The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-07-31
SUCCESSFUL
FINANCIERING
Astoria Building and Loan ASSOcia-
tion Will Distribute Large
sums Oi Money.
NIGHT BE UTILIZED now
Ia Starting Factories and ray Rolls to the
Great Advantage u the Growing
City -noN Cleveland At
tanned Prosperity


City hoN Cleveland At
tanned Prosperity
Today marks an era In the history Of
Astoria Almost ten years ago the
Astoria Building and Loan Association
was incorporated and its stock books
opened for subscription. on May lth
1857 The nrst series Of stock has now
maturcd, having run for period ~
nine years and three months Under
IN" able management ~ Mr. Walter
l.. Robb. its secretary. this institution
In limited heid, has done a rcmarF-
ably prosperous business About the
ist of August 10000 In cash viii be-
disbursed to the holders Of the first
series OF stock Mortgages amounting
10 $4,000 viii be released. thus dis
tributing total Of ui0.OOO. Through
the means Of this association some.
thIng over hf,y dwellings have been
built. some Of them being the finest
In the city Il has also saved many
homes which would Otherwise have
been lost 90 the owners by paying on
u large number q mortgages
Another great feature Of this bulld.
ing association Is the savings which
accrue 90 the uon-borrowing share
holder. each of whom II limited to
twenty-five shares A person. for In
stance who subscribed FOR five shares,
pays in sji5. and on an average in
vcstment ~ i2775o. receives $1,000 IN
cash The investor IN twenty-five
shares receives $1,000 Where is there
any other such a paying investment
The officers Justly feel proud OF their
record. and also II the fact that It Is
local institution and keeps the mon
cy at home
The association now holds mortgages
TO the amount Of I3li 600 The ffteenth
series OF stock ain be opened August
LIST. and Il Is anticipated that all of
the first shareholders viii take new
shares In this series. so that the
monthly payments viii reamin about
the same
Commenting upon the good results
of the building association real es-
tate man yesterday afternoon said: "a
few more institutions like this added
to the energy and spirit Of progress
evlnced in Seattle, Chicago. and other
like cities. and before you know II.
Astoria viii have outsripped all COM
petltors, have been given 10 under
stand that there Is now left In the
railroad subsidy fund. available for
investment. some S9j. 900. Put this with
the S6O,000 to be distributed by the
building association. and within forty
eight hours you can have established
In Astoria the nucleus for the greatest
manufacturing center west of Chicago,
An immense sawmill capable OF pre-
pairing Tor market. both domestic and
foreign, the magnificent timber in the
great preserves al your very doors.
and a drydoek with capacity for
handling the largest ships OF the ocean
can be commenced In few hours
time. II at least would take but
day or two to decide To erect these
plants and with them established
others would quickly follow until by
the time the railroad is completed you
old resldeniers would not know your
own town. What was Il that built up
Cleveland. ohio, and today makes 1t
the leading manufacturing center VI
the United States and perhaps the
world? For nifty years she slumbered
on the southern shores OF Lake Erie,
an insignificant village N even less
Importance than Is Astoria today on
the e2nd OF July. only few days ago,
Cleveland was one hundred years old,
Its principal growth has been made
In the past forty-nve or hfty years,
But what a growth il has been! Only
forty years ago the first ore was
brought from Lake Superior to meet
the bituminous coal of Ohio at Cleve-
land. The result has more than jus
titled the opinion Of Benjamin Frank
lin in 1865 that the commercial ad-
vantages of the spot were beyond es-
innate. The bringing OF iron and coal
together has made Cleveland Il vast
hive of industry 1t is estimated that
more than 100000 separate articles are
within the limits of the
city. The number of manufacturing es-
has increased from 1880 to |
1880, from 1866 to 2O65; capital invested, |
from l9,4SO.9S9 to S5S.974,S46 hands
from 21,724 to 5S,S49; total of
yearly wages paid, from SS,502, 1886 to |
$50 42S, ,6S5; value Of the product, from
S4S 6O4,0 ,050 to sos, 241. Situated as It |
Is on an inland lake, among its leading
Industries is the building of steel ships
for the ore and grain trade, and in
this respect II is claimed Cleveland
has no rival in the world except the
Clyde. The lake tonnage owned In
the city is asserted to be greater than
any other American city save New
York. Twelve railroads serve the city
with transportation by land.
The remarkable history of Cleveland,
barely referred to- has been the result
of grating the thrift and integrity of