Wichita eagle. [volume] (Wichita, Kan.) 1883-1888, 1884-03-06
rye WICHITA sulLol.e a,socIa1,or.

By the faithful efforts Of some of the best
men in the city they have at last succeeded
in organizing building association with .
capital stock Of $2o0, 900, with charter for
six years. These associations are organized
under tho statutes Of Kansas, having for
their objects secure place for its members
to deposit their weekly savings at good
rate Of interest, and to enable its members
to borrow money on reasonable terms with
issued in s100-shsres, which is paid for by
the members In installments OF Is cents per
week. II serves as o savings bank and even
more, as the dire stors declare dividends ev-
cry six months on each share Of unborrow-
ed stock. The borrower gives mortgage
security for the amount he borrows and pays
6per cent. interest per annum, and at the
end Of six years he has discharged the debt
and takes his property free from all claims
OF the association and the association is then
dissolved, and members holding unborrow-
ed stock are paid back the amount paid by
them as dues together with the dividends
SO set of to each share OF stock. Any men,
Der desiring to withdraw can do SO at any
time by giving thirty days notice to the d.
rectors, upon which they will refund to
such member all he has paid in as dues and
release him from any further obligations.
The wonderful growth of Wichita has
necessarily made dwelling houses scarce
and consequently rents very high, and this as
ISOLATION comes at time when it will do the |
most good. BY its provisions person can
take stock, build or buy house and mort. |
gage it to the association for money to pay |
for it, and then pay the association OF in |
six years with the same or less money than |
they will pay as rents. To better illustrate
it: You build you house and borrow
money from the association to pay for it, |
You discharge the debt by paying % cents
each week on each 800 borrowed and per |
cent. interest, payable monthly. This
amount will not ordinarily be mere than
your rents. After you have paid this amount
for six years your debt will be cancelled and
the property your own, while upon the 9TH
er hand you pay rents for six years and the
landlord has your money and the property
too. And there is In addition to the above
the satisfaction of living in your
own homo and improving it during the six
years just as your tastes suggest. We are
it is an institution that ought to
have been in our midst years ago, and judg-
ng from the success of similar associations
n other parts Of the State, and the reputa-
ion of the officers Of this one, we predict
or it the great success it deserves.
The president is VIM. Matthewson; vice
John Tucker; tresuarer, j. NJ.
Alien. The officers request us to say to the
citizens of Wichita and Sedgwick county
hat they court the closest scrunity of its
'lans and workings, and any one desiring
my Information on the subject can consult
he president or the financial secretary, r.
4. Piatt, at his Office in Temple block, first
loor north of the postofiice, also those de-
iring to read the bylaws or take stock can
10 so by calling on the financial secretary.
The next meeting will be held at the city
ouncil chamber, in Eagle block, Saturday
venng, MarchS, at u o'clock. Everybody
$ cordially invited. All meetings are open
0 the public.