The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1903-01-16
YEARS HISTORY
SHOWS EXCELLENT
BUSINESS GROWTH
Citizens Building ana
Loan Co. Expansion
Most Gratifying.
Holds Place SECOND TO none.

The history of building and loan
associations in Ohio is synonymous
with all that is best in the govern
ment and control of financial institu-
tions operating. under state supervi-
sion.
These institutions are organized un-
der what is known as the Corcoran
Act, which was passed in 1891, and
Is conceded to be the best law in force
In any state, relating to this subject.
II provides for the supervision and
! inspection Of these associations and
no other financial institutions Or
ganized under state laws are so care.
fully supervised and inspected, this
supervision being constant, careful,
helpful to associations and protective
to the public. Then again the state
associations have an organization for
mutual protection. known as the Ohio
Building Association League. /
Among the many institutions of this
Kind in Ohio. The Citizens Building
and Loan Company, of this city. holds
place second to none and its growth
during the past three years, when IL
was organized, has been oae OF steady
expansion, its business being not
alone in Canton, but extending all
over Stark county, especially in de-
posts received. Its loans have been
made principally in Canton and dur
Ing the three years past number about
9SS made to home seekers at the low
est rates Of interest, consistent with
business principles.
The company has very simple
plan Of loaning money to home seek
ers, that appeals to borrowers, mas
much as the payments required are
for some definite amount and when
more than this required amount is
paid in the amount to be paid as A
total aud the interest are thereby re-
dpced
In the Savings department all or
any part of the money may
be Withdrawn at any time and interest
is not lost by withdrawing as it is
paid on deposits remaining one
month or longer. In other words,
while this company is not a banking
corporation, deposits are received on
the Savings bank plan, in small or
large amounts from any rcrson,
whether member or not. Thus by
starting a savings account, anyone de-
string to build a home and wanting
more money, will be loaned the bal
ance, to be paid in monthly INSTALL
ments.
BY this means the systematic saw
ing of money is encouraged by The
Citizens Building and Loan Company,
and the money deposited earns some.
thing under the superior plan present
cd by this company.
There is a sentimental considera-
tion connected with this plan. which
is, the great degree of mutuality be-
tween investors and borrower, shar-
ing alike in the profits of the busi-
ness, and an inspiration arises to
save, which becomes a powerful fac
Tor in the creation and ownership OF
homo.
Those who invest in this associa-
ton in the form of savings deposits,
even without membership, It is ack-
nowledged, under Ohio state laws,
have the most absolute security oh
tainable, viii the possible exception
of United Sta,es bonds, for the as
sets lnl stock liabilities are naerjy
five times the aggregate Of the denos-
It's, while that Of CONNIE .cial and saw
inSs banks and trust companies IL less
than one and quarter times the
amount u tE" deposits.
Thus better securitT is given de-
positors than other institutions AFFORD
and no savings depositor in building
and loan association in Ohio has ever
lost cent, since the passage of the
building and loan act eleven years sago
The Citizens Building and Loan
Company, of Canton, is an institution
most ably differed and managed and
the expansion of its business during
the three years of its existence, shows
that 1t has gained the confidence OF
conservative investors.
The company pays interest at the
rate Of per cent on pass books and
per cent on certificates of deposit.
Following Is a comparative state
ment Of its transactions since the
company began business, April /, 1899
to date Of the last statement, Nov. /,
1902;
! Assets-Oct. /, '99, $97 7,935l9: Apr
], 90, 1874 4,0937; Oct. l, 90, $3.50. 766 :
A.; Apr /, 'O1, ss5s, ,S23.o7; Apr. i,
'O2. $644 4,s77.79.
Mtgs.-Oct 1, '99. s94,447.46: Apr l..
90, $1S6,378.44; Oct. /. 90, $25O,877.-
%; Apr. l, 'o1, $S13.5926 CA; Apr. /, 'O2,
SEAS. s.21Ss9.
| Savings deposits.--Apr. /, 90. $751;
M016; Oct. /, 90, $64.140.O2; Apr. l.!
'oi $1Sos2a74; Apr, /. '02, $4O4, $50
o.
! Statement at the close of business,
Nov ], 1902:
Assets.-Real estate loans, $643.-
1851; stock loans, S7,099. so, s65i .O18'-
II; office furniture. s2,325.14: taxes
paid, $3.50; current expenses, $685.
67; cash In bank, $Gs,419.04; total,
$722. .1440G.
Liabilities.-Capital stock paid in.
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