Belding banner. (Belding, Mich.) 1889-1918, 1899-07-27
BELDING B. & L. ASSOCIATION
First Series Of stock Natures Organized
Ten Years Ago-SharehoidersR Receiv-
Ing Their Cash-The secretary's
Excellent Report.

%.
(, OF stock IN the Belding Building |
Loan Association was subscribed an
an organization which has proved l.
be one OF the best mediums for the in
vestment OF money was established il
our city, then small village.
The first meeting was held May 27
. 1889, to consider the question of organ
lzing, with Henry j. Leonard chair
D man, and Jennison Eager, secretary
+. A. Washburn, Ii. j Leonard and G.
r.. Hills were elected trustees for three
years; o. f. Webster, j. M. Earle, II.
Frank Ireland, for two years; G. r.
Ranney, h. II. Spencer and George
lSeGole for one year. j. Milton Earle
was elected president; F.. A. Wash burn,
vice president; II. f. Ireland, treas
urer; f. Il. Spencer, attorney; and c.
h. Hills, secretary.
The first money loaned was to p. l..
Blystone, who had subscribed for five
shares, and at "A special meeting held
July 10, 1889, it was voted to loan him
$500 at a premium OF twenty-five per
cent, but there not being enough
money on hand at that time he agreed
to take it as it came in on installments.
Since that time the records show that
S93, 52S 30 in loans have been made on
real estate and stock securities. No
loans are made except to shareholders.
It's organization was an experiment
and there was considerable anxiety
manifested as to its permanency and
success, some subscribers dropping out
after remaining with it for two or three
years who are now sorry for their
action. Those who loaned money from
it on their stock and real estate for
building, in some cases found it hard
during the close times TO keep up their
payments and became discouraged, but
time has proven it to be as solid as the
rock OF Gibralter, and the first day of
July, on its tenth anniversary, the first
series of stock matured, as will be seen
below, and those who remained are
now reaping the benefit.
At its regular board meeting last
week Mr. Wagner had surprise in
store for those present when he stated |
that Series No. | had reached matur-
ity and he was ready To draw checks |
from 500 to $5, 900 as fast as certili- |
Gates were handed IN bearing the No. | |
Series date. l.. l.. Holmes was the |
first to receive a $500 check which had |
cost him -. 30 IA month or $50 year for
ten years. Maude Spencer's check
amounted to 800 because when she was
ten years younger than she is now she
subscribed one share, fifty cents per
month. Miss Anna Purnell was much
pleased when a check for 81 900 was
handed 10 her representing the accu-
mutations of ten shares which had cost
her $50 per year; and there are others
The second series will mature August
10Th, when another distribution will
be made
The following statement by Mr..
Wagner, who has so ably managed the
affairs OF the association, as secretary,
is interesting:
TO THE STOCKHOLDERS OF THE BEL
DING BUILDING AND LOAN ASSN:
In submitting this annual financial
report ending July / 1899, allow me To
call your special attention to the fact
that the Belding Building and Loan
Association on its 10th anniversary,
matured its first series Of stock and by
order of the board of directors the
secretary was authorized to notify all
members holding certificates of stock
in this first series TO pay the same,
$4,000 per share, forthwith" in cash.
The second series being close neigh
Dor, the facts and figures warranted
the board OF directors to declare the
second series matured on the 18th day
OF August next and the secretary was
to pay all the stock in this
series likewise on the 18th day of
August. The arguments you SO often
heard that the stock in this association
would never mature was all waste OF
time. Those who have been backward
in seeing the benefits of becoming
members in this association have still
"A chance by subscribing TO stock in
Series 20 which Is at present open. 1t
is useless To encourage those already
members to subscribe for Belding {
Building and Loan stock, when from ,
the facts and figures shown by this re-
port those who have paid in on INSTALL
ments $50 on a share, received 800 in I
cash, profit OF l3t per cent. per an
mum. What other investment has I
done rs we'll in the past ten years OF =
late IL is noticeable that our people of
Belding are catching on the Beding 7
Building and Loan Association band
wagon, so to speak, and not let all the
outsiders monopolize the largest share
)f profits as has been done in the past ]
10 great extent. The Belding people,
it least those who seek investment, !
IAN now realize the safe investments =
aud benefits derived by subscribing To
stock in their own home institution, l
governed and managed by a most efiic- d
ent board of directors whose sole aim I
IS and has been To make this association
l success in the future as well as facts
show great success in the past. Il
A. WAGNER, Secretary. \
The following is the 10th annual t
statement, showing the condition OF I
he aaaoof.ti,.. a.. tho oloaa nf tho Hsoal l.