The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1891-04-01

tasy terms, and profit by IN adj
eance in value "a resell ii,
LOANS
The Mutual l,nanand .rHst Gem.
Ipany will advance money npun red
estate guaranteed bs FIRST mortgage
6.per cent, per annim
This interest shall be paid month
". and the revenue afforded BIZ !
compromising may gn iutr The prof
II fund, (see below or utiliz+i Il
liuciease the looming capacity of ,he
Company rs the directors mn, dren
to be its best interest. These mns
will b. llpliied ~ tue SIN l-hptleas
" the | ompany and will 4 a.de
upon The following caDditiua.
4 certain SUM recommended l4y
the business manager, anl spsruN
d, IA Ill is,,rs i,s,d. stall ~ wv.
ns'a- nra, ;lily iar;lns ,daiNse tad
ne,y T. pb,aiicri d lie holder IL
iunr q par ~ shane, IL ne HE
tual l.nall an,i ltnsi .'amrass No
applicant saa require more tlian
SiUr llr.n eiy iair a. sbaas
held BY Aita. ii.
L.an- "a real .,iatr include lie
advance II money u builders III lots.
IN the MiddIrtown Land aud Ina
proyement Company, Who shall be
entitled on subscriptlon 10 the above
conditions to borrow sum mol rx-
ceeling SIPS and not less than $50
on each lot held by them in tie
said Company.
Ibis maximum and ninimsm
shall bold good for twelve (I2l
months from the organization of
the Mutual Loan and Trust Com
pany. but may afterwards be in
creased BY the resolution of tie
board OF directors after the expira-
ton of that time, providing The
current prices 81 lots shall have
augmented in ya'ae.
The business manager Of the Com
pany may reject the application for
loan If such rejection be in tie
interests Of the Company and Is
ratified BY the advisory board and
the directors Of the Company.
REPAYMENTs or LOANS.
The repayment Of such loans
shall be made in monthly payments
| OF 10 per cent. on the amount ob.
tanned until completion Is made of
the sum loaned.
SAVING BANK.
The Mutual Loan and Trust Com
panr Is empowered BY charter 10 do
a general banking business.
A feature Of its organization win
be saving institution which will
receive sums Of 81 and not exceed
ing $500. The deposits will be re-
celyed ut 4 per cent, and all per-
sons whose deposits shall have been
left with the Company for twelve
12) months will be entitled to
participate in the division Of IS per
cent. OF the profits earned BIZ the
Company through the use Of De-
posts in addition 10 4 per cent In
terest.
These deposits being strictly loans
TO the Company will not participate
in the profits aud privileges of the
regular shareholders.
Interest is computed senlI-annn-
ally, on the LIST Of January and on
the lst Of July. Depnsltors draw
ing their deposits will receive III
terest only TO date Of the half
yearly computation OF interest pre-
viUus 10 withdrawal.
BUILDING LOANS.
The Company not being purely a
building society will limit its opera.
tions in this department to assist 10
the erection OF houses upon the
property held BIZ the stockholders
OF the MIddletown Land aud Inn
proyement Company.
The field here Is vast and ample.
there being demand to-day for
over l00hnuses which is likely 10
treble itself in the near future.
Stockholders 10 the Mutual Loan
and Trust Company only can OBJ
tain the benefits Of such loans upon
the following conditions:
The sum advanced by the Mnsna
Loan and Trust Company for build
ing purposes viii be available upon
the conditions above specified for
other loans Tho sum, however.
will be limited 20 two-thirds Of the
cost price Of the house that the
borrower mas intend to erect. and
if repayment shall be guaranteed
Y first mortgage.
The interest shall tc 0 per cent
per anBnm. payable 10 monthly IN
stallments, and the repaymenfs II
the sum loaned shall BE- in SUNS not
exceeding 5 per cent. upon the
amount loaned
Active Agents required.
For further particulars adj
dress
THE MUTUAL LOAN
AID TRUST CO.,
nn