Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-07
SOCIAL ECONOMY.
A Question worthy Of Careful study b
Our People.

The man who first conceived tho build.
Ing and loan association conferred q beneilt
upon those of moderate means which "
recognized oil over the country by monu-
ments to him in the shape OF happy homes.
The good conferred BY tho building asso-
citation is threefold. II enables the poor
man. who would not be able to do 80 with
out its assistance. To secure house OF MS
own; Il inculcates the habit OF judicious
saving. and it builds up cities, not only IN
material way, but in tho nost desirable
social way, for the more property-owner5
there are in city tho more conservativo
the people are, and conservatism is the
basis of healthy social Development these
facts no student of social economy WIZ
dispute.
1T THEREFORE, FOLLOWS.
It therefore follows that those who i'm
prove upon the original building and loan
association by incorporating upon u new
features of liberality in dealing with the
public and broaden generally its sphere OF
usefulness should share with the origina.
tors of such organizations the honor OF
being considered public benefactors;;
The development OF the building and
loan association idea Is the de-
velopment of the conservatism winch
has been referred to. The Dispatch
marks by looking into the workings OF the
Richmond Building. Loan, Abstract, and
Title Association. an Incorporated body
of the city, offlcered as follows: President,
Samuel II. Bowman. Vice-President, Ed
ward G. Garrison; Treasurer, George W.
Brown: Secretary, Ct. Norris Shcman.
Trustees: f. Ullman. w. T. Loving, ]. i.
Boswell. Jr. Directors: John Mann. Jr.,
+. p. Murphy. K. Z. Hechler. l.. v. har- Y
ris, J. L. Dunn, s. II. Bowman, and Il. y.
Garrison. General Counsel and Solicitor,
j. II. Webb Peploe. General Agents, Bow
man. Boswell & Shumal.
LIBERAL AND COMPREHENSIVE.
The corporate title of the association Is
comprehensive one. but not more so than
its workings are liberal. The capital stock
is to be not less than $4,000 nor more than
$500, 600, TO be divided into shares OF StO
each. Any person may become member
OF the association by subscribing for any
number Of shares. paying an admission fee
OF 81 per share, and continuing to
make monthly payments of 81 per share
for twenty-fiye months. This is the total
cost ~ a shareholder except transfer fees
and fines A transfer fee will be 81 and
fine of FIVE cents per share Will be imposed
for each month in which default is made
in monthly payments. IL, however, pay
the stock will be sold for the purpose .oi
paving arrearages. and any surplus remain
ing after paying back monthly payments
and fines shall be turned over to the share.
holder for whose account the sCle shall
have been made.
LOANS.
The funds OF the association will bf
loaned upon real estate and upon thestoch
of the association, and to members only
but no member will be able to obtain Q
loan until one months dues shall have
been paid-then only60 per cent. of month
lv dues, and legal interest will be required
Fifty dollars will be loaned on every share
OF stock, and as the object OF the associa
| ton il TO advance money TO its sharehold
ers to aid them in building houses anc
enable them to devote the money usually
paid for rent 10 buying homes, let US Sc,
how the financial plan would work witt
one holding ten shares OF stock. On these
| ten shares $500 would be loaned. Under tn,
| 60 per cent. plan the monthly dues woule
| be SO. Add per cent. interest on $500
which is $3.50 per month. and the tota
monthly dues would amount to $3.50 pei
month, thus enabling the shareholder Il
| repay the whole amount. principal anu IN
| terest, in eighty-four months, at the end
which time the stock of the company IL ex
| pected TO mature. After shares have beer
| in force three months holders thereof car
| borrow on them without real estate secu
rity TO the extent Of not more than 80 pc
| cent. of the amount paid in. Abstracts o
| titles will be made by the association at re
| duced rates and titles guaranteed. Thes'
are but some of the features of the associa
| ton that commend it to those who wisl
| to put in force New-Year's resolution q
secure home of their own.