National Republican., 1883-11-07
EQUITABLE ECo-oPEnATIvE BUILD
ING ASSOCIATION.
The Fourth Annual Report and New
stock.

The Fourth Annual Report and New
stock.
The report of the Equitable furnished by
the secretary, John Joy Edison, for the fourth
year ending Oct 10. 1888 makes an excellent
showing The report of Thomas Somerville,
president, says that
The association the past year has met with
steady ana substantial prosperity: The lTansaG.
satisfactory. The conduct of the association has
continued TO be conservative, and has succeeded
In practically carrying out the object for which II
was organized viz: to encourage monthly savings,
with fair and sure profits, and to make advances
to buy homes ana other pESGpeTty at reasonable
From the secretary's report II will be seen that
the receipts aud disbursements for the year end
lug October 10, 1888 were S23 02902 or an average
monthly receipt of s2O,32741 The advances made
for the same time were SlI6500, while the settle
ments were s59, 100. The advances now outstand,
ing are S3l4,9O0, less ropayments, which are held
| by 1888 members. The average to each member
has been Sl.375 The assets are s2S4 6i602, having
| increased in one year $780, 43506. When we con.
slider that this Is the accumulation OF small
regular monthly savings of the members, 1t can
not but elicit favorablecomment.
The number of shares on the rolls at the end OF
the first year were 2l20.S; the second year, 269
the third year, 2,9254; and this year, 54537. The
| value of share in the different issues will show
| the earnings to be fraction over 6 per cent.
The average rate of premiums on advances out
standing Is 67 per cent, which shows that the ad-
| In this connection cannot do better than quote
from the second annual report of our former pres
| ident, Mr.. Savllle:
at is believed that this condition is a very de-
| sirable one in the interest of safety. Where the
premiums average high rate the burthen of the
| borrower must of necessity be onerous, and many
thereby become disheartened and fail in their
| payments With premiums at moderate and uni
form figures, at or only slightly above the ruling
rate OF interest, borrowers are less likely to fail to
fulfil their engagements, and the practical result
Will be to encourage the purchase of houses and
the payment of liabilities by the more thrifty and,
| therefore, the more reliable classes. This, while
not giving to the investor class such large returns,
| gives them greater security, and in the long run
makes our success more substantial and more gem
orally satisfactory. There is no principle OF po-
litlcal economy more generally true than that the
and in building association the truth of 1t may
! be said to beabsolute."
Although the association has made advances,
amounting to e5l5GOo, 1t has made but one fore
closure or trustees sale. for non-payment of dues.
| This shows that the borrowers have been very
prompt in the payment of dues, that they are salts
| fed with rates and terms upon which they hold
their advances. and that the security held by the
association is safe and sufficient.
| This year the board have nospocial recommenda-
tions to make or business to lay before the annual
meeting for It's action
In closing, l deem It proper to bear testimony to
| the prompt and faithful manner IN which the Off
GERS directors, and committees have discharged
| their various duties The good class of security
held by the association speaks well for the judg-
| the board upon awards. The finance commit lttee
| duties, which are very heavy, have peen thor
oughly performed. The entire time and attention
of the secretary is now required in the discharge
of his duties as the executive officer in the man
agement of the affairs of the association
| The board of directors have again author
lied o new issue of stock, and the books are
open for subscriptions. The first payment is
due in November, ard can be paid at the
meeting this Wednesday evening at Marini's
hall, or at the office of the secretary, John
| Joy Edison, 917 + street, northwest.