Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-07-26

up capital, and time in operation
Strange to say, in this ente
prising city, when the first associi
tons were organized here not
single capitalist or prominent bus
ness man, to the best of our reco
lection, would subscribe a dollar {
stock, or have anything to do wit
it. Well done for the working me
the clerks, small shopkeepers an
men Of small means in various sill
nations and kinds Of business. The
took hold of it and elected a boar
of directors who were almost IN
known in the chamber of com
merce and among the capitalists o
Memphis. The one weak littl,
association has companynow There
are eleven associations in the city Of
Memphis, as follows: The Bluff
City, Memphis, Irish American,
Shelby County, German Association,
Clerks, DeSoto, Security, Fort
Pickering, Workiugmen's and Me-
chanics'. These are named
without reference to senior
ity or grade as to capital.
All are in q prosperous condition,
and no losses have been sustained
to speak Of. Expenses are merely
nominal /; taxation nothing. Money
is not kept locked up in the treas
ury. 1t is loaned out once a month
to members who intend to improve
real estate, taking a mortgage on the
and on the stock represented.
This secures every member, and
those who do not need to borrow get
the benefit of the rapidly accumu-
interest.
While the legal rate of interest
was ten per cent. and money was
loaned accordingly, it was calculated
that in well-managed associations
stock would be paid up in about
years, but at six per cent. it
will take about ten. For instance. a
'hare worth on its face 5000, on
which one dollar dues is paid per
month, will at ten per cent. be worth
300 In cash at the end of96 months;
" loaning money at six per cent.
he share would be paid up in one
hundred and twenty months, or ten
|
7ears. When this is accomplished
association will square up with
particular series and divide out
% each member according to money
IN hand.
The benefit ofthese associations to
Memphis are apparent to the most
usual observer. By their aid hun.
reds of families have secured COM
nodious, comfortable, and even
homes, who otherwise would
ave remained tenants the rest of
heir days. An excellent class of
are thus anchored and iden-
fled with the soil and the common
OF the community. They
ecome taxpayers, engage in bust.
ess on their own account, with an
nbition to educate their children, ;
Id to their property, and become
hid, well-to-ao citizens, when i
they might have float I
| from place to place, and
dropped out of the !
ice of life. They not only
eneft themselves but Others. They +
irnish work for mechanics, pat :
the butcher, the baker, the
lckster and the merchant. Many /
them having acquired the habit q
saving something regularly open \
/ account at bank and in time {
Md houses to sell or to rent, and
JUS add so much to the aggregate G
and prosperity of this grow i
g city. With all our misrortunes, +
and general in their nature .
c panicS and epidemics, misman- !.
ement and miscalculation, hard
mes and heavy debts, double tax a
and blue prospects as we at a
mes imagined we saw for the fu- d
has prospered and :,
own right along for the last five '
ars. We have the business blocks. 7
elegant residences and the snug ST
occupied by their owners ii
the suburbs to show for it, 81
d all built within that time. Il
buggy ride around the
y any afternoon will convince ,
3 most incredulous GROWER that i
ngs out his sign on the corner of \,
aHruA. 49, nm