The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-02-03

The STANTON PERPETUAL BUILDING AND
LOAN CoMPANY.-A considerable crowd as
sembed at the Police headquarters, about half
past seven, Monday evening, for the purpose of
efccting permanent organization Of the new
building association about which there have
been several notices in the local press recently.
TAe chairman of the meeting stated the plan
a, proposed, and read the report of the com
miltee which had been appointed at former
meeting to canvass the city and get subscrip-
tions to the stock, from which it would appear
that the prospect for a speedy permanent Or
ganization and successful business career of
the new company is very tiatterng. Between
five and six hundred shares have been already
taken. And this number it is expected will
be largely increased by the time of the meeting
which is called for next Monday night, at
o'clock, at the same place. The association
will be called the "Staunton Perpetual Build
ing and Loan Company" Its officers will
consist of president, twelve directors,
! cashier, solicitor, and three trustees and the
following gentlemen have been selected 10 fill
these positions for the ensuing year:
Pres5dent-Isaac WITT
Djrsctors.-J. C. Marquis, n Wayt, j. B.
Evans, J. NJ. Carroll, c. B. Somerville, A.
Hart, j. E. Graham, c. E. Haines, j. E. .Rol-
Inns, w. A. Burnett, M. N. Bradley, E. NJ
Cushing.
Castier.-C. A. Richardson
.Sog5cjt0r-Wm. Patrick.
Trustees-Arista Hoge, Jos B. Woodward,
]. S. Gillian.
The charter which will be applied for is
modelled on that of the Richmond Perpetual
Building. Loan and Trust Company" which
has been operated so successfully in that city
| since 1875. Its plan differs essentially in two
particulars from that with which our commu-
nifty is familiar The stock is subscribed to
and paid up on the ordinary plan of building
associations, butts owned and held as person
would hold stock in any other joint stock con-
Germ, there being no time at which it is pro-
posed to divide out. Every six months a
dividend of profits will be declared which will
go to the credit of the shareholder until such
time as the monthly payments together with
these dividends, shall have made the share of
the par value Of two hundred dollars After
which time the half yearly dividends on the
value of the share will be paid in cash to the
holder. The other point of difference is the
mode OF redemption Of shares Under this
plan the party applying to have his share re-
deemed gets the full par value, less whatever
premium may be fixed on REDEMPTION. and
contracts to pay this back in certain fixed
time, from one to ten years, according as ,be
contract is made, and his monthly payments
are DIVIDED out in such sums as will nav the
amount borrowed in the time contracted for
instead OF contracting to make monthly nav
ment as long as the association is in existence
as he would be required to do under the old
plan, The advantages of the scheme are oh.
vious, and it is hoped by those organizing il that
1t will met need of the community and enable
many persons to make q gradual investment
in good paying stock whose means would NOT
allow them to invest in stocks where large
sum in cash would be required. and at the sam
time enable many who need il to horroy
money when their means of payment and
credit would not allow them to command tho
money from the usual sources from which it is
obtained. All those who have not Maid IN
their shares are requested to call at the of4,ca
of g. A. Richardson and make their first
monthly payment. ''