Omaha daily bee., 1883-04-23

Allowed tnelr legal nelrs, we 40
everything possible to throw o proper
safeguard around our funds and to
protect the interests Of every man,
woman, or child whe intrusts us with
money. The president, secretary and
treasurer give bonds, and w take no
risks. We loan moneys among our.
selves at q fair rate Of interest and
escape usurers note shavers."
"How much money have you on
hand at presentF' Y
1--WE have "a, 474, and tonight that
amount will be considerably increased
We have also made some loans. At a
recent meeting we took In S941. We
are proud Of our success"
AMONG THE POLES.
Peter Ktolbassa, who holds q re.
sponsible position In the custom house,
told the reporter of the success of the
two Polish building societies which
have been formed here. The older Is
called the, Sobieski Society. 1t has O
large and growing membership, and
has loaned some 800, 900. Three
months ago resident Poles organized
the San Joseph Building and Loan
Association. 1t has the authority of
the Secretary of State to issue shares
to the amount of 81, 600, 900. Mr..
Kiolbassa says that 1000 shares have
already been taken. Members pay %
cents q week on each share they sub.
scribe for. A member who wishes to
borrow 1000 must be able to give
$1,000 of approved security. Menu
bers can always borrow smaller sums
by paying z per cent interest and q
small premium, ard furnishing securl-
ty. All members who have borrowed
money In the Polish societies up to
the present time have applied the
funds to the erection of dwellings.
Both the Polish societies are prosper.
Ing.
THE GARDEN I T SOCIETY.
e. G.. Psulipg, secretary of the Gar.
den City Equitable Loan and Building
Association, was found at No. 131 La
Sale street. This society, organized
In October last, has made some long
strides In the direction Of assured
financial prosperity. Under Its char
ter In ~ raise 81, 900, 600. The
shares are 124 cents each, payable
weekly. They are Issued In series,
each series covering three months. Up
to the present time 4, 800 shares have
been taken, and q new series, will be
started April 2. The admirable man
agement Of this association Is evinced
by the fact that all the money thus
far paid in-some GIG, 000-has been
loaned on ample security at an inter-
est of rs per cent.
The reporter asked Secretary Paul.
ing to point out the advantage of 9
loan to the borrower, where sale
borrower pays % per cent. interest,
He replied:
"The borrowers advantage Is In be,
ing permitted to pay the sum II
small weekly installments. He dom
feel tho burden rear az much In thai
way"
What time do you give a borrow.
err"
Eight years"
"Suppose I am a member of this as
ISOLATION and want to borrow 81, 600
how shall / ~proceed2'
lin the first place you would be
required to own ten shares. Or
those ten shares your weekly payment
would be 81 20. If you wished 81, 0O(
you must give real estate security fol
81, 5OO."
What about the interest7"
"You would be expected to pay {
per cent. interest, which would be
81 "a week. Now we come to the
premium. Suppose the society has
$1,000 to loan. We announce the
fact, and those who wish to borrow
bid whatever premium they think
they can afford to pay for the
accommodation. We will suppose
you bid 20 per cent. premium, or $3.50
for the use of the 81, 900 for eigh,
years"
"Suppcse I join the association,
take ten shares, and for four years pay
weekly $1.25, or 80, 60 in the aggre,
gate, how much can I borrow on my
psid-up INTEREST,""
"EIactly $3.50. But of course you
will be expected to pay interest and
premium"
"How many salaried officers have
your
some, the secretary; he receive.
$500 . year. Aside from this outlay,
We have Whitfield the expense account
dewn to tho little end OF nothing,
The system b meeting with favor,
and new members are coming In daily,
Our new sehes, beginning April Q
promises to be the largest, for COX
shares have already been taken"
The plan governing loans outlined
by Mr.. Paulilg obtains In nearly al
Of the building associations. In one
Of the German societies on the NORTH
side--the North Chicago Building and
Loan sssooiAsion-the whole amount
of the premirm Is deducted when the
loan Is made. This rule IL also en-,
forced In several other associations
The Germans have already aocumu.
lated many thousands In their socie
ties and have made some satisfactory
Investments. Their management ap
pears to be wise and economical. l,
Is STATED that other societies of q SINH,
lar character are shortly to be formed
here. According to a calculation
made by te veteran Bohemian, VIM,
Kaspar, citizens Of Chicago have
nearly IS, 600, 900 invested In build.
Ing associations. This money, hi
thinks, Is al put either into houses OF
building los.
BAby's Warning
When babJ has pains at dead Of night
Mother In ! fright, father In Q plight;
when woms do bite, baby must cry,