The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1891-03-25

ager Of the Company may see fit to
stipulate.
BY this means any one desiring
to purchase lot can acquire one on
tasy terms, and profit by M adj
eance in value to resell it.
LOANS
The Mutual Loan and rust COM
|pany will advance money upon real
estate guaranieed by first mortgage
ut y per cent per aunum.
This interest shall be paid month
ly, and the revenae afforded byis
compromising may 20 iuto the prof
it fund, (see below or utilized II
Increase the loaning capacity Of the
Company as the directors ma, iru
to be its best interest These kMns
will be limited to the stoeLlu,is.i,
Of the Company and will be .Fa-,
upon the following conditions.
A certain sum recommended hy
the business manager, an,l approved
by ali advisory buari. snail be 49,.
aside mon.hly f.r this liaipo.e aili
max he obiain,,l by lie holder d
four l4) paid ~ shares ii, he hu-
tnal loan and Trust company No
applicant can r.quire mare thnn
SlUU upnn every four ~ share.
;.rld bY lims #
L.,ans on real state include the
advance Of money to holders II lots
IN the Middletown Land and lm-
proyement Company, Nho shall IL
entitled on subscription to the above
conditions to borrow 4 sum not *
ceeliBg Sl25 and not less than $50
On each lot held by them IN the
said Company.
This maximum and minimam
shall hold good for twelve (l2)
months from the organization Of
the Mutual Loan and Trust Com
pany, but may afterwards be in
creased by the resolution Of the
board OF directors after the expira-
tion OF that time, providing the
current prices Of lots shall have
augmented in ya'ue.
The business manager Of the Com
panY may reject the application for
= loan if 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
panr Is empowered by charter 10 do
general banking business.
A feature OF its organization will
be saving institution which will
receive sums Of 81 and not exceed
ing $500. The deposits will be re-
ceaved At 4 per cent, and all per-
sons whose deposits shall have been
left with the Company for twelve
l2) months will be entitled to
participate in the division OF Is per
cent. Of the profits earned BY the
Company through the use Of de-
posts in addition TO 1 per cent in-
terest.
These deposits being strictly loans
10 the Company will not participate
In the profits aud privileges OF the
regular shareholders.
Interest is computed seuII-annu-
ally, on the lst Of January and on
the lst Of July. Depositors draw
ing their deposits will receive in
terest only to date Of the half
yearly computation of interest pre-
vious 10 withdrawal.
BUILDING LOANS.
The Company not being purely i
building society will limit its opera
tons in this department 10 assist IN
the erection OF houses upon the
property held By the stockholders
81 The nlddletown Land and I'm
proyement Company.
i The field here is vast and ample,
there being ! demand to-day for
over lO0houses winch is likely 10
treble itself in the near future.
Stockholders In the Mutual Loan
and Trust Company only can OBJ
tain the benefits Of such loans upon
the following conditions:
The sum advanced bY the Mutua
Loan and Trust Company for build
ling purposes will be available upon
the conditions above specified for
other loans. The sum, however,
| will be limited 10 two-thirds Of the
cost price Of the house that the
borrower may intend 10 erect. and
is repayment shall be guaranteed
" . first mortgage.
i The interest shall he 0 per cent
per annum, payable in monthly IN
stallments, and the repayments OF
Al =. $3.50 - III 4 - ....... :. "a