The herald., 1897-10-02

NUMBER OF borrowing members 10 o'11
The average loan per borrower Is $215o4 49,
The average investment of stockholders Is !:
Dues paid in ...................".... .$4oo. o.
Accrued earnings ...........".......... I4o.o3
Average investment. t...............$6 .$6Ol ~
The report shows that every association
in the state that has been fairly well man
aged has a balance on the right side Of the
profit and loss account. The commission
ers say:
The aggregate net profits Of all associa-
tions foot UP the comfortable sum OF ST.
s70,7422s This IL equal to net Of Ill
per cent on the average capital loaned out
There are few, II any, other lines Of in
vestment, with over twenty millions Of
capital involved, with interest scat
tered through every part Of the state and
under a great many different manage
merts, that can make SO handsome a
showing.
Probably no stronger attestation Of the
desirability Of the building and loan plan
when worked through to its logical con-
clusion can be given than In our report
of shares matured during the current year.
Investors who stayed with the organiza-
tions until their shares had run the full
course prescribed realized an average Of
e.62 per cent per annum mouthly COM
pound. In what other line Of business can
the man of small means invest his saw
AinEs at such a rate Of interest? And this
with a good assurance of safety for his
invested funds and the privilege Of with
drawing them at any time by accepting
profit somewhat smaller.
yA~,
tenn on the finances of the state will be
appreciated when we mention the fact that
during the year of depression when it has
been next to impossible for small operat-
ors to obtain loans from banks, these So
cieties have disbursed In loans to their
members $3.S27 ,7s2.67. A large share Of this
money has gone into the building of new
homes and the balance has helped men,
bers to carry loans already incurred in
such a manner as to render the repay
ment easy and reasonably sure.
= + 4
The Southern California Power company
of Redlahds has now under headway the
construction Of 1900 feet of tunnel and
about two miles Of flume and ditch work
in the Santa Ana canyon for the purpose
of bringing in the water power with which
1t will develop electrical energy for use
In this city. The contract for the con-
struction has been given by the company
to ]. A. Fairchild and E. w. Gilmore upon
the failure of the original contractor to
carry out his agreement. This case af-
fords rather interesting object lesson
upon the methods of contractors who are
addicted to the practice of biting off more
than they can readily masticate, and con-
saauently landing owners in trouble. The
original contractor undertook to do the
work Of tunneling at s6 per foot, price
far below his ability, and when his fail
ure was demonstrated the company, in
stead of again advertising for bids for the
work, placed 1t entirely in Fairchild &
Giimore's hands 20 carry out, on the basis
of raying them en- asreed percentage on
the actual cost Of construction. While
this Is Il high compliment to the integrity
and business ability ~ the firm named,
it4is plan thar might often ne followed
pafticulally IN eases where ny r.ason of
the nature OF the work 1t Is Sifficult to
figure out the cost OK the work. before
hand In such cases the Kidding Is mostly
III the uaTks ttilu keS NANs SiA4itt bIlt
paying two prices for the work or in the
contractor going broke. Where lesponei-
BILE, trustworthy and comp ent men can
be found, the owner can lose nothing by
paying the actual cost Of the labor and
material, plus a percentage for the SUPER
vision and carrying out OF the work.
The Southern California Power company
already supplies Riverside, Cotton and San
Bernardino with electricity for lighting
and power purposes. and claims to have
secured contracts in Los Angeles amount
ing. to $150.0O0 per annum The power will
be Installed in this city, It is expected, in
about ninety days.
+ =
The Broadway Bank Of Los Angeles yes
terday hled its certificate Of increase of
capital stock The bank incorporated
with capital stock Of $4,000. and this
amount is now raised to 100000, divided
into 1000 shares.
+ + +
Referring to the fight between the banks
and the express companies on the charges