The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1891-06-03
,erof the Company may see fit to

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eance in value to resell it.
LOANS.
The Mutual Loan and Trust Com
pany will advance money upon real
estate guaranteed BY first mortgage
ats per cent. per annum. NJ
This interest shall be paid month
ly, and the revenue afforded by as
compromising may go into the prof
it fund, (see below or utilizei to
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 lizard. shall be set
aside month tor this purpose. and
may e .otained by the holder Of
four !, Al paid ap shares in the Mu-
tual Loan and Trust Company. No
applicant can require more than
ISl00 upon every four az shares
held by himself
Loans on real state include the
advance of money to holders Of lots
I'm the Middletown Land and Inn
proyement Company, who shall be.
entitled on subscription to the above.
conditions to borrow a sum not ex-l
ceeding S125 and not less than $50
On each lot held by them in the
said Company. n
This maximum and minimam
shall hold good for twelve (12lI
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-
ton of that time, providing the
current prices Of lots shall have
augmented in value. 1..
The business manager of the CONF
panY may reject the application for
a loan If such rejection be in the
interests of the Company and is
ratified by the advisory board ard
the directors of the Company. "
REPAYMENTs OF LOANS. ~
| 1.-THE Prepayment 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. - a'"
SAVING BANK. s7S''
The Mutual Loan and Trust Com
pany is empowered BY charter TO do
a general banking business. .~
A feature Of its organization will
be a saving institution which will
receive Gums Of 81 aud not exceed
ing $500. The deposits will be re-
ceryed at 4 per cent, and all per-
sons whose deposits shall have been
Ileft 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 thu use Of de-
posts in addition to 4 per- cent IN
terest. ,.t.s- .!
These deposits being strictly loans
TO the Company win not participate
in the profits aud privileges Of the
regular shareholders.
Interest is computed. seull-annu-
ally, on the LIST Of January and ON
the LIST Of July. DepOsltors draw
ing their deposits will reeiYe in
terest only to date of the half
yearly computation Of interest pre-
vious to withdrawal.
! .-.. BUILDING LOANS. ~.: %.
The Company not beinglpurely a
building society will limit its opela-
4 tons in this department TO assist in
the erection Of houses upon the
property held by the stockholders
of the MIddIetown Land and I'm
proyement Company. .
i The field here IS vast aud ample,
there being b demand to-day for
over 100hauses which Is likely TO
treble itself in the near future.
Stockholders in the Mutual Loan
land trust Company only can OBJ
tain the benefits Of such loans upon
the following conditions:
i The sum advanced By the Mutua
Loan and Trust Company for build
ing purposes will be available upon
the conditions above specified for
other leans. The sun. however,
will he limited 10 two.thirds Of the
cost price Of the house that the
borrower may intend To erect. and
its repayment shall be guaranteed
ly a first mortgage.
The interest shall te 8 per cent
per annum, payable in monthly in
stallments, and the repayments Of
the sum loaned shall be in sums not
exceeding 5 per cent upon the
amount loaned. -
Active Agents required.
For further particulars adj
dress = 49,
THE MUTUAL LOAN
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