Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-11-07
Equitable Cooperative Building Assoc
citation.

THE FOURTH ANNUAL REPORT AND NEW STOCK
The report OF the Equitable, furnished by the
secretary. Jno. JOY Edison, for the fourth year
ending october Is, 1883, makes an excellent show
ign:
The report states thai "the association the past
year has met with steady and substantial pros
perity. The transactions have been large and the
results exceedingly satisfactory. The conduct of
the ASSOCIATION mas continued to be conservative.
and has succeeded in practically carving out the
object for which it organized viz: to encourage
monthly savings with fair and sure profits, and to
make advances 10 Guy homes and other property
at reasonable rates of interest and upon advan-
tageOuS terms.
From the Secretarys report 1t will be seen that
the receipts and disbursements for the year ending
october Is, 1885, were S243, s29 o. or an average
monthly receipt of $50 1877 Al. The advances made
ments were s59.1Uo. The advances now outstand-
ing are s314 800, less re-payments, which are held
been 1855, The assets are sas4 $780, having in
creased in one year S10O435o6. When we con-
slider that this Is the accumulation of small regular
monthly savings OF the members, 1t cannot but
The number of shares on the rolls at the end of
the first year were 21a0 s; the second year. 2a69:
the thlfd year. 1925 4, and this year, 551: in the
different issues will show the earnings to be
fraction over per cent. The average rate of pre-
NUNS ON advances outstanding is g. per cent,
which shows that theadvances are made at a uni
form and moderate rate. In this connection can
not do better than quote from the second annual
report OF our former president Mr. Saye:
IT is believed that this condition is a very de-
SRA BILE 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 pay
menfS. with premiums at moderate and uniform
figures. at or only slightly above the ruling
rate of interest. borrowers are less likely to
fall to fulhll their engagements, and The practical
result Will be 10 encourage the purchase OF houses
and the payment OF liabilities by the more thrifty
and, therefore, the more reliable classes. This
White not giving TO the investor class such large
turns. gives them greater security, and in the long
run makes our success more substantial and more
generally satisfactory. There is principle of po-
lltlcal economy more generally true than that the
rate Of interest bears direct relation to the risk and
In q DulidlnS association the truth OF 1t may be
said to be absolute.
Although the association has made advances
amounting to :515.60O. ii has made but one fore
closure. trustees sale for nOn-payment of dues
This shows that the borrowers have been very
prompt In the payment of dues. that they are
SaIlsiled with rates and terms upon which they
nold their advances and that the security held by
the association Is safe and sufficient.
This year the board have no special recOmmen-
daIonS TO make or business to lay before the an
nual meeting for its action.
III closing. deen II 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 committee
duties, which are very heavy. have been thor
oughly performed. The entire time and attention
or the secretary is now required in The discharge of
his duties as the executive Officer in the manage
ment OF the affairs OF the association.
1HOS. SOMEEVILLE, PTeSident.'
october Is, 1883.
The board OF directors have again authorized
new issue OF stock, and the books open for sub
Scr1pt1OnS. The first payment is due in November
and can be paid at the meeting this Wednesday
evening at MarniS hall, at the office. of the
secretary, Jno. JOY Edison, 917 street \. W.