The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1904-04-26
GROWING RAPIDLY
ASSETS OF CITIZENS BUILDING
& LOAN co. OVER St,o00,o00.

Is Conservative Instltution--Makes
Loans Only on First Mortgage Sc
curIty--Also Conducts a Savings
Department--Who It's Officials and
Directors Are.
The financial statements usually is
sued by Canton banks about April 1,
of each year are worthy the attention
of citizens interested in the CONNER
cial and industrial prosperity of Can.
ton. Several OF Canton's financial in
stitutions show assets exceeding one
million dollars. The Savings Institu-
tions are growing rapidly and solidly
In reserve funds.
In this connection, the attention of
the public is called to the rapid
growth of the Citizens Building and
Loan Co. This savings institution
was started five years ago and has
been growing from year to year until
at the present time its total assets
have passed the million dollar mark.
The management of the Citizens
Building and Loan Co. is very con-
servative, no loans being made except
on first mortgage security and In no
event to exceed two.thirds of the fair
valuation of the property.
Before loan is made, the property
is personally viewed by one or more
members of the appraising commit.
tee, which consists of three members
of the board of directors of the COM
pany After the loan is approved,
the borrower is required to have All
abstract Of title showing a clear title
from the government to the present
owner. The company also requires
an assignment of the insurance policy
on the buildings situated on the real
estate on which the mortgage is CIV
en-.
Each mortgagor under the rules
of the association is compelled to pay
monthly the interest ON his loan and
certain amount of the principal;
hence, the longer the loans renain
with the company the better the Sc.
curity becomes. This is great ad-
vantage to many Of the wage earners,
vs. it permits them to pay off their
mortgages at little more expense
than they would have in paying rent,
and borrower can pay off his mort
gage at any time.
Another evidence of the security to
depositors is the fact that the total
deposits Of the company amount to
only $730,000, and on the other hano
the loans on first mortgage security
amount to $93S,000, which exceeds the
deposits by over 100000. The COM
pany also has a surplus fund of $15,-
500 which fund is required to be held
in reserve by the laws of Ohio, to pay
any losses that may occur.
| All of the officials, including the
president, the vice president, secre
tary, treasurer, attorney and clerks
have given surety bonds to the CON-
pany for the faithful performance of
their duties as such officials. The
company also carries burglar insur'
ance in excess of any amount of mon.
ey that is carried from day to day in
it's vaults.
This company conducts savings
department very similar to the say.
ings bank of the city, but paying in.
terest at the rate of 4 per cent per
annum for full calendar months on any
amount OF money from 81 to $4,000,
and per cent on certificates of de.
posit which are issued for one year.
The officials and directors of The
Citizens Building and Loan Co., are
as follows: President, John B
Brothers, who is president Of The
Canton Hardware Co.; vice president
William l.. Davis, president OF The
Cleveland Brick Co., and The Davis
Railway Coal Co.; treasurer, Hiram
Doll, ex-county treasurer of StarR
county, O.; secretary, William Wag
State bank and The Peoples Savings
bank; assistant secretary, viii s
Campbell; attorney, w. II. Smith
mayor of the city of Canton; M. E.
Aungst, probate judge of Stark coun
ty; John NJ. Sarver, superintendent
of the public schools of Canton; r. w
Casselman, eX-clerk of Stark county;
j, l.. Arnold, president of The Canton
Home Furnishing Co. The officials
Of the company are courteous in theil
treatment OF the public and they re
spectfully ask the people to call and
inspect their methods OF doing bust
i ness.