Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-10-31

SIATA ANNUAL REPORT-A GOOD SHOWING
LARGE INCREASE OF BUsINEss-oBJEcr OF
THE ASSOCIATION CARRIED oUT-ADvAN-
TAGEs THE ASSOCIATION POSSESSES IN WASH
INGroN-INTKRKsTINo REVIEW OF FACTS
AND FIGUREs-NEw STOCK, &C
1.-THE amount Of business transacted the past
has exceeded any former year since the organi-
cation OF our Association. The receipts and dis
oursements, advances to shareholders, number
OF active shares, capital stock and assets, have
each largely and steadily increased. This salts
factory showing demonstrates that the Associ.
alton Is growing in the confidence and estima-
ton Of the shareholders and the public, and
that the OBJECT OF the Association has been sue
cessfuliy carried out, the members having real
ized the practical aid and advantages furnished
by the Association for making regular monthly
erty. The change Of the National Adminfstra-
ton and the Official changes that have followed
nave had little effect upon the transactions Of
would have been somewhat larger otherwise,
yet the fact remains that they have been larger
sesses myortsnt f pos
are great factors in the successful operation OF
our Association. Our local government and its
from any other city in the union. The general
government pays its share of taxes, which
equals the amount paid by the people, and
and disbursements. This has secured reason
able and uniform taxes on real estate, never
f Ke 70 but Nth possible IN
In and loans upon real estate in the highest de-
gree reliable and safe. The consequence is that
in dealings involving real estate. In nearly all
other large cities, unfortunately, taxation upon
real estate is variable and heavy; They have
enormously increased their public debts and
taxes in the past twenty years, mostly the re-
suit of contesting rings, securing power by cor
loans end Sa real astate
less uncertain and hazardous. These ines Unable
advantages over other cities, with the beauty,
our city and District put our real estate present
and prospective, upon the best basis possible,
inviting and attracting jewellers and invest
pleasant and profitable: The large amount
saved by and money distributed among our
To Sn
and improve their homes and their surround
ings, has added in no small degree to the gen.
capital, making the quitable a credit to Wash
ington and increasing Its popularity. From the
annua, report Of the secretary it will be seen
4Ss. 80, which is $163, 331 "a more than last
year, and make the total receipts, in the
ses dons that has
average monthly receipts since the organiza-
ton have been $22 OF .22, and during the
The assets have reached this year $685.
442.66, an increase of 1924, 454.97. The add
vances or loans made to our shareholders have
S31 900 each month. The total advances have
been 81, 152, 300. While the principal and I'M
terest or premium are divided into 100
81 monthly payments, by crediting the stock
and the profits thereon. Every fnducement
and opportunity is offered the borrower to
repay his advance in partial payments, as fast
as he may be able. thereby reducing the inter-
est and installments proportionately. and pay
ing for his property in a shorter time.
The application for advances by the members
have always equalled and, for portion of the
time exceeded the supply, thus enabling the
cureIy invested at fair rates of premium aver
aging 81 per cent, which has produced salts
hes m fss upon the of the
S62O,711.S2 has been returned on repayments
and settlement, leaving now held by members
Board at over $1,25O,OOO, giving the Asso-
citation margin of security of 81 per
repaymments of the principal. with
the premium or interest, the margin and
security increase, thus constantly creating the
greatest possible safety and protection that can
be secured. This cOnduces to the benefit and
encouragement of the borrower, as he gradu-
makes the Investments of the funds and earn
ings belonging to the members of the Associa-
ton safe and reliable. Out of 759 advances
made, amounting to 81, 1872 800, there has been
but one case where a member has failed iu his
payments sufficiently to recover By sale under
the deed of trust. This we commented upon in
our last report, and the fact we glad to
state, still exists and gives additional proof of
the aid, benefits and advantages furnished by
our Association.
The dues or monthly savings on stock by the
members during the year have been S249-
2oo3l making an average of SPOT SO
monthly. We believe that these small savings
and earnings have reached far larger aggre-
gate amount and been more successful than
the members would have really accomplished
by any other system than that furnished by our
association. The same amount must be set
aside regularly every month when commence
drawals can be made, but not so readily as
drawing on a bank. Thus the effort proves more
successful. and considerable sum with profits,
stands to the credit of the members, which is
On Withdrawn stock S7,35257 interest or
profits have been paid the past year. making
ST., 3O7.25, leaving earnings on hand to the
credit OF the remaining stock amounting to
S5O.66916 Our net earning, to date are ga
per cent. Our running expenses for the thorough
and proper management of the affairs of the
Association. for officers, clerks, rents, printing
our assets. With his very reasonable cost FOR
all expenses, by keeping our entire funds in
vested at fair average rates, and our earnings
uniform, the Association always safely guagan-
tees per cent per annnm on stock to those
Withdrawing their savings. This is as we'll as
the experience of successful and well-managed
trust or saving Institutions cOnd ucted upon
conservative principles, can guarantee.
The shares on the books advanced upon are
621.3, not advanced upon 7,s43.9; total active
SHARES, 8, 1862. Applications were made dur
ing the year for 300 new shares which were
issued. The average number taken by each
person is a fraction over three shares, making
their monthly payment or savings about IS
each, amounting to S9.25O per month. The
tenth issue is now open for subscriptions the
first payment on which commences November
4th.
The last annual report showed a balance on
hand OF S1314, and this year it is S:s7S.7
while $544 ,43S.39 have been received and dis.
bur,ed. This shows that the provision OF the
constitution requiring the directors to keen oil
tine funds of the association invested, has been
by their constant aim and effort complied with
Since the passage of the builders lien law in
July, 1884, it has bsen found necessary for the
proper protection OF the Association to form
new and more stringent rules for making adj
vances for building purposes. The margin on
this class OF loans was increased to so instead
of % per cent of the value of the property, and
the secretary. A considerable number of adj
vanceS have been made for building purpose,
under the new rules, while others have been I'M
able To comply Herewith.
1t affords me great pleasure to bear testimony
to the faithful and efficient manner in which
charged their respective duties during the past
year.
By order of the Board:
THOMAS SOMERvILLE, President
JNo. JOY EDsoN, Secretary.
October %, 1885.
The officers and directors for the present year
are: Thomas SOmerville, president; DIR. A. j.
Schafhlrt, hrst vice president; Geo. w. Casileer,
second vice president; JnO. Joy Edison, s.cre-
tary; Benz. +. Fuller, II. H. Twomby, Lawrence
Gardner, Fred. w. Pratt, Hon. Ellis Spear Ros
A. Fish, ThOs. b. Cross, jr., Geo. w. Hardness
and Or. Geo. w. Fisher, directors. New stock
in the tenth issue is now open for subscription,