Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1889-04-07
.THR POOR MANS BANK.
A Concise History Of Wheeling Building
Associations.
THEIR GREAT VALUE TO THE CITY.
Millions Of Dollars Have Been Paid Into
Them.
TEN ORGANIZATIONS NOW RUNNING.


prosperity of Wheeling, three out of four
would designate Building Associations as
complying with the conditions of the ques-
ton.
And the majority would be right.
It is entirely safe to say that no other
single line of investments or series Of en-
terprises have done so much for the great
body of the population, in the way OF
permanent financial benefit, and in doing
this it was inevitable that the city as a
whole should reap, directly or indirectly,
great substantial gain.
Since the opening of the books of the fret
Building Association in Wheeling, almost
twenty-five years ago, millions of dollars,
before that date dissipated by the wage
earners and salaried element of the popula-
ton without bringing to the possessors any
very valuable or permanent return, have
been placed to the credit Of stockholders,
and fully thousand buildings, for the
most part homes for those who constituted
the renting clsss, have been built, to the
GREAT benefit of not only the direct owners,
/ but the community at large. The city has
az a result been extended and improved IN
almost al directions, streets which had
only existed upon paper for generation,
have been built up, employment has been
| furnished artisans OF all classes at good
wages. the real estate market has been
keot in healthy condition, and hundreds of
/ thousands Of dollars has been added to the
tax duplicate. The result of all this is
/ that to-day Wheeling is one OF the beet
| Assassination cities'' in the country, her
people believing thoroughly in the system
because OF the practical and very satisiacio-
~ experience they have had.
The first Building Association formed IN
Wheeling was the Tuetonia, IN 1866, with
| Anton Raymann as President. The sys-
tenn was new to our citizens, and little
understood, but still theat AssOcia ion was
quite a successful one, and the experience
gaiped from it did much to bring about
| the successes of the future. The Peoples
Mutual was the second Association, with
Lott Jov at it's head. Then followed
Others in rapid succession, among them
being the RitChietOWn Association, Frank
lin. Central No. /, American, on
the Island; Central No. 2, United
States Nail City, La Belle, Riverside, Cen
trail No. 3, and others. Most of these
Associations had an authorized capitsl of
about half million dollars, twO-thirds to
three-fourths of which was actually taken
no in shares. The Riverside was one Of
the largest of the early associations, hav-
D 4 -, f OF Mt ren
1920. 600. Still later Associations were the
La Belle Perpetual, organized In 1879, the
Columbia, in the same year, located on the
Island, a small Association by the way,
the United States, the Nail City and the
Workiugmen's Associations. These Asso-
Citations have all run out.
There are at present in active and sue
cesstul operation nine Building Assncis-
lions, with a tenth Just getting under
way. These ten Associations have an au-
thorized capital OF over six and quar-
! ter million dollars, about One-hslf or
little over being actually taken up II
] shares. Of the existing companies, the
Mutual, Crescent and Standard were Or
ganizsd in the sprirg of 1888, the Citizens
No. l and the Economy were organized in
the spring of 1884, and the Globe in 1886,
the Citizens No. 2 and Penn Mutual in
, the spring Of 1887, and the Eagle in 1888
| The new Association, the Union, is now
r receiving subscriptions of stock and will
begin business about week ftom to-mOr-
row.
These Associations are all doiog a very
successful business. The average number
of shares ont in the As,ocistions is not
far from $500 each, the number of in
dividual stockholders running from 300
to 500 in each, and paying in
collectively in the neighborhood Of
s., 900 or S, 1000 per week for dues, inter
est and premiums. The demand for money
is uniformity pretty active, but OF course
some Associations make more loans than
, others, with equal or larger membership.
One Association which has been running
five wears, has never had any idle, money
on hand, while another, started more re-
r Gently. hiss not only been enabled to keep
J all its money out, but has been over
p checked as high as fifteen thousand dollars
T. at time to meet the demands of borrow
ers Others keep about even, rs to cash
on hand and demands for Icons, while the
e least successful never have more than SlO,-
4 coo or so in the treasury.
r The amount of building operations car
ried on by the aid Of the Associations Ia
hard to get at, even those most familiar
with the workings of the enterprises having
T widely divergent opinions upon the sub
iect. 1t is safe to say, however, that
about seventy.fve buildings per year are
erected by stockholders in the Associations,
this average having been kept up for the
past six or eight years. These are strictly
: new buildings, and to them must be added
an amount equally large, perhaps, for
!. alterations, additions and repairs to exist
\ ing buildings, and another large total
used to lift mortgages on homes, and for
kindred purposes.
' All classes find advantage and profit In
G the Associations OF the city. The visitor
at any Of their offices upon meeting night
can see all sorts of citizens in line at the
o Secretarys desk. The business man, with
$50, 600 or go to his credit, stands side by
side with the laborer, and the salaried
- clerk, book keeper or travelling man passes
q over his book with the Dews-bOy to receive
credit for the small weekly sum which in
time will represent the value of a home.
And the successful operation of these As
:, sociations is not confined to this city.
; Most of the cities of the State, among them
Charleston, Huntington, PIT. Pleasant,
Martinsburg, Weston, Grafton, ETC., have
their Association in successful operation,
, and many thousands of thrifty citizens are
receiving corresponding benefits.
The poor man Is the greatest beneficiary
of the Building Association system. 1t is
E more than a bank to him, for it offers q
far greater profit than he could possibly
obtain upon his saving in any other way,
r with the added certainty of home for his
family. The sum spent for rent by the
aversge family would, in half dozen
- years, provide q comfortable home, If In
vested in some Association, and there is
little reason why the facilities at hand in
this regard should not be more extensively
awaited of.