Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-16

$500. The loans for October. 1902. reached
SOL 800 Some idea OF the growth and ex-
tent Of the association may be gained by ex-
aiming the above figures.
Many building and loan associations have
been organized in this city from time to
time. Some have prospered. while a num-
Der have failed. involving great loss to in
vestors. There IS no association that can
show a better growth and solidity than
the Equitable.
Thousands have purchased horces through
It's aid. and in the history of building In
this city 1t has played a prominent part.
The first president Of the association was
James H Savile: the next, Alexander Gard
ner; then Thomas Summerville. and finally
John Joy Edison. Mr.. Euson was the first
secretary. serving from 1879 to 1898. when
he was elected president. AS secretary he
was succeeded by Frank p Reside. who
has been connected with the association
since 1854.
The success OF the Equitable is demon
strated by the great volume Of business
transacted In twenty three years the loans
have reached s11. 157 400. which is a great
record. and displays the activity OF the
members who take advantage Of the prac-
teal cooperative methods OF the associa-
ton. In all the time of its existence. and
despite the extent Of its loans, the associa-
ton has not lost a dollar.
The association holds no real estate. with
the exception Of its Office building. This
building. 1908 street. was purchased in
1886 for $40. 200. and was necessitated by
the demand for room and a permanent
home.
The Equitable is designed particularly for
persons Of limited means and income. 1t
offers no Inducements whatever to capt.
talists, and is impracticable for large In
yestments. During the last year there have
been more saved on stock and more loans
made to members than in any former year.
The Equitable is conducted upon purely
cooperative building association principles,
and has never departed from them to ex-
pertinent; its fixed policy In that direction
lends added confidence to the investor.
Its statements show the result of small
savings on shares, ma promptly and reg
ularly every month. 1t has, as a matter OF
fact, laid the foundation for many homes
for those who, when they started, had no
other purpose than saving. The method and
practice Of saving in the association has
proven a wholesome discipline and causes
people to live within their icome and to
successfully accumulate and acquire prop
erty as well as provide for rainy day.
The loans advanced to members by the
Equitable were used to pay for their homes.
After paying for these many have been
prompted to secure anu pay for other prop
erty, thus often becoming independent with
q living income.
In the management OF the Equitable men
Of long experience have been interested,
and the purpose Of all has been to make It
successful, equitable and beneficial as
possible and creditable to all concerned.
This has been accomplished, as the steady
growth of the association from year to year
demonstrates.
The main principle upon which the EQuita-
BILE is organized is to enable and encourage
it's members first, to make regular monthly
savings Of fixed amounts on shares held;
second, to purchase, pay for and acquire
property by obtaining loans on long time.
repaying the same in small monthly INSTALL
ments, with the privilege Of settling all or
any portion Of the advance at the pleasure
Of the borrower.
The association offers opportunities that
do not exist elsewhere. 1t deals with Its
own shareholders only. and Is conducted
upon cooperative principles that are not
theoretical but which have been tried and
found to be practical The association has
proved a substantial help to its members;
first in their efforts to successfully save
and accumulate funds. and second. in final
" securing homes and other property.
The officers of the association are all men
of high standing, and through their efforts
the successful operation OF the INSTITUTION
had been assured.
John Joy Edison is president; DR.. A. J.
Schafhirt vice president; George w. CAST
lear, second vice president, and Frank T.
Reside, secretary.
The board of directors Is as follows,
Ellis Spear, George w. Fisher. p. B. Tur-
pin, Job Barnard. John w. Schaeffer. A M.
Lothrop, Marcus Baker, George III. Harries
and John B. Larner.
The association has stood the test Of
years, and its constantly increasing menu
bership indicates the good opinion In which
II Is held by persons desiring to purchase
homes and other property. The business
methods of the association commend them
selves to those desiring to save regularly
every month ana who are seeking to secure
homes through the assistance of a purely
local building and loan association.