Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-02-17
Building and Loan Associations.

hUdu hGhUUldllOuS,
The popularity of such institutions
as building and loan associations is at
tested by their increasing numbers.
Every large city in the country has
a number of these associations, and
very few of the smaller towns are
without them. Probably there is no
town in Texas that has attained q pop
ulation of five or six thousand that
has not one or more building and
BILE to people of limited means and to
men of wealth, because they provide
the former with means of acquiring u
home by the payment of easy install
ments monthly, and the latter they
benefit by creating a demand for real
estate for building lots, and by increas-
ing the number of residences bring adj
ditional population and advance the
value of real property. The prosperity
they bring is permanent.
Fort Worth has three building and
loan associations, with an aggregate
capital stock of $3.50, 900. The senior of
these has been in operation for more
than two years, and its popularity rs a
medium of investment begot the other
two, which have begun existence
within the current year. Judging
from the experience of the older institu-
ton, these three building and loan us.
sociations will perform an important
part in the up-building of Fort
Worth. Their monthly loans to stock
holders will build from eight to ten
comfortable residences every month,
and furnish homes for that number of
families. Or, as a savings institution,
they offer opportunities for investment
to the poorer. classes not equaled by
any system OF savings banks. The
security is the soundcst, for all loans
are based upon real estate values, and
there Is no big accumulation of money
in the treasury to tempt dishonest
officials and result in embezzlement :;
in no case, in any one of our home as
sociations, can the cash in the treasury
at any time exceed $500, and this is
kept on hand but few days. The
large stockholders cannot run the bust
ness and gobble up or freeze out the
weaker ones, for The number OF votes is
limited, and the holder of $500 worth
of stock, upon which he pays S.
monthly, has almost rs many votes
In the directing of affairs as he who
owns 5000 worth of stocks. The in
stitu,ion is purely democratic any
stakeholder may demand access to the
books and business accounts mt any
time. Tie business is run ut min
imum of expense. No costly and
snowy offices demand rent, nor
high salaried officers eat up profits.
Indeed, the Fort Worth Building
and Loan Association has
paid no salary to any officers, except
to the treasurer, whose duties in con
nection with the business consumed
large portion OF his time, and who has
had a small salary attached to his Of
fee. No savings bank can offer as
profitable investment, for the profits
OF the association named are equal to
an interest of - per cent. on the
money paid in per year, and there Is
no reason TO think that the business of
the new associations will be less profit
able. They afford investment for the
very poorest who want 10 lay up lit
tie money, for 800 worth of stock re.
quires but ii a month to meet the as
sessments, and he who can save up 81 |
week can meet the monthly assess
ments on $500 worth of stock, which
ut the end Of five or six years will be
returned IN clean cash. To all inter-
ests and all classes our buiLling and
loan associations appeal for support
and encouragement, for they benefit
I'll without distinction, and are
blessing to Fort Worth.