St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-24
ONE OFTHE YOUNGEST.
The Suburban Home Builders So
ciety Has Two Objects in View.

ciety Has Two Objects in View.
One of the youngest and most pros
porous of the local associations is the
Suburban Home Builders Society, in
cOrpOrated September. 1889, with an
authorized capital of 100000. This is
not a ''mOdernized building associa-
tiOn," organized for the special benefit
of investors, and therefore compelled to
charge exOrbitant premiums, dues.
fines, etc. 1t is patterned more after
the first building society in st. Paul
The PiOneer-Nnich bought real estate
and resold to its members at a reason
able advance and on easy terms, and
loaned them the money to build houses
thereon The incOrpOratOrs had
TWO objects in view, which have
never been lost sight of. First,
to enable the people of moderate
means to secure homes with as little de-
lay. annoyance and expense as possible;
second, to provide safe and remuner-
alive investment for small savings. In
rider to carry out these objects the So
ciety bought forty acres of land at
Hazel Park, this location being conSid-
cred the most favorable of any part of
the city, combining, as 1t does, high,
level land, good drainage. good water,
good air, transportation, school facili
ties, etc. The land was plated, grades
established and building operations be-
gun last September. Already twenty
two houses are completed, and still 9TH
ers are under way, as is also a branch of
the Peoples church. The society has
thus far expended upwards of $50, 200
in buildings, grading streets and
laying sidewalks, and will eXpend
at least $4,000 more before January,
making total expenditure of $4,000 in
little over year. Its assets July 1,
1891, were 51,SO9.4S; liabilities, other
than to stockholders, IS, 500. Go. These
figures sufficiently demonstrate the wis
dom of the location. as we'll as the de-
cided advantages of the Society's meth
DDS.
In comparison with other societies,
the Home Builders society is very sim
pie. 1t sells lots to its members, and
builds home thereon at all agreed
price, the member paying from $50 to
5000 down, after which the regular
monthly payment is 81 per 500, with
interest at s per cent-nO premiums, no
dues. To illustrate: Suppose you want
a home at Hazel Park. You select
lot appraised at $500. and decide upon a
house to cost $1,000. making a total
of $1,000. You will pay, say one
hundred dollars down, leaving bal
ance of twelve hundred dollars, on
which you will pay interest at per
cent. The regular monthly payment
would be so if you took the stock"
plan, and $3.50 if you took the society's
Isl .40'' plan, the difference in the plans
being this: The "stock" plan shares in
the profits, while the ''S1. 40' plan does
not.
While the progress of the society has
been gratifying. it has been much re-
tarded by reason of a lack of funds. To
overcome this difficulty, the directors
decided to issue So, 200 of additional
stock. OF this amount, $4,000 is TO be
paid in at the rate of 10 per cent per
month, being meant for persons of
means. About half has already been
subscribed. The remaining $4,000 is
payable l per cent per month.
and is meant for people who can
spare from 81 to SIS or $50
month. As an indication of what the
profits of the society are. it may be
stated tnat all withdrawing members
have heretofore received uniform IL
per cent interest for the time their
money was in the society. This, the
officers state, is not the full profit. as it
is not the intention to give withdraw
ing members the accumulated profit,
but it is certainly enough to show that
the directors look after the interest of
investors. The main source of profit is,
of course. in the increasing value of
the society's realty.
The society has a snug little office in
the Germanla Life building, corner of
Fourth and Minnesota streets, to which
the reader IS referred for further par
ticulars. Charles H. Stevens, pres-
dent; Emil Wilde, secretary; Herman
Scheffer treasurer