The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-02-03
GhtGntelLiqetrta
nUILDING ASSOCIATIONS.
How They Are Carried On and
tho Profits They Make.

iSSding in one respect. They are not
bnildiHp associations in any sense. They
aTe banks without vaults, moneyed con-
Germs without expensive buildings or
highly paid officers; and no stockholders,
aside from depositors, stand ever ready
10 devour the lions share OF the profits.
There Is no great fund Of money TO
tempt the thioving president or his
brothers, the burglars. A two hundred
dollar safe will hold the companies as
sets and looks, and slender bank &C
count represents the available capital
LET Us ATTEND ONE OF THESE MEETINGS
held in plain, two.story brick house,
and over small fruit store on one Oh the
plainest Of these plain streets. ASCEND
INC a narrow stairway from an obscure
on S W. come to small, bare hall, per-
Son. oCyiO, provided with plain scttces
an5 Jssk or two. Here we can sit and
view the performance. There is nothing
IN .nrgesi the bank, and all the fixtures
Sre OF The cheapest and most simple char.
meier Over one OF the desks is u faded
card announcing "Money to Loan"
About the desk are, perhaps, half u dozen
middie.agcd men. In no wise re'narka-
bic, they seem just what they are-plain,
matter.oE,tact men Of family and we'll
known position. One mason, another a
solicitor, another a retired merchant, an.
other physician, another a book.kceper,
the others something equally honest,
steady, and well-to.dO. These are the
honorable officers and directors Of the
building association that meets in this
hall tonight. They were elected by the
shareholders OF the association and make
ia responsible head. The secretary en-.
lows salary from two to six hundred
dollars year. The president, treasurer,
and other officers work for nothing a
day. The honor OF the position is their
only reward, except their car.fares il
they travel for tho association. Though
they receive nothing for their work, it is
far from light or simple. They must
overlook tho affairs OF the association,
attend It's stated meetings, examine the
security offered for loans, and attend to
the business generally. Occasionally
they must give half day to the inspec.
ton OF tho property loaned UPON and
once in awhile there is au evening meet
ing OF the government at some private
house.
THE TINE HAS COME FOR business,
aud the stockholders or lenders begin to
appear. In long procession they come
up the narrow stairs and, iorminga line,
take their turn at the secretary's desk.
A clerk in very spruce clothes, behind
him shop.girl, pallid with toll, then an
elderly man bronzed by life out OF doors.
Behind these, two or three children with
their hands filled with their little hoard
Of currency, the result Of their months
small savings. Then more girls and wo-
men, evidently people who have lived Ia
borious days. Others follow who never
did n thing in their lives. Then u tcle-
graph boy, alert and bright-eyed; then
more men, retired merchants md small
traders, storekecpers; watchmen, people
Of means and day laborers. Rich and
poor, high and low, the hard-worker and
the idler living on the profits OF his
shares. At the desk an old gentleman in
glasses examines the money deposited,
signs the little pass-books, gives one to
the treasurer and the other to the assist.
ant.accountant. Each book is examined
twice and each dollar counted twice, and
then the deposition moves OIL 10 make
room for the next. The pile OF bills on
the treasurcr's tablegrOws quickly. The
stream Of. capital flows in by ones, twos,
fyes and tens, and in short time the
account runs up to n thousand dollars.
The majority OF the depositOrs, or
lenders, rs they are more properly called,
having paid there monthly dues, retire to
their homes, content TO leave the directors
to manage the business meeting Of the as
ISOLATION that is to follow later in the
evening. TheyrepOse entire confidence
in the directors, and, unless they wish TO
take out or borrow some OF the money,
return home without delay. The associa-
ton is, to them, superior kind OF saw
ings bank, and they. trust it far more
implicitly than do the depositors in the
average saving institutions in New York.
More than this, they know that no bur
glar can rob this bank, no thleving presl-
dent enrich himself with pious Irregular
ities; they arc sure no foolish bills OF ex-
trayagance for gilded ceilings, silver.plat.
ed counters and damask hangings, will
be incurred to crafty the vanity OF otil-
GERS who never pay n cent OF the cost.
There is no brown-stonc palace, no steel
vault, no outrageous rcnt-only this bare
little hall at two dollars night, tritl'
ing account at a city bank, and one alb
surd little salary to be paid; but the best
OF security for every dollar in good land
and wcll.insured houses.
MORE PEOPLE COME IN,
and some take seats at once with
out joining tho line Of the dcposi.
tors. There is quite sprihkling OF
women, and among tho men are repre-
sentatives from every station in life. AT
hali-past eight the President OF the nsso'
citation calls the meeting to order. The
hall Is now we'll filled with n quiet and
rather sober crowd. These are the bor'
rowers, Some are members Of the ascot
alton, and others are entire strangers, at.
tractcd hither by the winning advertise
ment Of money to loan. All the money
collected this evening, together with all
received from every source during the
last month, is now TO be offered freely to
the highest bidder, DO it man or woman.
The president then calls upon the sec
rotary 10 read tho minutes OF the last
meeting and tho directors statement Of
the past months business. The minutes
arc merely formal, and the directors re-
port shows what was done with the asso'
Citations funds. The names OF the sue.
oesstul borrowers at the last meeting are
given, with a full statement Of the
amounts loaned, the premiums they paid,
the security they offered, and its location
character and value. From this state
mentit appears that all the money receiv-
ed up to the time Of the last meeting, ex-
cepting $4,000 added to the monthly dues
and interest paid in and the loans return:
ed, ETC., makes total of $4,000, all OF
which ia now iorsale without reserve.
THERE Is A MuRMuR OF PLEASURE
at this good financial showing, and the
president announces that the sale will
now begin. As there are some strangers
present, the secretary rises and announces
the terms Of the sale. Any member can
borrow on his share, even il is only one
month old, Those who cannot give real
estate as security, and who have only Just
Joined the association, or who wish TO Join