Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-09-21
THE RoADT0 WEALTH
AL oes1 Acles 70 ACCUMULATION
REMOVED ey SYSTEM.


n "a impossible TO look overtne nrancia'
seld Of the present dag without becoming
dseolv impressed by the rspidity with
which the building and loan associations
~ the country are increasing In impor.
TANGO "A financial factors. 1t Is estimated
chat there are now over 400 really strong
and trustworthy national" associations
operating upon this system, the annual
receipts Of which are stated at from s4o,'
ooo ooo IN $50 .0o0, eco. The secret of the
hold the building and loan association
system has gained upon public IA.
vor IL 70 be found IN the fact
ia. ..hhey open the way for the salary
or wage-earner to become o Capitalist, OF,
fering larger profit to the lnyestor 81
solufe safety through any other class OF
Institutions, and because they onsr 70 the
borrower advantages that are not ayaiiaDie
In any other way. In the words OF q n1gn
authority upon economic and financial
questions. such institutions are "a great
benefit. rot only to the individual mem-
hers thereof. but TO the COMMUNITY OF
large. for they are increasing the number
of tax-peying. property-owning ciiizens
and making II comparatively easy tor tns
industrious workingman 10 own nis nome.
OLE OUT or MANY.
Ths south has many sound and well
managed institutions of tins character.
In the present instance we may make men
ton of the United Banking and Building
Company, Of this city, which was organ
lied only about two and half years ago,
and Is now one Of the best and most SUD-
stantiaI institutions OF It's class 10 the
country. Its chief object Ia 70 receive de-
N lnQn anVlf1o
money 10 its shareholders, and TO aid them
i'm ACQUIRING real estate. building houses
and making improvements thereon. and
deyotine the money ordinarily paid for
rent 10 buying homes for them.
selves and families. The authorized
oanitaI is 500. 000,0 900, in shares ci
the par or maturity value of 500 each.
ANY person may become a stocknolder py
subscribing to the required form OF ap.
pllcation and paying an admission lee OF ~
per shaie and sixty cents per month pei
share until maturity oil the STOCK; GUY Do
subscriptions are received for less than
five shares.
any series of shares arising from monthly
payments, together with the interest, pre-
MUM, and other profits. equals Sloo PEI
share sucb shares will have fully Inatured,
and the holder will receive 800 for each
share upon surrendering his certificate
The funds of the company can be loaned
20 stockholders, Offering to pay the nxeo
premium therefor in addition 70 the sti-
pulated 8 per cent. per annum. ms means
That the borrower Is willing to pay the
monthly dues on two shares OF stock fol
every 800 that he borrows until maturity
of the stock. The interest charged. Will DC
| q per cent. on the money actually Loaned
iTbis Is PAYABLE in monthly instalments
For EXAMPLE. q stakeholder borrows $500
| he must have ten shares of stock. Inc
| monthly payments on the stock are 80
add 10 this tie interest on $500 at
Der cent, $50 per year. or .!
| pr month, making total cost OF oo.o'
| Der month. This payment must be qua
| ranteed by first mortgage on real estate
| and must be paid until the stock natures
! (or until the loan is repaid), and then the
| mortgage is cancelled without further pay
| ment. In other words. this payment o
| Ss. 80 per month for about eighty-foul
months repays the loan. principal, and In
/ terest.
After shares have been in force ono va
/ the holder may obtain loan on teen
| without security, but not 10 exceed ~ Pc
| cent. of their then value at the time TN
| loan is made. ..,
| As 10 the results arrived at during tn
| frat two years of the company's work tn
following figures tell the story:
SECOND ANNUAL REPORT, ENDING DEcESsE
Al 1891.