fifteen shares
At one bidding. Another section also
4, hot inf al,ol1 10 |
al the rate Of ten per cent. per annum
from the time OF making said loans, and
shall be paid in monthly installments in
advance, and at the same time that the
regular dues are paid; and such loans
shsll be for the purpose of enabling the
borrower thereof to secure home, or for
The purchase OF other real estate, or for
the Improvement Of the same, and for
no other purpose whatever, and the loan
shall be secured by deed Of hust
on unincumbered real estate"
We hope to see this association
secure a large membership, for it is GER
tainly one OF the best and most practical
ever organized. 1t enriches
all, but Iauperizes none; its career must
therefore be one Of great utility and IN
checkered prosperity, and with 1t that of
the city Of Memphis. We would here
state that Mr.. Charles Il. Paterson, the
secretary, Whose office is at No. 2S9
Main street, where ali necessary infOr-
nation may be hal, has issued q circu-
lar inviting persons to become members
Of the WoTkmen's building and loan
whereby every shareholder
can easily secure home for himself and
family. This gentleman also gives the
Information that this associa-
ton has already achieved substantial
success, has been the means through
which many have already secured
homes. It's earnings for the past twenty
six months were fifty per cent. on the
money invested, and it has had no
lOsses.n
THE ACTUAL STATISTICS
Of the associations working show the
following healthy figures: "Tnere have
been sixIy-six mortgage loans made to
members, amounting to SS5, 400, thus
427 shares Of the stock Of the
The receipts from dues paid
to November Let, embracing business
Of thirty months, were $50, S74, which
the investment OF the share
holders. The revenue from interest paid
for the same period foots up S6S6l SO,
while the premiums on loans amount to
500 'O' SAuSi VIC PLOnlSloh Vi Ae0
present charter, passed at the last sss-
sion of the legislature of this State, the
association has paid to its members re-
firing seveGty-hve shares, equsl to
S2295 The last semi-annual statement
{ July LIST lsst) showed gain Of fifty per
cent, and the same ratio of profit has
been maintained, rs the annual exhibit,
which will be made up next month de
cember), will show. Books are now open
for subscriptions to second division Of
This company, which will commence
work on tue first OF January next,
LAW REPORTS.