Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-10-06
The Man Who Works for Wages
Not Barred.
The Building and Loan Associations OF
tort Worth, and what They
Have Done.
Investments that show Remarkable Aprrpcia-
ton In Nalue-0rpcr;un!ty for the
Man OF small Means.

her citizens.
There is probably no other financial
institution in vogue In modern times so
directly beneficial TO the masses of the
people as is the building and loan asso-
citation; and that Fort Worth possesses
several OF these is evidence that her
citizens are in com Portable and prosper
Gus condition, that the yearning for
| homestead which wells up in the heart of
| every man is being met IN this city; and
| that the incomes of the clerks and
mechanics and the working people gen.
| orally are being devoted TO the upbuild-
ing of the town and the accumulation of
. competencies.
At low estimate there are GOO resi-
dences now standing in Fort Worth, the
! possession of men of moderate incomes,
the result of trifling amounts invested
from time to time in these associations
by men who, had no such opportunities
been at hand would now have been as
| worthless as ten years ago.
fsSrbiBb who a few years ago began to de-
I posit monthly from $40 to $50 soon found
| themselves the possessors of comfortable
| residences. And there are instances in
| Fort Worth of $1,000 residences paid for
| on his easv plan a few years ago that
are now worth $4,000 and $4,000, as the
result of the growth of the city and the
general advance in the value of prop
| erty which has ever been ut work since
! Fort Worth was established.
Be man ever 20 reckless of his income
there yet l!ugers in his breast desire TO
own home. But II he have only a
moderate salary that admits of saving
OF only $40 or $50 per month, the pros
! pect of ever attaining his desire by the
ordinary method OF slow aud tedious ac-
| cumuIaton is so hopeless that he seldom
! cares 10 enter upon the task and conse-
! QueutlY his money flies he knows not how.
| But if the scheme Is provided whereby
| he may at once procure his home on
| terms not more difficult to meet than is
| his rent expense and with reasonable
| prospect that the estimated cost will be
curtailed by judicious handling OF bis ac-
cumulations by skilled tinanciers, then
| the outlook becomes more substantial
and he gets q gIimmer of light.
Such Il scheme is the building and loan
| association.
The building association Is at once q
| savings bank and means to secure
home to men who work for wages. The
| most economical wage worker finds II
! difficult to accumulate money enough to
| buy q home; he has no time to seek pay
ing investment for his small hoardings,
ana the banks pay no interest on his de-
! posits. 1t requires no little self-denial
to Mod on for years at .alary, when
! the workman has growing family with
increasing needs, in order to save up u
| small sum weekly or monthly for that
| long distant day in the future when a
| home may be secured, and the tempta-
| ton is ever present TO live for the day
! and trust the morrow TO take care of
| itself. The man who can and does save
| SO to $40 week can find no investment
| for 80 small q sum, and there are few
| men with even small sum of money
who do not desire to increase the amount.
The building association offers au in
vestment for the smallest savings, and
| thus inculcateS and encourages economy;
! it offers 10 the single man an interest on
his weekly honrdlngs aud to the married
man home al the price OF his monthly
rental.
The plan upon which these associa-
tons are operated are all pretty much
the same. They differ only in details,
! which are arranged mostly by the stock
holders themselves, in the manner to
them apparently most advisable, in view
of conditions and surroundings. The fol-
lowing regulations of one Fort Worth as
ISOLATION give an idea of them all:
Section l. Each share of stock will en-
title the holder TO loan of Sl00 or u
fractional part thereof.
Sec. 2. The funds of this corporation
shall be, as accumulated in the treasury,
offered and loaned by the board of di-
rectors among the stockholders entitled
10 borrow the same.
Sec. 3. Tue borrower shall at the same
time submit u full description of the
property offered rs security, with the es-
tinated value aud income, and such
other Information as may be required,
aud at the same time OF receiving the
amount loaned shall secure the repay
ment OF said loan interest, at the rate of
u per cent. per aunum, by satisfactory
security, and for every loan of 500, or
fractional part thereof, he shall, in ad-
dition thereto, transfer one share OF the
stock TO the corporation as collateral
security, together with policy OF insur-
ance upon improved property, and the
interest on all loans taken by stock hol-
ders shall be paid monthly in advance
from the time of securing the same. In
making loans 70 members no loan shall
exceed rs per cent. of the estimated
value Oh tue Teal estate upon winch SAID
loan is made. Any stock holder failing
TO provide security satisfactory to the
board for any loan awarded him, shall
pay interest ut the rate of IL per cent.
per annum on said amount for such time
Us said money of the association shall
lie idle through his or her fixture TO give
such security and such interest shall be
assessed against the members stock.
All cost for acknowledgements and re-
cordng OF deeds, deeds of trust, etc. ,
shall be paid 10y the borrower.
Sec. 4. When the shares of stock
upon which any loan has been made
shall reach the matured value OF Sl00
each, the amount of the value of stock
snail Ss credited TO the account of the
borrower owning the same, when the
loan shall be declared fully satisfied and
paiu, and the stock shall be cancelled
anu revert 10 this corporation.
Sec. o. The funds of this corporation
may be loaned to any stakeholder to an
amount not exceeding the sum actually
PAID IN on each and every share of stock
helu by him, and which loan shall he
secured by transfer of the stock to the
corporation as collateral security.
sec. b. Investments in real estate may
be made at the discretion OF the board OF
directors, and they may dispose of same
TO members of the association, upon such
terms and conditions as they may deem