The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1886-12-07
INTERESTING FIGURES.
What Building Associations have
done for Philadelphia San
Francisco Coming
Forward

ing were erected in PHILADELPHIA
ing the decade ending with
comparing New York and Phi
phia, in 1880 the former had Onl
6S4 dwellings to house 243.157
lies, which the latter had 146, Az
dwellings in which to accommodate
I65, 044 families. The size of famille
are about the same in b 9TH cities, the
average being about five persons to d
family. Building and loan association:
have done much TO relieve Philadel.
phia from the tenement house curse.
Thousands of small tradesmen, clerks
and mechanics own their dwellings,
and have been enabled to do so through
these well managed institutions. There
are many such organizations. in the
City of Brotherly Love-" and the
time will come when comparatively
lew of their population well be with
out homes or their own.
Philadelphia has larger number
of building associations than any other
city in the United States. These are
operated under variety of names.
But in that city the building loan
association is largely substituted for
the savings bank. In fact it becomes
the latter, because the workingman
invests his savings for the express pur-
pose of procuring a homestead, He
gets good rate of interest for his
money. 1.-The borrOss nd pays a good
rate of interest, he does in a sense Dor
row OF himself, because while he Pied
ges his own shares in the associations
he shares in the profits. There are no
other stockholders than those who,
like himself, own q limited number
of shares The greater number of saw.
ings banks have what is called q guar
anty capital, or a paid up capital,
which first draws a dividend. This
capital in a savings bank, which is
that and no hing else, is wholly unnec-
esSary. 1t adds nothing to the real
security. The depositors are not stock.
holders in the sense that they share
in all the prufts. A saving bank, ON
sound basis, undertakes to invest
the money of depositors in loans on
real estate. 1t does not undertake TO
pay these loans On given day. 1t
turns over the profits to the depOsitors,
less the expenses, and pays the loans
according to priority of notice. A saw
ing, hank on this basis, and no other,
is never subject to RUS, because it is
under no obligation 10 return the
money on a given day.
Building associations are increasing
in San Francisco. They are popular
with those who want to secure a
homestead in this most expeditions
and economical way. There are no
Expenses other than the small expen-
ses of secretary and the nominal
rent of an office What has deem done
in Philadelphia is being done in a
smaller way in San Francisco Home
steals are multiplying. Building as
sOciations increase in number. We
seldom hear that any of these associa-
lions get into financial trouble, or
manage their affairs in any loose or
extravagant way. The whole body of
membership can coiSeNtOgether at
every m"nthly meeting. The menu
bers look into the management of at
fairs closely, and 60 on subscribing
for shares, borrowing money On them,
and building hOmesteads. The plan
attracts little a tentiOn outside of the
membership, But where, as in the
cise of Philadelphia, 81 600 buildings
were constructed, or about 5, 400 a
year, one Is let into the secret of this
growth. 1t is a remarkable fact also,
that where this system prevails, as in
the latter city, the worst evils of the
tenement house system are not found
That system is the curse of New
York and other large cities. So
great has the evil become, that hu-
name associations have been formed
to mitigate the worst features. The
improviden' poor huddle together in
these rookeries. which are the centers
of crime and disease. When a work
ing nan has obtained a house of his
own, or is about the business of re-
curing one, 50 that he sees it in the
near future, he is almost sure to be
an orderly citizen, because only in
that way can he contribute to his own
prosperity and to that of the city.
The building associations of this city
are vet in their infancy. But to-day
they promise to accomplish results,
in magnitude and Importance, not
unlike those recorded in Philadelphia.
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