The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-08-11
The Lafayette Building Assoc
citation.

ward the development of \ town,
a well conducted local building asso-
citation takes front rank. We use
the term local in contradistinction
to the s'national" building and loan
association for very good reason,
for whilst the local or home insiitu-
tons are perfectly safe and reliable,
it is we'll known that the foreign or
''national" associations are noto-
rlously uncertain in their operations
and generally wind up in defraud-
ing aud fleeing their stockholders.
The reason for this is found in the
extravagant salaries paid to officers
of the 'snatiOnals," who run these
associations altogether in their own
interest and without any other-oS-
ject than to squeeze all the money
possible out of the deluded stock
holders. The local association, or
the other hand, Is owned and con-
trolled entirely by home people who
are bent on building up their own
town, and the expense of conduct
ing the affairs of the association are
reduced to a minimum, the secre-
tary of the association being the
only officer who receives a salary,
and this salary is always a moder-
ate one.
The Lafayette Building Associa-
ton was incorporated under the
laws of the S tate of Louisiana on
the 12th day of last February, AID
the following we'll known citizens
were elected to serve as directors
tor the ensuing year: c. D. Caffery,
c. O. Mouton, B. J. Pellerin, B.
N. Corona, Julian Mouton, J. E.
Martin and A. B. Denbo. The
officers of the association are Judge
Julian Mouton, president; A. B.
Denbo. vice PRESIDENT; D. Schwrtz,
secretary; S. r. Parkerson, treas
urer.
The object of the association is
two-fold: 1. To provide a conve-
nient, safe and profitable method of
investing the savings of the people.
2. To furnish the people with the
means of borrowing money to- build,
purchase and improve houses and
lots. In other words, it is an asso-
citation composed of borrowers and
lenders, and established for their
mutual convenience. II gathers
together the savings of the pc ,ple,
which, scattered and in small sums,
could not he invested to advantage,
and the association loans the money
thus Obtained, on mortgage security
who want to buy or build them
selves homes, to improve their
property, to pay off other mortgages
and for such purposes. From
the fact that there are no preferred
stockholders and that all the men,
bers share in the management and
participate equally in the profits,
the association furnishes the very
best and safest deposit for earnings.
The directors must render to the
stockholders an annual account of
the business and condition of the
association, and its books are al
ways open to the inspection of the
shareh olders.
The shares ofthe Lafayette Build
ing Association are of the par value
of $500 and are payable in weekly
installments of IS cents, and for
each share Of stock owned by a
member he can borrow $2oo from
the association, less the discount
or premium bid for his loan. The
conditions for paving back the
loans are very easy. and the rate of
interest is small
This association has lately built
a neat and very coy residence for
Mr.. J. D. Cotter, near the steam
laundry, and Mr.. Cotter having as
certained for himself the benefits
offered by the Lafayette Building
Association to investors and bor-
rowers, takes pleasure. in recon-
mendine the association to all per
sons DESTROYS of procuring homes
of their own on easy terms.
A new series of stock in this