Evening star., 1886-11-05
Seventh Annual Report Equitable c. b.
Associations,

| Seventh Annual Report Equitable G. b.
Association.
INCREASE OF BUSIN NESS-REsULT OF THE EQUI-
TABLE PLAN-INTERESrING REVIEW OF FIG
STOCK, &C.
1t is gratifying to state in this report, as in
our last, that the business transactions of the
Association have continued to increase and
has exceeded i'm the past twelve months any
| former year since the organization of the Asso-
citation. In the report of the Secretary the
present assets are shown to be $7O1 $40. 26, an
| increase since the last annual report of S149-
80, which represents the accumulated pay
ments by shareholders on shares at $3.50 per
month. The amount advanced and held by
the members upon first mortgages. upon their
property, valued by our assessors at over
| maximum OF safety practicable in advancing
| funds upon Real Estate, the only security
| cepted by the Association. While every aid
and encouragement is and should be given the
shareholders in their efforts to secure homes
through the Association, the greatest care is
also taken that the funds are securely invested
against possible loss. The receipts this year
have been S634, ,OOS.63, which is SS9,57O.24
more than last yeaf, and makes the total re-
has been doing business S2,23s, ,S2O.12. The
average monthly receipts since the organiza-
present year S52,s34.O5. Advances or ioans
to the shareholders were SAP. 10000, averag-
Ing $34 400 monthly. The total advances have
Deen 81 900, lou. Inc fact still exists,
ferred to in our last report that the Association
has forecosed but one mortgage and then real
lied the amount due in full. The amount of
monthly payments on shares, at $3.50 per
share, by the members in the past year was
$500, ,540:Os, and the average monthly pay
and the monthly average S4,523. 81 more than
the previous year.
On Withdrawn stock ss,s12.52 interest or
profits have been paid the past year, making
the total disbursements for that purpose $685.
619.17, leaving earnings on hand to the credit
OF the remaining stock amounting to S72,-
r.
cent per annum. The expense of management
has been at the rate of 9-1O per cent on the
assets tie past year, which is, also, the average
rate per cent since the organization of the Asso-
citation. The shares the books advanced
upon 1!'oI1 are are 1854: not advanced, 9,14s9 The
lZth issue is now open for subscription, the
first ayment on which commences November.
1856 The officers and many of the sharehOld-
ers aware OF the growth and magnitude of the
business transacted by the Association, have
been convinced for several years That the neces-
SHY !or tne association to secure permanent
quarters by purchase was becoming more and
more apparent. The subject has been referred
10 In several previous annual reports. The AS
Sociatoh hau moved twice since commencing
business, and were notified to vacate their pres
ent quarters as soon as possible. All can ap-
preclate that moving about as being detrimental
10 lhe pest interests OF the Association which
would be the case SO long as the Association Oc-
cupeu rented property. The valuable records
when ''l1 n are accumuating should, of course, be
Weli preserved and absolutely protected from
destruction by fire. They comprise the files
ana securities OF all the advances and individ-
ciatlon and shareholders, the loss of which
would be the greatest possible damage and in a
,s ,arse degree lrreparable. The present Office has
become crowded and inconvenient for transact
Ing the routine business OF the Association,
and located as it is, in the second story is also
very lnconvenient for our large mem bership to
pass up and down "a long and narrow stairway
For these and other reasons the Board after
dehoeratlng and considering the question thor
oueuiS pfougnt the matter before the last An
nuai Meeting III November, 1885, submitting
the following proposition which they had
Guided the best and wisest to adopt, viz: To
purchase or erect building in which the AssO-
Grafton can subrent rooms, and with the reve-
nue. tneieirom pay good Interest on the money
invested, leaving tie Association with good
O11ce accommodations, free from the cost OF
rent: Alter a lengthy discussion OF the merits
Oh the question, the following resolution was
unanimously adopted: "rhat it is the sense Ot
the Annual Meeting that the Board shall be
authorized, in its discretion, to buy q lot and
IN winch to transact the business of the AssO-
ciatioh Under the action OF the Board and
the Association, the Beard proceeded to make
a aseiection, and after many attempts to locate
hnally, by unanimous vote last July pur-
chased lots and Z, square 346, situated ON
tne tr noTth side OF street. near Tenth n. W.,
from Judge David X. Cartier, for $4,000
flans We're submitted for IA building, from
Which one Was selected. Specifications were
drawn and given out to seven reputable build
ers, SIX OF whom put in bids for erecting the
building, the lowest being tor S25,97l. 90 and
he was awarded the contract upon which he is
now engaged, under an agreement to have it
finished aud delivered on February l, 1887
Inc lot and building will, of course, constitute
part OF the assets OF the Association, upon
which the value OF every share is ascertaIned
anu uAed heD shares are surrendered at any
time upon due notice, or matured in lzO
months, the members are paid their portion OF
the amount invested in this property. seven
years OF experience, working under the consti-
luton adopted by the Association and the by
laws and rules framed for the proper conduct
Ing OF our business, has demonstrated in a
practical and conclusive manner the wisdom
ana accuracy OF the plan and principle upon
* aIa6a
,TII TIle several yaars may yet be required to
,n.i nln.ies, unuer on, our cons.,turIon alfi m of
out the true object and purpose OF the Associa-
tlon tor the equal advantage and benefit of all
We are nevertheless convinced that with the
same attention and efforts OF the officers and
directors III performing their respective duties
and with lhe same harmonious and thorough
support given them by the shareholders, the
Association Will be equally as successful in
future as in the past, anu there will be gained a
ripe ana reliable experience, by which ourselves
and our successors, AS officers and members
may always be safely guided.
1he President feels that he would not prop
erly nnlsh this report did he not again bear tes-
timony to the faithful and satisfactory manner
the officers, directors and committees have dis
charged their duties. Each seems to fully ap-
preciate The responsibilities delegated to him
Dy the shareholders, and lake great interest
ana watchfui care In seeing and knowing that
ali OF the provisions of the constitution, by.
laws and rules are adhered to strictly.
Nov. 3, 1856.
THOMAS SoMERv1LLE.
xTeStuen[
JNO. JOY EDISON, Secy.
The officers and directors for the present year
are: Thomas Somerville, president; DIR. A. j.
Schaffirt, first vice president; Geo. ". Castelar,
second vice president; Jno. Joy Edison, secre-
tary; b. +. Fuller, ii. II. TwOmbly, Lawrence
Gardner, Fred. w. Pratt, Hon. Ellis Spear
Ros. A. Fish, Thos. B. Cross. jr., Geo. w. Hark.
ness and Geo. W. Fisher, directors. First pay
ment ON new issue due this month, payable
daily at the office from $3.50 to 4:3O D. m. 9I7
+ street.
Salvation A rmy Facts.
To the Editor of THE EVENING STAR:
Tuesdays STAR has the following statement
by "a Friend of the Salvation Army "It is "a
noted fact that if a negro dies on Monday the
remains are carefully preserved until the fol-
lowing Sunday, in order that all the race can
have holiday and grand jubilee" Are these
the kind Oi facts taught by the army? TS
THE FUNERAL OF GEORGE E. HALE-The
funeral OF Mr.. George h. Hale, the late CORES
spending secretary oil the Washington Light
Infantry corps. occurred this attarnnnn from,