The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1891-02-11
.ger Of the Company may see ct to

ager Of the Company may see ft t
stipulate.
BY this means any one desiring
to purchase a lot can acquire one on
easy terms, and profit by an adj
vance in value to resell it.
LOANS.
The Mutual Loan and Trust Com
pany will advance money upon rea
estate guaranteed by first mortgage
at 8 per cent. per annum.
This interest shall be paid month
ly, and the revenue afforded by rs
compromising may 90 into the prof
it fund, (see below o. utilized ia
increase the loaning capacity of the
Company as the directors may deem
to be its best interest. These loans
will be limited to the stockholders
OF the Company, and will be made
upon the following conditions.
A certain sum recommended BY
the business manager, and approved
by an advisory board, shall be set
aside monthly for this purpose, and
may be obtained BY the holder Of
four (4) paid up shares in the Mu-
tual Loan and Trust Company. No
applicant can require more than
500 upon every -four (4) shares
held by himself.
Loans on real estate include the
advance OF money to holders Of lots
IN the Middletown Land and I'm
proyement Company, who shall be
entitled on subscription to the above
conditions to borrow a sum not ex-
ceeding SIPS and not less than $50
on each lot held by them in the
said Company.
Ibis maximum and minimam
shall hold good for twelve (l2)
months from the organization Of
the Mutual Loan and Trust Com
psnY, but may afterwards be in
creased by the resolution of the
board OF directors after the expira-
ton OF that time, providing the
current prices Of lots shall have
augmeutedin Ea'ue.
The business manager Of the Com
pany may reject the application for
a loan il such rejection be in the
interests of the Company and is
ratified by the advisory board and
the directors of the Company.
REPAYMENTs OF LOANS.
The repayment Of such loans
shall be made in monthlY payments
Of 10 per cent. on the amount OBJ.
tanned until completion is made Of
the sum loaned.
SAVING BANK.
The Mutual Loan and Trust COM
pany Is empowered BY charter to do
general banking business. Ell.
A feature of its organization will
be a saving institution which will
receive sums of 81 aud not exceed.
ing $500. The deposits will be re.
celyed ut 4 per cent, and all per.
sons whose deposits shall have been
left with the Company for twelve
12) months will be entitled tc
participate in the division Of rs pei
cent. Of the profits earned BY the
Company through the use of de
posits in addition to 4 per cent in.
terest.
These deposits being strictly loan
TO the Company will not participant,
in the profits and privileges of Oh,
regular shareholders.
Interest is computed semI.annu
ally, on the LIST Of January and OF
the LIST Of July. Deposltors draw,
ing their deposits will receive in,
terest only to date Of the hall
yearly computation Of interest pre-.
yious 10 withdrawal.
BUILDING LOANS.
The Company not being purely /
building society will limit its opera,
tons in this department to assist il
the erection Of houses upon tht
property held BY the stockholderl
Of the Middletown Land and I'm,
proyement Company.
The field here is vast and ample
there being = demand to-day fol
over l0Ohouses which ii likely Il
treble itself in the near future.
Stockholders in the Mutual LOAF
and Trust Company only can oh
tain the benefits Of such loans upor
the following conditions:
The sum advanced by the Mutua
Loan and Trust Company for build
ing purposes will be available upol
the conditions above specified 70
other loans. The sum, however
will be limited TO two.thirds Of Oh
cost price of the house that Oh
borrower may intend to erect, an
its repayment shall be guarantee
bY first mortgage.
The interest shall lie Q per cent
per annnm, payable ia monthly ia
stallments, and the repayments Q
the sum loaned shall be in sums nc
exceeding 5 per cent. upon I'll
amount loaned.
Active Agents required
For further particulars ad
dress
THE MUTUAL LOAl
| AND TRUST CO.,