Wichita daily eagle. [volume] (Wichita, Kan.) 1884-1886, 1885-11-22
to THE PUBLIC.

To the Editor of the Eagle:
One Of the most vital questions of the
| hour is, how men of small means can secure
home for the "loved ones," It is An easy
matter for the capitalist to rear palatial
mansion, with all the modern improvements
and conveniences but the problem of how
the..meehanic and laboring man, working
upon moderate wages, with a family to sup
port, shall, on: of his mesgre savings, lay
up enough to build himself 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 cue
cess!ul operation; but they haye been found
insufficient to meet the wants Of our fast in
creasing population. Another one is
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 let facts be submitted
to candid public.
The Wichita Building and Loan sssocia-
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 or
each share Of stock there has been paid to
date the sum of S23.70; the actual
value of the stock is thirty-fve dollars.
per share. This is 4 profit of Sl1 so per
share, equal to about fifty per cent profit.
The Forest City Building and Loan Asso-
citation was organized December LIST, 1884,
and consequently in two weeks more will
have completed the first 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 a
profit of about SIXTY per cent. On the first
of June a second series Of the Forest City
Building and Loan Association was issued.
At the end of the first six months dividend
of over $500 viii be declared on each share
of stock. equivoleut also to sixty per cent
profit.
These figures indicate plainly one phase
of the advantages of these institutions-:he
profit TO the stockho lder in the capacity of
a lender. But, paradoxical as il may seem,
there is an equal or greater advantage ac
cruing 10 the borrower. \ mechanic who
is paying ten dollars rent per month for
house TO shelter his family, by becoming a
member of one Of these associations can bor-
row money enough on his stock to build
comfortable dwelling, and from the amount
he would otherwise pay on; as rent, pay all
dues and assessments on his stock, and in
terest on his loan, and have surplus suffi-
cient TO pay taxes and insurance on his
property; and 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 SOS. the in
terest on the same amount at per cent,
$50, making a total of S9s. leaving SD to
pay taxes and Insurance.
Since their orga nizstion the Wichita
Building and Loan association has furnished |
funds to build six;y-four dwelling houses,
and the Forest City f:ty-eight, a total of |
l22. 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. |
it is proposed TO issue, third series of the /!
Forest City Building and Loan association |
TO consist of one thousand shares OF one |
hundred dollars, TO commence on the 1st |
day Of December. 1856. The books are now |
open at the Office Of the secretary, Il. N.
Pistt, in Temple block, who will give any
in reference to the association |
hat may be desired, or furnish copy of
he bye-lsws to any person wish ing
took. VERrrAs