Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-11-03

u.
and Jordan. original lots /, aud "A. IN square
rs. corner OF and 4th streets northeast, about
1900 feet; for Mrs. Caroline L. Mason through
Hessrs. Heiskell & MeLerin. to DIR. r. s. Hill
parts Of lots and s: square 2i1, for 81 700; for
A. L. Judson to A. W. Chaplin, houses Nos. 1872
! and ia 18th street northeast for So 300: for Mr.
H. o. Cole to George II. Jones' of Grotou
Oak, a farm in Prince Georges County, Nd,
for 81, $50, and for A. L. Judson to G. Hewlett
Davis. house and lot. No. 1872 7th street north
east. for S1.s25; for Dr. Chas Holmes house
and lot No. 1735 18th street northwest to Sam
uel r. Edwards for $780,
/ -
Equitable G. Ii. Association.
NINTH ANNUAL REpoRT-rNcREAsE OF BUSINESS
LARGER THAN ANY PREVIOUS YEAR, pnAcr1-
CAL WORKING AND SUCCESSFUL COOPERATIVE
INSTITUTION - NEW ISSUE OF STOCK THIS
! MONTH.
WASHINGTON, d. c., Nov g. 1888,
| Bus5dnJ association:
! IN this report will be found strong additional
and convincing proofs of the sound principles
, upon which our association is established and
conducted. The figures given. showing the
transe lions of the association ut the close of its
ninth year, tell, in unmistakable and unoues-
tionable terms that the Equitable is working
for the good of all its members whether bor-
! rowcrs or investors. That they are realizing
actually the fullest practical benefits Of true CO.
/ operation.
! To encourage regular monthly savings of
small amounts upon stock. which produces fair
prohtS and GccumUlatons, and to make adj
Vances 10 purchase property at reasonable rates
OF interest, and upon advantageous terms, is
tue object and purpose Of the association. We
are sure the Equitable is carving out this
upon as pure cooperative principles as posi-
bic. 1t has been the earnest determination of
the oihccrs and members. in a spirit of accord,
and by conservative methods, to do so.
/ The receipts. the number of shares issued,
the amount OF advances made to the members,
ana the assets have each increased during the
past twelve months, exceeding in amount those
/ OF any preceding year.
The receipts have been for the year ending
October 10. 1883 S914, $50. the monthly average
being $76.4i9.9I The receipts were s2O5 6Gl. n
more than last year. The yearly average re-
ceipts for nine years have been 5429. 226 &c.
The amount Of monthly payments or savings
On stock. at $40 per share, for the past year.
/ has been S377.723 81, or an average OF S3l-
4774j per month; $3.50. l52. SO in the same time
has been returned on stock to tho members
making the net increase in stock this year
si2l ,oIi.0l. Upon the amount returned, STA
4S4.35 profits were realized.
The total receipts to date from payments on
stock have been 81 1886, 39167. or this Sl,O65.-
100 ID has been returned with S57. 1873 80 profits
The large amount returned to the share
! holders promptly, when applied for according
10 the rules. has been used in purchasing or
building houses and various other purposes.
indicating the vast number of people that have
been aided by tho association and the wide
range the transactions must have covered
Its believed that those who have saved in
such small sums. aggreating and realizing
amount, so large. could not have accomplished
as much. except by the system practiced in this
association.
The average per cent upon advances during
the past year has been G7 per cent, which is
I ynrt
money commands in the outside market It is
maintained that The nearer the ruling rates of
interest upon which advances are made there
by yielding fair and safe earnings to the saw
ing or investing members, the greater the sue
cess.
Advancing money to members at fair rates of
interest and paying fair and sure profits to the
investors. makes practical cooperative money
, saving and loaning institution
The number Of shares on the books advanced
upon, are 1.O41.1; active shares not advanced
upon. l1.3i2.7; total. 1889. Gain over last
Year. l.002.8. The sixteenth Issue is now open
for subscr ptions. the first payment on which
Is due this month-November
The advances to members during the year
were S5S5900 average each month of
Sis, s25. and Sl9S, 800 more than last year The
tota! amount OF advances have been So 53S 600,
OF which Sl.GS4 g73 has been settled No bor-
rover Tho past year has become sufficiently
delinquent upon his payments AS to neeessitate
Z IL,
the fact still exists that in but one instance has
+ the association ever been forced to foreclose a
mortgage. and then no loss was sustained
10 exhibit such 4 record we cGn well feel
grained. 1t means great deal. II shows the
prompsness Of the borrower and his success in
what he has undertaken to do It also testifes
to the careful ana accurate estimates of the
/ securities accepted b. the association.
+ Inc - assets during the year increased
at the same ratio, it will readily be seen that
! in the near future, the association will have
81 900 900 of assets
The tendency OF the association to promote
economy, thrift. and saving, resulting in 40
large an accumulation OF funds. constantly
! applied, Gs it is to the purchase of property.
ba'ldnS purposes. d., must be considered as
having an important and favorable influence,
directly and indirectly, upon the business OPP
efatichs OF the District and the prosperity of
its people.
The board OF directors this year submit and
recommend, Tor the consideration and adop-
tion by the association, of two am endments to
the eoH5.ltution. The first is to section 7,
article IL. to amend, by striking out the words
less the amount of accrued fines
AZ present, q shareholder becoming twelve
months in arrear Is entitled upon application
to return OF the amount he has paid OH his
stock, less fines, and his shares are forfeited
Inc amendment IL. TO return the amount paid.
without any deduction This il considered
more just and proper.
The second amendment is to section Q. arti-
Gle IL. inserting the word three" instead of
twelve. The effect is to allow interest uuon
Withdrawals in three months from date of sub
scription instead of requiring the period of
twelve months.
From experience the board deem this action
desirable, that it would prove more of a ben
| eft to the shareholders and more satisfactory
to the association.
Az the association has grown and its trans
actions enlarged the work and rcspon sibility OF
the officers have increased requiring greater
care and more accurate Judgment in the man
| agement and conduct of its affairs.
The President cheerfullv bears testimony to
the ability and fidelity in which the officers
the board OF directors and the committees have
Performed their respective duties. The con-
stirution and rules governing the association
have beer, faithfully and promptly observed
iii consequence of which the association has
prospered become more popular and feel
convinced is on the road to even greater
achievements.
By order of the board OF directors,
THOMAS SOMERVILLE, President,
JSO. JOY EDSoE. Secretary.
Tho following are the officers and directors:
Thomas Somerville. president; Dr. A. J. Schaf-
hirt, first vice-president; Geo. W. CASTELAR,,
second vice-pre@ident; Jno. Joy Edison, secre-
| tary. Directors-B. +. Fuller, lion, Ellis
Spear, Fred W. Pratt. Lawrence Gardner,
Ihos. 3. Cross, jr., II. H. Twombly, Geo. w.
Fisher. r. A. Fish and Geo. W. Hardness.