The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1891-02-18

ager Of the Company may see.ft to
stipulate.
BY this means any one desiring
to purchase a lot can acquire one on
easy terms, and profit by an ad-
vance in value to resell it.
LOANS.
A The Mutual Loan end Trust Com
lpany will advance money upon real
estate guaranteed BY first mortgage
at per cent. per annum.
This interest shall be paid month,
lily, and the revenue afforded by its
compromising may 60 into the prof
it fund, (see below) o. utilized 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 board, shall be set
aside monthly for this purpose, and
may be obtained by the holder Of
four az paid up shares in the Mu-
tual Loan and Trust Company. No
applicant can require more than
800 upon every four (4) shares
held by himself.
Loans on real sstate include the
advance Of money to holders IF lots
In the Middletown Land and Inn
proyement Company, who shall be
entitled on subscription to the above
conditions to borrow sum not en-
ceeding 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 (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-
tion 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.
The repayment Of such loans
shall be made in monthly payments
OF 10 per cent. on the amount oh.
tanned until completion is made Of
the sum loaned.
SAVING BANK.
The Mutual Loan and Trust Com
pany Is empowered BY charter 10 do
general banking business.
A feature Of ITS organization will
be a saving institution which will
receive sums Of 81 and not exceed
ing $500. The deposits will be re-
celved Ut per cent, and all per-
sons whose deposits shall have been
left with the Company for twelve
(l2) months will be entitled 10
participate in the division Of Is 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
10 the Company will not participate
in the profits aud privileges Of the
regular shareholders.
Interest Is computed sensi-annu-
ally, on the LIST Of January and on
the LIST OF July. Depcstors draw
ling their deposits will receive in
terest only to date Of the half
yearly computation of interest pre-
vious 10 withdrawal.
BUILDING LoAxs.
Il The Company not being purely q
building society will limit its opera
| tons in this department 10 assist in
the erection OF houses upon the
property held BY the stockholders
Of the Mlddletown Land and I'm
Iproyement Company.
The field here Is vast and ample,
there being . demand to-day for
over l00houses which 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 Mntual
Loan and Trust Company for build
ing purposes will be available upon
, the conditions above specified for
other loans. The sum, however.
will be United 10 two-thirds OF The
cost price Of the house that Inc
borrower may intend 10 erect. and
. repayment shall Be guaranteed
by first mortgage.
The interest shall be o per cent
per annum, payable in monthly in
4 stallments, and the repayments Of
the sum loaned shall Be In sums NOS
exceeding 5 per cent. upon ths
4 amount loaned.
y Active Agents required.
For further particulars ad-
|. dress
. THE MUTUAL LOAN
~ lNn mnIrum Ssn