The Irish standard., 1892-03-19
HISTORY OF IT'S WORK.

HISTORY OF IT'S WORK.
What the Catholic Building and Loan Asso-
| citation Has Done.
There is no possible method for the
] practical fostering of habits of thrift SO
valuable as an association dependent
upon the prosperity of it's individual
members. A happy exAmplitication OF
this proposition is found in the growth
of the Hennepin County Catholic Build
ing and Loan Association. 1t was in
corporated on the 18th of August, 1874,
with membership of IS members. At
it's first meeting, held on the same date,
$l37.3O were the gross receipts. To-day
it has thousand members and it's
monthly receipts are almost $4,000.
During the seventeen years and seven
months of it's existence it's growth has
been steady and is increasing. It's in
| calculable value to men ambitious to
own their own houses is manifested by
the large number cf elegant residences
built up in all parts of the city by it's
members and through it's instrumental
ity. By an almost inappreciable mon hly
investment, heavily burdened tenants
have become independent householders,
and now, untroubled by the rent collector,
enjoy life under their own roof and, with
their families, feel grateful to this asso-
citation for their boon. Young unmarried
men have secured shares and at their
maturity have received their cash, $500
per share, which is handsome increase
on the money paid in. The money in
the treasury is loaned to members on
Hennepin county first mortgages, at a
fixed price, the method used by some
associations, of bidding, having been dis
carded. The present plan is more salts
factory. Any Hennepin county Catho-
lie is eligible, though members are not
required to live in this county after join
ing. The Building and Loan Association
Journal of Philadelphia says this asso-.
| citation is second to none in the United
States.
Its first meeting was held in the base
ment of the Immaculate Conception
church. 1t afterwards had quarters in
the school building adjoining and in the
old Center block, corner of Second street
and HennepiD avenue It at present oc-
cupies the entire upper floor of the Win
dom block, corner of Washington avenue
and First avenue south. There is we'll
equipped hall and suitable Offices. The
secretary is always there during business
hours He receives $1,000 year and
the treasurer $500, being the duly paid
officers in the organization. The capital
stock is 100000. Matt Walsh was
elected it's first president and hold that
position for eleven years. James Tobin
succeeded him for one year, when the
present incumbent, John Lally, was
elected and has held the Office continu-
ousfy since. One Of its recommends
! tory features is seen in the following:
| A member borrowing five shares receives
He pays as dues 1867 and 1924 interest.
Total, 1891. A borrower from another
source pays the 5000 back and 1878 inter-
est at 7 per cent. Total 1918. This is a
gain to the member of $87, besides the
additional advantage of paying the prin-
cipal in monthly instruments and at the
| n,ot,r;tv of tho stock tho antira in1abt-
edness, principal and interest, is dis
charged. The superiority of the associa-
TONS plans is very apparent. The fol-
lowing are the present officers: John
Lally. president; John Foley, first wee
president; James P. McKenna, second
vice president; Peter Mccormick, secre-
tary; M. J. Gill, treasurer; John j. Kin
name, attorney; stewards, Thoms J.
Heating, VIM. S. Bayley, L. G. Connell;
managers, S. J. MCCARTHY, Timothy
Driscoll, Michael O'Reilly, Felix Mona
NEE, Michael Keenan,, John Fewer, John
Farrell, NJ F. Hartigan and John
Mahoney. It's prosperous career is the
best testimonial imaginable to tie fidel
ity of it's officers and convincing proof
that it possesses the essential elements
of permanency.
| The regular meetings of the Associa-
ton are held on the Thursday next sue
ceeding the 18th Of each month.
Soft Textures of Beautiful Finish: