Wichita daily eagle. [volume] (Wichita, Kan.) 1884-1886, 1885-12-06
TO THE PUBLIC.
To the Editor Of the Easis:

To the Editor Of the Eagle:
One of the most vital questions Of the
hour is, how men Of small means can secure
homo for the "loved onesi" It ID N sasy
matter for the capitalist 70 rear . palatial
mansion, with all tho modern improvements
and conveniences but the problem Of how
the mechanic and laborin9 man, working
upon moderate wages, with family to sup
port, shall, out Of his meagre savings. lay
up enough to build himself a dwelling
house of even moderate pretensions, is to
most minds difficult one. Building and
loan associations have solved this problem.
Our city already has practically three
OF these associations in the full tide of sue
cessful operation; but they hsye been found
insufficient to meet the wants of our fas. in
creasing population. Another one 5
demanded and will soon be, we trust, anoth-
er potent factor in building up our city.
These associations are no longer an expert
ment, to prove which lie: facts be submitted
to candid public
The Wichita Building and Loan associa-
ton was organized in February. 1884. and
began business on the first day of March
following, and has now been in operation
for nearly twenty-one months. The stock
is of the par value Of 500 per share, and on
each share Of stock there has been paid TO
date the sum Of S2370; the actual
value of the stock is thirty-Hve dollars.
per share. This is profit of S1l,ao per
share, equal to abou. fifty per cent profit.
The Forest City Building and Loan Asso-
citation was organized December 1st, 1884,
and consequently in two weeks more will
have completed the frat year Of its ex-
istence. There will then have been paid in
on each share $3.50, on which there will
be dividend of about $500 declared, or q
profit of about SIXTY per cent On the first
of June second series of the Forest City
Building and Loan Association was issued.
At the end of the first six months dividend
of over $500 will be declared on each share
of stock. equivoleut also to sixty per cen:
profit.
These figures indicate plainly ons phase
of the advantages of these institutions-the
profit to the stockholde in the capacity Of
a lender. But, psradoxical Is it may seem,
there is an equal or greater advantage &C.
cruing 70 the borrower. A mechanic who
is paying ten dollars rent per month for .
house to shelter his family, by becoming q
member Of one Of these associations can Dor
row money enough on his stock to build a
dwelling, and from the amount
be would otherwise pay out as rent, pay all
dues and assessments on his stock, and in
terest on his loan, and have . surplus sufi-
cient to pay taxes and insurance on his
property; snd in less than five
years have his home paid for
This is no exaggeration. Five hundred dollars
will build nice little home. The annual
dues and assessments on $500 is $e8, the in |
terest on the same amount at 6 per cent, |
$50, making total of sos. leaving so to
pay taxes and insurance.
Since their orga nization the Wichita |
Building and Loan association has furnished |
funds to build sixty-fonr dwelling houses, |
and the Forest City ffty-eight, q total of
I'D. These funds are secured by first mort |
cages on the houses erected, together with |
An insurance policy on the same, and are
deemed as safe investments as any in the |
city.
As We anticipate greater boom in
Wichita next year than ever before, and
greater demand for homes for the million,
il is proposed to issue, third series Of the |
Forest City Building and Loan association
% consist Of one thousand shares Of one
hundred dollars, to commence on the 1st |
lay of December, 1885. The books are now
,pen at the Office of the secretary, K. II.
Piatt, in Temple block, who will give any
Information in reference to the association |
hat may be desired, or furnish . copy of
he bye-laws to any person wish ing |
took. VERrrAs.