The Washington critic., 1886-11-05
WASHINGTON CRITIC
SEVENTH ANNUAL REPORT
Equitable G. IS. Association.

OF FIGURES BUILDING FOR THE
ASSOCIATION, NEW STOCK, ETC.
1t is gratifying to state in this report,
as in our last, that the business transac.
tions of the association have continued to
increase, and have exceeded IN the past
twelve months any former year since the
organization Of the association. In the re-
port of the Secretary the present assets are
shown to be SOL ,576 %, an increase since
the last annual report of sl40, 1873 so, which
represents the accumulated payments by
shnl eholders on shares at 81 90 per month.
The amount advanced and held by the
members upon first mortgages, upon their
property, valued by our assessors ut over
$l,552, 600, shows the security to be at
,he max ximum Of safety practicable In adj
vuDcing funds upon real estate, the only
security accepted 10y the association. While
every aid aud encouragement lie aud should
tie given the shareholders In their efforts to
secure homes through the association, the
greatest care Ia also taken that the funds are
securely invested against possible loss. The
receipts this year have been SG3i, ,0OS 90,
which is $50, $40 "a more than last year, aud
makes the total receipts 10 the eighty.four
months that the association has been doing
business S2,23S, $50. ~. The average
monthly receipts since tho organization
have been s26,652.62, aud during the
present year 52,s3i.05. Advances or
loans to the shareholders were S4l2 $1,000,
averaging $H, 400 monthly. The total all
vauces have been ~ JG5, 100 Tie fact
ttill eAists, as referred to In our last re-
port, that the association, has foreclosed
hut one mortgage and then realized the
amount due In full. Tho amount OF
monthly payments on shares, Mt $3.50 per
thare, by the members In the past year
was SaU3 5i00S, aud the average monthly
payments 25,2D5OO, The amount Is
s5i,2I9,1, and the monthly average
S4.5233I more than the previous year.
On Withdrawn stock S9,3l2 81 Interest or
profits have been paid the past year, max
Ing the total disbursements for that pur-
pOse S26,6l977, leavpg earnings on hand
to the credit of the remaining stock
amounting TO $72 $40 60 The net earnings
have been d G5 per cent. per annum. Tue
expense Of management has been at the
rate Of l 01O per cent. on the assets the
past year, which Is, also, tue average rate
per cent. sincc the Organization of the asso-
citation. The shares on the books, advanced
upon, are ISS.4; not advanced, 9,ll9.0.
The 18th issue is now open for subscription,
the first pay meDt on which commences Nc.
vember, 1856. The officers an | many of
the shareholders, aware OF the growth
and magnitude of the business trans
acted by the association, have been
convinced for several years that the neces-
quarters by purchase was becoming more
and moro apparent. The subject has been
referred to in several previous annual re-
ports. The association had moved twice
since commencing business, and were notl-
fled to vacate their present quarters as soon
as possible All can appreciate that NOV
ing about as being detrimental TO the best
interests Of the association, which would be
the case, go long as the association occupied
rented property. The valuable records
which are accumul ting should, OF course,
be well preserved aud absolutely protected
from destruction by fire. They comprise
the files and securities of all the advances
tween the association aud shareholders,
the loss of which would be the
greatest possible damage and In large
degree irreparable. The present office
has become crowded and inconvenent for
transacting the routine business OF the asso-
citation, and, located as it is, In the second
story, s also very iDconvenient for our
large membershipto pass up and down q
/. lopg and narrow stairway. Foe these and
other reasons the board after deliberating
and considering the question thoroughly,
brought the matter before the last annual
meeting in November, 1850, submitting the
following proposition, which they had con-
cluded the best aud wisest to adopt, viz:
To purchase or erect q building In which
the association can subrent rooms, aud with
the revenue therefrom pay good interest
: on the money invested, leaving the assoca-
tion with good Office accommodations, free
from the cost Of rent. After a lengthy dis
Cussion Of the merits of the question, the
following resolution was unanimously
adopted: "That 1t Ia the sense Of
the annual meeting that the board
shall be authorized, Ia its discretion,
to buy lot and build, or purchase, or lease
suitable building in which to transact the
business of the association,n Under the
action of the board aud the association, the
board proceeded to make a selection, and
after many attempts to locate, finally, by a
unanimous vote last July, purchased lots B
aud G, square 3lG, situated on the north
side Of f street, near Tenth northwest,
from Judge David X. Cartier, for $4,000
Plans were submitted for a building from
which one was selected. Specifications
were drawn and given out to seven repu-
table builders, six Of whom put IN bid1 for
= erecting the building, the lowest being for
S25 97l GO, and he was awarded the con
tract upon which he is now engaged
under an agreement to have 1t finished
Bpd delivered on February /, 1887
The lot and building will of course, con-
htitute q part of the assets of the associa-
tiOn, upon which the value of every share is
esCertained and fixed. When shares are
surrendered at any time upon due notice, or
matured in ls0 mouths the members are
paid their portion Of the amount invested In
. this property. Seven years Of experience,
working under the constitution adopted by
the association and the bylaws and rules
framed for the proper conducting of our
business has demonstrated in practical
aud conclusive manner the wisdom and ac-
. ourscy of the plan and principle
upon which the Equitable is ope.
rated aud managed. While several
years may yet be required to furnish
full experience OF the greatest possibili
ties, under our constitution and plan, of
what may and will be accomplished in
carrying out the true object and purpose of
The association for the equal advantage and
tcneht OF all, we are, nevertheless, con
vnced that with the same attention and
efforts OF the ofllcers and directors in per-
forming their respective duties, and with
the same harmonious and thorough support
given them by the shareholders, the associa-
tion will be equally us successful in the fu-
I, ture as in the past, and there will be gained a
ripe and reliable experience, by which our
selves and our successors, as officers and
members, may always be safely guided.
The President feels that he would not
properly finish this report did he not again
' bear testimony to the faithful aud satisfac-
tory manner the officers directors and com
mi'tees have discharged their duties. Each
seems to fully appreciate the responsibili-
ties delegated to him by the shareholders,
and take great interest and watchful care
IN seeing aud knowing that all the pro-
visions of the constitution, bylaws and
rules are adhered to strictly.
THOMAS SOMEHyILLE, President.
JOnS JOY EpsoN Secretary.
The officers aud directors for the present
year are Thomas SOmeryile president; DR..
A. j. Schaihrt first vice e-president; George
W. Casilear, second vice-presdent; John
JOY EdsoD, secretary; B. +. Fuller, IL. II.
TwomOlr, Lawrence Gardner, Fred W.
Pratt, Hon. Ellis Spear. Ross 4. Fish,
Thomas h. Cross George w. Hardness and
George w. Fisher, directors. New stock
,, gs ta