, 1877-03-11
A BUILDING SOCIETY.
AND ITS WAY or DOING BUSINESS.

1herc are number ct corporations in thi;
city That with high>sounding names and india
rubber constitutions obtained under specia]
charters have been able to do q good
business, nnd have been suitable man.
traps for innocent and unsophisticated
foreigners. The Chicago Building Society,
from the way it was shown up last week. in a
suit tried before Judge Farwell, does not seem
10 be a very desirable institution to do business
with. 1t was started III 1869, under special
charter, and was supposed to be organized tn
1ac1hta1e laboring men in buying homesteads,
Its real object was to lend money at usurions
rates OF interest, and incidentally, apparently,
to gohble up the homesteads of the unfortunate
borrowers. Every person who wished to borrow
was obliged to become subscriber to the stock
Of the Company to an amount equal to the loan loan.
| lhen the sccretary, G. 4. Brooke,-who scenes
10 mare been the Working-beam OF the concern.
Coehplained eal % that the Company only charged
whose case was heard last week, IN 1870 Dor,
rowed S1,5S Of the Company for i've Years and
the Company computed the interest for 6ye
years at per cent On the amount and added It
to the principal: The sum was then divided
into sixty monthly payments of s35 each. and
sinner gave trust-deed On his proucrty for the |
Whole amount, hattering himself that he had |
enected loan at q very moderate rate. he |
says be was induced IN the first place to make |
tue loan By the spccious Representations Of |
=. x. Brooke, who delugei him Nth :pamphjets |
and circulars showing the wonderful 3D. !
M vantaee-on paper-of borrowing from
onIv 1no s,la3 ~ ~ ha savn rosy manner that he was
~ +ho soo 5h. su " oeGoNe !nemoer. After pay
~ tha oon1,,s;e 4ta tnau t"1ee osef oitner came
eYcciient haronn ~ - IL au lc1 lhaae SUCH an
inolv ed Hi ;ns ~ ,a,;a ~ an9 he accord
the rnmn,np ~ triti 4se, cnalGng BROOKE and
tions.
Ihe case occupied several days. and yesterday
NJ aonsE .oi1 .t tAAWELL DELIVERED HIS DECISION.
~ sa1u tnat u this case there was in substance
a1oat ~ ~ a'ouey aEa nothing else and that the
+In1 II 1'e eA74ee'1!eut mute was TO give more
= snan = ~ peI eent interest, and therefore
ant tto '1.erest eo4a oe collected. The complain
a., nag no right to relief unless he
Ild ad c1ntf ana palo per cent interest, but he
shonij do - 7Ra af T r. pes cent interest, and
rarons rercn,o1,;"s on salu lurther that the
n1r fnr ste,ti n.n o ploslslons OF subscrtb-
w aot stoeh, ETC. were only modes for rettine
note .uan ~ per cent interest, and would not I
.s fonn o,d t,ti,;n" saeion snould be treated
~ jn+ns,.tn n, tnu uoih1us else- Ihere never was
o1a VI ene past OF complainant to be-
'urnosa ntnuet eacep1 III formal way for the
ros the,e ,nr guao.lig n 10 get this money, nor
,art OF thc fsonnnan. rtot ~ ~ au.euuon N the c
acmber cyt,ent ~ 4uas ~ ae WIS 70 oe n
amounted tn This that co,,r,,a;. Se oStance y
he rnmnsnv ~ sA's' i 1as p1aluant apphed to
Did him ti'af tsav ,.n,.1d toI - ot money and they G.
po,1ircd hnt tna} H., ouu ,ne aoaa Al3'l tue amount
mi n,nr shona Tho.. ~ n.ust paf tneln IN TINT
;, thc n,,nav o,,5 ,,ay sy eo'nputeo the interest
cr rent fnr iiya aa Uoa,s ~ ~ nn naFe It at
the princna1 ami than a:,r;SaH tne - interest
XIV eauaI month";, norn,a,ta t'uet IL up INTO Us
syi1ent would be- n,nr in ~ 60 s1a1 the last &c
The effect Of tie WHOLE s,he,na ,ras 49,.