Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1890-11-21
A WAY TO GET BUILDINGS.

A WAY TU GHT BUILDINGS
CAN'T THE BUILDING ASSOCIATIONS HE'LL
AN INTERVIEW WITH AN OFFICER OF
ONE oFTHEM-HIsTORY OF THE SECOND
LARGEST FINANCIAL INSTITUTION IN
| STANTON.
| &C., &C., &C.
| The greatest need of Staunton just now
is dwellings. People who left here in the
dull times are returning, and strangers are
casting their lot here But strangers and
old residents both find it hard to get a
house. The boarding houses are pretty
well taken up and the hotels are filled
Handsome business houses are being cree
ted, but no dwellings. Commencing on
Main street the fine store of the Loeb Bros
the new Trout stores, the Gooch and Hoge
stores, the Y. M. G.. A. stores, the new
CroWle stores and the Harris Bazaar store
are all store rooms that would do credit to
any city. But the further want now1s new
residences. Money is plenty, but nobody
seems to be using it that way. OF if using il
ut all the residence are being built for the
owners. One naturally looks to the Building
Associations for relief in such situation. A
on Mr.. Arista Hoge, the Secretary and
| Treasurer of the Staunton Perpetual Build
ing and Loan Company, to get some lnforma
ton about the ability in this department
of cooperation to afford help. In reply te
questions about the way in which aid Cal
be given, MI. Hoge said:
at is easy enough with this company s
| plan. Any man can borrow the money tC
put up a ST 600 house OF the money to build
more expensive one either. He CAN boz
row the money for from one to ten years
and his monthly payment will be 1888. A
neat 81 goo house will bring him anywhere
from $15 to SIS a month, SO his rents will
make his payments for him. The security
he gives the company is a lien on the house
and lot. If he borrowed it from bank he
would have to create a sinking fund to pay
the principal, but in our way he pays it as
he goes along. The borrower from ouI
company knows to a cent, in advance, what
his payments will be, and if he borrows for
ten years when the ten years is up he is out
clear. This is better than in the old com
panies by whose plan the borrower had to
share the losses.
''Does your company loan outside Of the
city," was asked.
''Oh yes, replied MI. Hoge, ''our COM
no hoe q To 70
mers who wanted the cash for their land
by buying the notes they had received fol
its SALE
HAS the business Of the company in
creased since its foundation. y
II should say 1t had. The company was
organized in February, 1881 under the name
of the Staunton Perpetual Building and
Loan Company. Some of its officers of
to-day have been officers ever since it was
chartered. Isaac Witt the President, VIM.
Patrick the Solicitor, J. G. Marquis,
Dr.. N. Wayt and M. N. Bradley
Directors, have held these positions
for nine years. At first, people
didn't seem disposed to put their money
in it. The name Perpetual seemed to
give them the idea that if their money was
once in it was in for good and all. Its be-
ginning was small, and the Secretary easily
kept the books at night after his regular
business was over, and for that he got but
$3.50 year. The monthly receipts then
were only $50. How things have changed
since that day you can understand when |
Al 4L,+ I,o4 o,, n 1i,er
November LIST, 1890, the disbursements were
$215, $50 SO, and that for the entire year Of
1890 they will not fall short of $3.50, 1000
The capital stock of the company is
$4,000, but it's authorized capital IS
100000. The company is now the second
largest financial institution in Staunton,
and pays the second largest tax.
s'Of course a great deal Of this success is
due to the management by it's officers and
directors. 1t has been of a very conserva-
tive character, and no securities are taken
save the best collaterals OIL first lien on real
estate, the bulk of the loans being secured
by the latter. Besides paying it's dividends
regularly, the Directors have set aside a
any diminution of the dividends as the re-
suit of any loss that might occur. So far
the company has not met with any loss,
but it is always best in business tranSac-
lions to be prepared for anything that
might occur. With us every shareholder
stands on the same footing, and there are
no salaries paid anybody but the bookkeeper.
Neither directors nor officers charge any
thing for their services
II suppose the official body of the com
pany has changed a good deal in the nine
years of its life?''
Eyes, with the exception Of the five
officers [ spoke of, all are new. Several of
the original directors are now residents Of
other cities. You can see from this list
who are the officers now''
In the list handed our reporter he found
the following:
President, Isaac Witt, a member of the
large milling firm of Witt & Holt and of
the large dry goods house Of Witt, Lightner
& Co., and a Director in the National Val
ley Bank.
Secretary and Treasurer, Arista Hoge,
the Treasurer of the city.
Solicitor, VIM. Patrick, a well known
lawyer and one of the originators of and
Directors in the Buena Vista Company
which built that thriving town.
DIRECTORS.
M. N. Bradley, a retired merchant of
wealth and a Director in the National Val
ley Bank.
Dr.. N. Wayt, the senior of the well
known drug firm of Dr.. N. Wayt & Bro.
J.C. Marquis. large owner of real est ATE