Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-31
AN IMPORTANT INSTITUTION.
The Good work of the Mutual Home
stead Company.

stead Company.
That the well-managed building and
loan associations of the United States
have done work of extraordinary useful
ness is a proposition not open 10 success
full question Tens of thousands OF homes
have been established through their in-
strUmcntality
But. as Calico said, "the world moves
and SO it IS in regard 10 this matter Ne"
ideas and new methods are being de-
welcomed and introduced and lncessant
nrogre4s As the order OF the day.
An admirable illustration Of what is
meant Is found On the plans of the highly
important institution named aboye-the
Mutual Homestead Company, Of this city.
A VIRGINIA ENTERPRISE.
This is q company recently incorporated
under the laws of Virginia, for the pur-
nose of enabling people OF moderate
r,.,rs to become owners OF their own
homes. As 10 is pointed out in the com
p9nv's literature. experience has taught
rha reoDle that estimates for the repay
merf of advances or loans. and the
drastic and eXac,ng conditions hereto
fore forced upon them, viii mo- longer
secure their confidence or support ana.
therefore tine wisdom of changes in plans
and methods OF the many financial iu-
stitufi0ns seeking this class OF business
is apparent
This company. therefore, presents 10 the
public am entirely new plan, ln which are
embodied features OF usefulness AMI rc-
liability never before known. The COM
pany has ul Liabilities. and hence there
can be- no Joss Go the members. It's b4al-
ness is conducted on e. strictly mutual
or cooperative plan, end AN the mem
beers ara relieved from any actual or inn
piled liability, the directors assuming all
expenses OF conducting the business, IN
excess OF the small contribution made ~
each member monthly, which cannot eN-
coed the fixed amount agreed upon. no
further assessment or charge can 10
made Tor amy purpose.
HOW TT OPERATES.
The company win pun each of its menu
beers m fuI possession OF home With
out recurring capital. interest premiums,
bonus. OF stock liability, Che requirements
usually evacted.
The monthly payments arc divided into
amounts about equal 90 what would rep
resent rent ie The class To which the
member IS -.isned. Every monthly pay-
ment made by o. member is duly credited
to tne principal of DTS debt thus reduce
ing the obligation by the amount repre-
scnted
The company sells no fully paid or in
vestmeut stock 90 its members. on any
Understanding shares; has no interest 10
pay. consequently charges none 10 us
members. Individual effort can accom-
plish but little, but in cooperation Is the
unity OF strength, and only by ibis me-
th0d c1B person 0f moderate means
f..t. f.... D
ones. procured by the amounts paid out
Of his earnings for house rent
The company does not deal ln real es-
tate or engage in any speculation. out
simply receives ON deposit The funds paid
in monthly by its members in trust, and
distributes the same 10 them for the pur-
chase of homes with equal justice 90 ali
and lpon plans approved OF by them.
AM person may become member by
signing the required form OF application
and pa-ins membership fec. which
is as follow fss "a" ESQ; "B." So,
&C." $50. te. "E.' g2 lO; r." SIS:
&C." $3.50: go s2l; "I" $3.50; d." SO.
one month after the date OF application
Tor membership the member b. required
to pay. ri the home Office Of the COM
pany, the monthly sums due. according
~ the class To- which be- or she may be-
Nng
MONTHLY DISTINCTIONS
The funds paid in by the members and
standing 10 the credit OF the Homestead
Fund. will be distributed monthly By the
Board Of Directors %, the company 10
the several classes to which each member
belongs but II the receipts in the several
classes are not sufficient 10 have a
monthly distribution. the amount win
be allowed 10 accumulate until il reaches