Wichita eagle., 1888-08-26

While few merchants and considerable
number of professional men hold buildin g
society shares the vast majority of outstand-
ing shares is held by clerks, book keepers,
cashiers, salaried managers, statesmen,
credit-men and other staff assistants on the
executive forces of our great mercantile
establishments, mechanics, women clerks.
school-teachers and stenographers, and a
goodly number of policemen and police off,
GERS Five millions year is large sum,
and parceled out in $3.50 lots, which APP
pears to be the average, it means 1000
home builders supplied with the requisite
funds.
If these associations are able to save and
loan out about five millions year they must
have large aSSetS-sumS heretofore saved
and loaned out-for this vast financial sys-
TEN has not sprung up III day. This is
true; and while there is no accurate or
even approximate data at hand an intelligent
estimate, judging by the standing Of sew
eral societies of average prosperity and age,
is that the GO 900 members OF Chicago build
ing societies have now standing to their
credit, represented by frst-class mortga-
ges, not less than ss,o00,000.
Most of the societies are still young The
average age Of all those now in successful
operation does not exceed three or possibly
four years. An average society four years old
has assets Of 500, 900 and receipts of 5000
o month, though some have done much bet
ter than this.
The more one studies these cooperative
banking and savings institutions the greater
his admiration for them will be and his con-
fideuce in their integrity and final satlstac-
ton to all investors. Take as an example
the Oldest society in the city-the Peoples
Building and Loan Association. This con-
Germ began business fourteen years ago. 1t
had for assets a charter which had cost
SIS and a kit Of Office furniture and ap-
purtenances worth twice as much more.
About fifty persons subscribed for nearly
1000 shares of stock. On each of these
they paid % cents share for membership
dues, and agreed TO pay 1874 cents per share
per week thereafter. That gave the So
ciety starting assets Of 1915, which were in
creased each week by payment of install
nents aggregating tl25 Such was the
simple begin ming At the beginning OF
each three months thereafter new series
of shares was issued, other parties coming
in to subscribe for them AS fast as money
came II 1; was loaned out On the best terms
obtainable. For 424 weeks, or eight years
series continued paying in weekly l2,S cents
per share. At the end Of that period they
found that they had paid in On each share
S53 u and that each share was worth par.
For each share certificate the secretary
paid them 500, givin e them the net profit
Of Sss IS in little more than eight years.
Each three months thereafter q series Of
stock reached par value sod was paid CT,
and the association has thus paid twenty
three series q stock, consisting cf 4.S6
shares, and representing $4,000. The
largest sum paid in on any one Of these
shares was s57.3: and the loves: 81. - Inc
average being about Sc, representing .
period Of eight snd oze-hslf years.
But this association Ia 70 ionger the
pigmy il was when the Grst shares Of stock
where subscribed for Fourteen years
have seen il grow 10 gan. In the financial
world II now has assets Of 81 b, go, al
but $oo, 600 Q. this beng Il god mortgage
leans. Tho receipts l1st quarter were ss37,-
os0. t42.Iuo Of this sun c9Eztag from share
holders. g. 900 fran interest oa Ioaas, and
&3I. GO from loans rep.=.- TIE ASSOCIATION
has OF hand profits 30 DC distributed anoaz
shareholders az So, on
TIE experience Of tie Pecnle's AsEocS. |