The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1891-05-13

LOANS.
The Mutual Loan and Trust Com
pany will advance money upon rea
estate guaranteed by first mortgag
at6 per cent. per annum.
This interest shall be paid month
| ", and the revenue afforded BY II
compromising may 90 into the prof
it fund, (see below or utilizei t,
increase the loaning capacity OF th,
Company as the directors may deem
to be its best interest. These loan
will be limited to the stockholder
Of the Company. and will be mad,
upon the following conditions.
A certain sum recommended b,
the business manager, and approved
BY AN advisory hrard. shall be Sci
aside mont ..or this purpose. anG
MAYBE ,otained by the holder o.
four "A } paid up shares in the Nh
tual Loan and Trust Company. Nc
applicant can require more than
500 upon every four { shares
held by himself.
Loans on real state 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 sum not ex-
ceeding $l25 and not less than $50
on each lot held by them in the
said Company.
This maximum and minimam
shall hold good for twelve (12)
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.
The business manager of the Com
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 and
the directors Of the Company.
REPAYMENTs OF LOANS.
1.-THE Prepayment Of such loans
shall be made in monthly payments
Of ID per cent. on the amount OBJ.
tanned until completion i made Of
the sum loaned.
SAVING BANK.
The Mutual Loan and Trust Com
pany Is empowered by charter TO do
a 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-
celyed at 4 per cent, and all per-
sons whose deposits shall have been
left with the company for twelve
u2) months will be entitled to
participate in the division Of 70 per
cent. of the profits earned by the
Company through the use Of de-
posts in addition TO 4 per cent in
terest.
These deposits being strictly loans
TO the Company will not participate
in tue profits and privileges OF the
regular shareholders.
Interest il computed seml-aanu-
ally, Oh the LIST Of January and on
the lst Of july. Deppsitors draw
ing their deposits will receive in
terest only TO date Of the half
yearly computation of interest pre-
yiOus to withdrawal.
BUILDING LOANS.
The Company not being purely a
building society will limit its opera
tions in this department TO assist in
the erection Of houses upon the
property held by the stockholders
of the sIiddletown Land and Inn
proyement Company.
The field here i vast and ample,
there being : demand to-day for
over l00hauses winch il likely to
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 SUN advanced by the Mutua
Loan and Trust ompany for build
ing purposes will be available upon
the conditions ahove specified for
other leans. The sum. however,
will be limited 10 two-thirds Of the
cost price Of the house that the
borrower NAV intend to erect, and
its repayment shall be guaranteed
y a first mortgage.
The interest shall lie 6 per cent
per annum, PAYABLE IN monthly 10
stallments, and the repayments Of
the sum loaned shall be in sums not
exceeding 8 per cent. upon the
amount loaned
Active Agents required.
For further particulars adj
.-------
dress
THT MUTUAL LOAN
A ND TRUST CO..