Omaha daily bee., 1883-04-23
LOAN ASSOCIATIONS.
What Chicago Building Societies
Have Accomplished,
Ov r Five Millions Invested in
One City.
- -
How They Ave Operated.
How They Ave Operated.

i NhiSsko atiOuhV' ~
During the last nine years nor
than q score Of building societies have
been organized In Chicago. Financial
disaster has not overtaken one of
them, and 30 marked has been the sue
cess Of each corporation that new
societies are constantly being formed.
Bohemian residents were the first to
demonstrate In Chicago the practical
| utility Of this form of prjvident 90.
operation. From William Kaspar, q
intelligent and wealthy Bohemian who
has lived In Chicago for twenty years,
q Tribune reporter yesterday obtained
some statistics concerning the fifteen
Bohemian b~uilding societies In Chi.
csgo Tbs first was organized nine
years ago, and is still In existence. Its
name is "The Chicago Bohe.
milan Building and Loan As.
ISOLATION, No. l." Its capital
stock was $3.50, 900, but only about
$3.50 600 worth ct shares was taken.
These were sll paid up and the first
series was dissolved some four years
ago. The second series Is now run
ring, and It represents $3.50, 900
THIS will be paid up In about eighteen
months. The next society of this
character was also organized by b.
hemisns, and is known as No. 2. Its
shares are limited to $3.50, 600, and Of
This sum $3.50, 600 has been paid In.
Following came No. 3, and then No.
A.. The latter Is probably the wealth..
est of all the Bohemian societies. The
societies subsequently, organized Drop
ped fgrres az distinguishing their
identity, and adopted familiar Bohe.
milan names The society last organ
lied Ia called "Tabor," which 10 d name
familiar to all Bohemians, II 10 four
months old. Its limit IL $500, 900,
and of thi, amount goo, 900 is already
pledged.
"Wbat have the Bohemians done
With the moneys raised In these socle.
ties?' asked the reporter Of Mr.. Kas'
par.
"Built themselves dwelling. houses
"How many houses have they erect.
cd In all2p g'1A
"Not loss than 6O0." L ~
How much money has been In
vested In these nocisties?"
'rNot llss than 80, 700, 900"
"And las this great fund been hon
eatly mauagedl" ,,~-..a
II am slad and proud to soy that il
has," replied Mr.. KappAr. "Thert
are at lesit 50, COO Bohem.ans In Obi
cago, and all seem to be anxious te
buy & little land and build q little
house which they can call home. In
these soc cites VIC aim to help eaot
other; intact, we loan money only tc
member"
"Howdo You account for the auc,
cess of these societies2'
Economical and honest manage,
ment-n, high salaries, every nan 0
vigilsnceoommittee to see that nc
dollar is wasted, and that ample sc.
curity isgiven for oil moneys loaned.
These sosietios are multiply ing rapidly
throughout the city. The Germans
and Itisl are organizing: there are
two Polish societies, and there is at
least ont Engli.h society, called the
Garden City Equitable Loan and
Building association. I hope they
will succeed, but they must be careful.
They mint watch the items of OK.
pense; there must bs no fancy print
Ing, no howy offices, no high sal
aries, AMI above all tho loans must BIZ
made only to men who give I'M
doubted teourity. Bohemians are
economical, and these societies have
worked god for their members be.
cause OF he economy prscticed In
their management"
IN IRISH SOCIETY.
Every Monday night, at lower Tur.
ner hall, Oh west Twelfth street, the
Chicago Btilding, Loan and Home.
stead association meets. It has Q re.
)markabls ,eoord. Incorporated In
January Lad, the association held III
first business meeting February 8,
The whole number Of shares WA
placed at 500, and the subscriptions
have been p numerous that only
about 200 hares now remain I'M,
sold. BY My Let not a share will b,
on the market Yesterday an Officer
Of the association which meets q
Turner Hall, explained to . Tribun,
reporter the financial workings of tn,
new society. He said:
"We claim II Ii safer and. more pro
itable than q savings bank. W. hav,
no high salaries to pay, no steep rents
and there Is no risk Of dishonest off
cials."
but you must pay some salaries.
"Well, We pay our secretary 80
meeting, and the treasurer receives
nominal fee. The attorney employe,
10 paid reasonably we'll, and that Is al
the expense, q v such rs Ia incurret
for printing, stationery, and the fue
and lights required when we meet
The expense divided among the stock
holders Is only a trlfie."
what Is the value Of q share2"
"The first payment on q share Is 81
cents, but a share Ia not paid up unit
the aggregate Of payments amounts I,
800. BY our rules of association W,
cannot dissolve until each holder O
shares receives 500 tor each share.
"Do you lend money to eacl
stherq"
"Yes, and each borrower pays inter
est In monthly inatallments. Every
borrower gives as security q mortgag,
OF trust deed on real estate situated Ii
Cook county, which must DO clear o.
incumbrance. Every borrower mus
have his abstract of title and othel
necessary papers prepared on tn,
evening when the money Is ready fol-
the loan"
Scan a person secure q loan upor
the stocks he ownsl"
nYea. but not to exceed tMo.thirdl