Wichita eagle. [volume] (Wichita, Kan.) 1883-1888, 1884-08-29
And so the poor dog had none.
WICHITA LOAN AND BUILDING ASso
CITATION.

To the Editor Of the Daily Eagle:
Referring TO your article in last Sum-
days EAGLE, In relation to the Wichita
Loan and Building Association, wish to
still further elaborate that subject, IS I
believe il the object and scope OF that or
ganization were fully understood by our
citizens, every dollar of its stock would
be taken before Saturday night. This as
ISOLATION is an organized corporation I'M
der the laws of the State. Its primary OBJ
ject is TO enable men Of small means, out
of their weekly saving to accumulate en-
ough to procure them home. Each men,
Der is required to pay twenty-five cents
per week on each share held by him or
her; thus In one year each member will
have paid into the treasury Of the asso-
citation the sum of thirteen dollars. There
are two thousand shares, divided into
shares of one.hundred dollars. So soon as
five hundred dollars have accumulated In
the treasury the money is loaned for
building purposes, land for no other pur-
pose) to members of the society, at six per
cent. interest per annum; but in order that
each member may have an equal chance,
the privilege Of borrowing each five hum
dred dollars is sold, at public vendue, to
the highest bidder. The interest on these
loans is payable monthly, whilst, as before
stated, the dues Of members are paid
weekly.
A small assessment, Of not exceeding five
cents per month on each share, IL made to
pay expenses OF association. The associa-
ton, according to the terms Of its charter,
but IL is further provided that 80 room As
the value of the stock resche. par Chat is,
SO soon as 1t becomes worth one hundred
dollars per share) the association shail be
wound up. Then, those who have borrow.
ed money from the association will receive
their notes and mortgage cancelled, whilst
those members who have not borrowed
money from 1t, will receive the face value
Of their stock. From present indications
the association will pay out in less than five
years from its organization.
We have now over 5000 At interest At
6 per cent. per annum, which will yield us
for the next six months, $40, whilst our
whole interest account for the first six
months Is less than one-third OF that
amount. Any one who has studied the
power of numbers, and who knows any
thing about the rapid increase OF money
when placed at compound interest, will at
once see that here is an investment that
will pay . better per cent than any other
business In our city. Many OF our most
clear.beaded business men have already
seen this, and are members Of our society.
We subjoin few facts and figures. IL
the association runs five years, each share
will then have paid into its treasury $50.
Equating the time Of the different pay
ments, the mean time is two years and 3
half. The profit on sos for two years and
half will then have been S35, which will
be over 81 per cent per annnm. Reduce
the time to four years and half, and the
profits are over 80 per cent per annum.
When we state that our profits for the first
six months are largely In excess OF that per
cent, any one can see that the chances are
greatly In favor Of the association paying
out In less than four years from its orgsni-
cation.
Our first dividend will be declared next
Saturday night; up to that time persons
may become members, and participate in