Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-06-29


ness connections. For the past twenty-three
years Mr.. Corson has been closely identified
with the banking interests of this city
His partner, Mr.. John W. Mccartney, came
to this city from Pennsylvania in 1876. and
from that time until 1884 he was connected
with the Washington gas light company. Upon
the organization OF the banking firm of which
he Is at present member he severed his connec-
ton with the gas company. Mr.. Mccartney is
Lot only q successful fnancier but is distin-
Suished among his associates in the stock ex-
change by his good looks. His modesty, how
ever, is so great that he declined to permit the
STAR to adorn its columns with his portrait
Equitable Cooperative Building Asso-
citation
The Equitable was organized and commenced
business in November. 1879. 1t was started by
officers and members of the old cooperative
associations known as the Franklin, Jefferson
and Arlington. All were very successful and
closed by giving general satisfaction. The
Equitable, which has been running now nearly
ten years, is the largest building association
proper in this country. The first president
was Jas. H. Saville and Jno. Joy Edison was the
first secretary. The main principle upon which
the Equitable is organized is to enable and
encourage Its members to make regular
monthly savings Of fixed amounts on the shares
held, and to purchase, pay for and acquire
property by obtaining advances on long time.
repaying the same in small monthly INSTALL
ments, with the privilege Of settling all or any
portion OF the advance at the pleasure of the
borrower. The association may, therefore, be
said to consist Of two classes of shareholders,
viz:
First Those who make systematic payments
on stock as savings, who may or may not take
advances; and, second, those who obtain ad-
vances to secure homes or acquire other prop
erty, &c. The total issue of stock cannot at
any one time exceed $4,000 shares, which are
payable monthly, at the rate of &. so each
The nominal value Of share is 81 600 the
amount which may be advanced. The with
drawing and maturing values consist of the
payments made, with accrued profits Shares
may be withdrawn before or after 100 months
by giving thirty days notice. and at the expir-
alton OF that time are entitled to the repayments
OF all sums paid on stock, with accrued interest
or luii earnings thereon, as the case may be,
up to date of withdrawal
The Office Of the Equitable is located in the
Equitable building. 1908 + street northwest. 1t
Is the only association in the United States that
owns its own building. The investment has
proved wise and profitable one-the associa-
ton obtaining ample and suitable quarters in
which to transact its business and also securing
the safety OF its records. &C., while a fair net
interest is realized on the amount invested in
the building. The association has steadily
grown since it commenced business. The re-
celpts the first year were S77, 685. 29; second.
S136, 1870; third, 600. 0Ol; fourth, S243.
71l.42; fifth, SSS1,057.68; sixth, s544. AIS 39
seventh, S634, OO8.6 eighth, S709 277 29; ninth
S9i4, $50. The total receipts including the
year have been q. 536, 302. 20. The assets are
q, 044, 7S1.37. The officers and directors for
the current year are: Thomas Someryille. presi-
dent; DIR. A. j. Schafhirt, first vice-president.
Geo. w. CASTELAR,, second yice-presideat: Jno
Joy Edison, secretary; directors, Ben. +. Fuller.
H. II. Twombly, Fred. w. Pratt, Hon. Ellis
Spear, Lawrence Gardner, Thomas b. Cross.
r., Geo. W. Fisher, Job. Barnard, Marcus
Baker.