New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-27
PLANT FROM EAST ST. LOUIS.
Dates OF INTEREST ARE TOO HIGH
THERE AND THE ClTY's NAME wv
>,r-ctJ LIKE ST. LOUIS.

MICH LIKE ST. bDIAo'
M N. Editor O. The Tribune.
Sir: We have population OF nearS toI'' 49,.
.sra neon,e and our city is rapidly growing Rents
e t,., ord there are not any vacant houses
=, 49, o,,v A small house OF three rooms on
.n-a,+vAya.roo. lot will readily rent Tor wv Per
wo,,h and tho lot and house can be duplicated OF
purchased for $50; can furnish tenants ior o"'
hundred OF such houses in less than thirty o"Ee'
The facts are that the rate OF interest is so hisn
m money that no one wants 10 invest III any MINI
=, nrone-,v The bank ring" and the building ana
,oon as.ociations have money cornered tlat inv
can get almost any rate of interest they ASH III
The ST Clair Building and Loan Association OF 'hiS
place parties have paid as high as ~ per cent Pc
MUM for a loan besides their regua" rate or IN
terest 1t IS run on this plan: When the soc'e'!
bes money TO loan Il calls for bids on II. anu
those persons wanting money bid for u-ihat Is
they buy the chance 10 get tho money, )us' the
same as goods sold at auction. or instance
suppose a man wants Il loan OF 5000 az me rae OF
per cent interest he bids so for the first chance
10 get It, Then other fellow, probably a
etockbolder In the association, who does no. want
the money but just bids TO run il up on the othcr
man bids $50 and It goes to the highest bidder
and often the money brings 90 per cent premium
above the regular rate Of per cent interest mat
Is for nve-year loan. and It makes the money net
an interest Of about l3 or Il per cent each year 10Y
the five years. The banks work their game IN the
way Of commission for obtaining the loan.
In this city Of nearly forty thousand people we
have only two things called banks" and they are
little scabbv one-horse affairs. Peope having
dealings with a bank prefer to patronizc the banks
of St Louis Just across the river. II civilized men
should open A bank IN this city they would have
an immense business in short time. Parties hav-
psy but little Interest wouI do well TO investigate
This location. At the rate our city is building up we
shall have orc hundred thousand p-ope inside o.,
ten years The city ring 5 pushing the paving
and grading OF every street in Gown, iCr nc slmpe
hat ia "a
ratn IN nb;ch tho ring arDropra;cs and divides
10 suit themselves. Were Il not FOR TIE phenomenal
SaIucs Il would lcig since have been bankrupt Tie
great amount Of cnbiic work go.ng Oh here and
the :act That It IS a grea. railroad centre keep
l do no; suppose there is one person IN one hun
dred throughout the entire Eas;cra states that
], great mistake and misfortune To This town
being named SO lite different from s. Louis; We
are lost sight OF and oTcrshao9"ed by St Louis
and people at 4 distance do not know that East ST.
Louis IS q separate and distinct city by Itself. Hun
dreds o. letters come here addressed to East St
Louis. Mo. while We are on the eaSt Side OF The
MISSISSIPPI! RIVER and IN the State Of Illinois.
mon, :et say That Eas, 81. Louis. u. should
Of money IS equal to any In the world and YOU can
sc; Jus; about your own rate o; interest. A. for
m lno5e Of sober and ndns,rious HABITS Ne need
number OF carpenters and building contractors OF
aaccordns to contraci. As for drunken. dishonest
sums We have plenty OF them 20 spare. II there
Is any place on tdVDi IN NetG o! OTdnheN DdllS
We should be CAD 10 snip q whole tranlOad free OF
freight. 7 40 not belize there $ one man !A five
hundred in your state Who knows the fact that
there will be 4 bridge built between the cities
oe 81. Louis. Mo. and East s.. louis. H. Neither
do ! suppose they know that such bridge WI
cost nearly 500 ooo. and ompoy q small army OF
IN It's construction. We have electric street
In tho greater part OF the city also one line
running out BeilevMe. a distance OF fourteen
miles: also another suburban line twelve mics
long and another elective ine VIII connect this
city with Coll!nsyille out a distance CT ten miles
{. r. WALRUTh.
East 81. Louis. III. March TO- 1895,