Wichita daily eagle. [volume] (Wichita, Kan.) 1884-1886, 1885-12-13
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" 1t is an easy
matter for the capitalist to rear palatial
mansion, with sll the modern improvements
and conveniences but the problem of how
the mechanic and laboring man, working
upon m oderste wages, with family to sup
port, shall, out of his meagre savings, lay
up enough to build himself dwelling
house of even moderate professions. 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 haye been found
insufficient TO meet the wants of our fast in
creasing population. Another one is
demanded ami will soon be, we trust, snoth-
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 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 S23 20; the actual
value Of the stock is thirty dollars
per share. This is profit of Sll 80 per
share, equal TO about fifty per cent profit,
The Forest City Building and Loan Asso-
ciatiOn was organized December lst, 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 Sl3,10, on which there will
be IA dividend of about $500 declared. or n
profit Of about SIXTY per cent. On the first
Of June second series of the Forest City
Building and Lean Association was issued.
At the end of the first six months dividend
of over $500 will b. declared on each share
profit
These figures indicate plainly one phase
of the advantages Of these institutions-the
profit to the stockho lder in the capacity of
"a lender. But, paradoxical a. it msy seem.
there is an equal or greater advantage ac-
cruing TO the borrower. A mechanic who
is paying ten dollars rent per month for u
"o"Se ~ e ~ becoming N
member of one Of these associations can Dor
row money enough on his stock to build n
comfortable dwelling, and from the amour,
he would otherwise pay out as rent, pay nll
dues and assessments on bis stock, and in
terest on bis loan, and have surplus suffi-
cient to psy taxes and insurance on his
property; and in less than five
years have his home paid for
This is no exaggera,ion. Five hundred dollars
will build Il nice little home. The annual
dues and assessments on $500 Is $50, the in
terest on the same amount at 6 per cent.
$50. making total of s9S, leaving SD to
pay taxes and insurance.
Since their organization the Wichita
Building and Loan association has furnished
funds to build sixty dwelling houses,
and the Forest City ffty-eight, a total of
10. 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 a
greater demand for homes for the million.
i. 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 lst
day of December. 1885. The books are now
open n, the office Of the secretary, T. NJ
Piaii, in Temple block. who will give any
ia reference TO the association
that may be desired, or furnish copy of
the bye-lsws to any person wish ing
stock NERITAs.