Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1885-02-28
building associations, as the following
detailed statements obtained from their
officers will show.

OmcerS Will snow:
SECURITY LOAN AND BUILDING.
This association was organized in
March, 1883. with capital stock OF
$500 ,00O, divided into $500 shares OF
the par value of 5000 each, all of which
have been subscribed for and are held
by about 200 stockholders. A fee of
81 OH each share has been paid by way
of initiation, CT entrance money, which
in connection with monthly dues Of 3
paid on each share during period of
eighteen months since the organization
of the association, together with prof
its from interest premiums and fires
collected, makes each share of tlei
present value si9 SO. The annual rate
of interest in all these associations Or
gauized under the state law OF 1882 is
+ per cent.
The Security has collected on stock
SH ,935 land loaned So 1,275. about $40
900 of which amount was taken by
borrowers during 1884. With this
money they have been enab ed TO build
fourteen houses of the cost of about
$4,000 each. All these dwellings have
been erected by people iu moderate
most of,tlfeln men who
have families TO maintain OIL modest
salaries, and who never could have
provided themselves with home had
they not avaiIed themselves of the ad-
vantagps of the association. The
homes they have built are located OIL
cheap ground Oh Biddle, Carr and
Wash streets, and the northwestern
portion of the city. Joseph Ii. Tiernan
secretary of the association, says there
ha s
bers anxious to borrow at from 10 to
II per cent premium.
THE ST. LOUIS MUTUAL.
The St. Louis Mutual House. Build
ing Company is the oldest in the city,
having been organized over twenty
five years; it was first to introduce the
system in the West. 1t is now in its
third series. having built over 500
houses since the commencement of
"No. g." and added fully $SO0,000 to
the taxable wealth of the city, if not
more.
This company, however, is unlike
the others, as it is an incorporation of
capitalists doing business on much the
same principle as banking house.
Its stockholders are not poor men, but
capitalists who have put their money
into the enterprise to make money.
Their paid up capital is $500,000, dis
tributed among about 250 different par
ties. The shares, of the denomination
of $500 each, are quoted on the market
at $3.50, While on the books of the cor
poration they represent value Of
1926.
This company will build for the
ne Lat oc
may be required, he agreeing to return
the money advanced in monthly in
stallments equivalent to 10 per cent
per annum OF the principal, and to
pay 8 per cent. per anuum on
the deferred payments or unpaid prin-
cipaI. By this method loan of 81 900
for ten years costs l,4O3, whereas q
straight loan of tire same amount for
that period OF time would: cost 81 600.
Over fifty etter-carriers have avail
ed themselves of the opportunities
afforded by this company. Mechanics
aud plumbers are, however, credited
F, with being the most reliable patrons
The average loan to such parties is
$500
Many of the houses recently built by
this company are i'll Carondelet, where
owing to the stagnation i'll the IRON in
terests, The secretary, r. Mackwitz
says considerable difficulty is being me
with i'll collecting payments. Fore
closures, he adds, are only enforced a.
a astresort, in which event the pairol
forfeits all lie has paid. a..
Last year the st. Louis Mutual loan.
ed $59, 200, with which twenty-five
buildings were erected. In that space
of time the company made three fore
closures.
The Empire Building Company il
preparing to follow the example OF the
/ st. Louis Mutual.
EQUALITY SAVING AND BUILDING.
This association has Il chartered RICH
to exist twenty years by virtue of chap
ter XXI, art. 9 Revised Statutes. Th
capital stock OF S750,0U0 is divided in
to 2,5O0 shares OF the denomination o
which the monthly dues are 81. Al
unexampled feature of this association
provides for averaging the cost of prem
iums equal V among its members.
proposes that when every share shal
have been furnished u loan of $500, les
the average premium. or the net cas-
on hand shall be sufficient to pay L
each tree share of stock $500, less tn
average premium paid by the borrow
ers up to date, the directors shall pa
over to each free share $40, less aver
age premium; all free shares are the
to be surrendered. Borrowers VIII
paid more than the average premium
will make 10 further payment and re
ceive back the excess paid for pre- aiium
above the average.
TO be more explicit, if the averag
premium is found to have been 20 pc
cent. the borrower who paid 80 pc
cent. will receive back 10 per cent. am
those who paid but l5 per cent. VI
! refund to the association 5 per ceiit.
The net resources Of the Equality 70
the year jus. closed is put down d
S46.7eS' ". The expenses in the mean
! time amounted TO S637 o., leaving
net gain to the association of S2,54l 6;
Since its organization a year ago IN
members have built or purchased thirt
houses, quite a number OF them havin
been erected at Benton. Premiums o
loans for the year amount to 81 $50
and the interest account foots mp 81.
543 SO. Compared with others, thi
associations gain for the year is place
at l44 against II l-6 in the Laciede an
III per cent. in the Mound City.
THE HIBERNIA.
The Hibernia, No. 2, Is chartered 70
twenty years unless sooner dissolved
the capital stock of $500, 900 bein
divided into 2 800 shares of par valu
of 5000 each. The monthly dues al
81 on each share. Like the other as
: sociatlons, its affairs are mana ged by
board of thirteen directors elected an
nualiy. Another general feature per
taius to successful bidder not prepar
. ed immediately to give security for til
) loan. In that event the money re
: mains in the treasury of the associatio
to his credit, the borrower paying il
. terest on it the same as if he had draw
! it ont. Interest begins with the dat
: OF the purchase of the loan. If tn
= borrower fails totally in his paymcn,
$ during the space Of six months, or
: his accumulated dues equal the amour
: of six months dues and interest, the
} the association NAV, in its discretion
9 advertise for >ale the pledged propert
t of such borrower, his stock being cll
2 celed with the sale of the property.
The semi annual statement, just i;
I SIZED, shows the net resources of th
= company TO be Sl03,5 IL, of whic
S sum S57 600 is loans on first deed {
: trust. Since the association was il
stiiuted ii has butt thirty five house
G Shares on which $50 have been pal
are now put down at par value
$50 %, the gain i'll thirty months beii
ST 20 Only five shurps have hpnu ~