Los Angeles herald., 1909-01-10

company purchased three large tracts
The Western Avenue Square tract, be-
ing forty acres on the southwest corner
Of Vernon and Western avenues, con-
sists of 1873 50-foot lots. In this tract
we have completed already about a
dozen houses and two-thirds Of the lots
are sold. We also purchased the sew
enty acre tract on the west side of Yer
mont avenue, just south of Florence
avenue.
To Improve New Tract
''This beautiful tract, lying on the
side of the hill overlooking Los Ange-
les, will be laid out and built up during
the coming summer. 1t will be cut into
about 500 lots and f1rst-class improve
ments of all kinds will be put in it.
'Our latest purchase was the forty
acre tract on the southwest corner of
Western avenue and Forty-eighth
street. This tract and the Western
Avenue Square tract join our College
tract on the east and give US a square
piece of ground containing $50 acres,
being eight blocks in each direction,
all inside the city.
These three tracts already have sew
ers in, street work done or under way,
and have UP over seventy houses cost
ing from $4,000 down to $1,000. The
contemplated improvements on these
three tracts will call for over 50, 000, 900
\ "Our College tract has been a great
success and articles describing it have
appeared in eastern, English and
French papers. This tract Is the only
one we know of in America in which
no vacant lots are sold and where large
sums Of money were spent for beautify-
ing, parking, putting in lawns, trees
etc. These are acknowledged to be the
most beautiful residence streets any.
where in the United States.
THE company now owns eight tracts
Three have been entirely built up, and
the fourth Older Place No. p is almost
completed. We are now at work or
College tract and Western Avenue
Square, and will soon be ready to com
nence building homes on our Vermont
avenue and our new Western avenue
tracts.
Greatest Cooperative Company
During the year we surpassed in
capital the London Cooperative Build
ing company, which prior to that time
was the largest, and we are now the
largest cooperative building company
in the world. We unhesitatingly say
that the principal reason for the great
success of this company has been the
cooperative feature, both Of our en-
ployes, and especially our small stock
holders who have brought us so much
business.
THE guarantee fund, which is man
aged by the officers Of the Globe Saw
ings bank, has up to date purchased
$40, 72376 worth of stock. The fund is
now valued at SO, 1852 This fund die
its work beautifully during the panic
and we feel absolutely certain it will
forever accomplish it's object-that is
to protect any stockholder holding less
than $500 worth of stock from loss
through being compelled to sell.
1.-THE directors have increased the rate
Fof cash dividends this year per cent
above that of last year. The question
of what proportion of our profits to
divide has always been debatable
one. Some favor paying all. others
paying nothing, while others take vari-
Gus middle courses.
"Our directors nine years ago adopt
ed the policy that no matter what
we make we should not divide it all
but carry each year something to our
surplus fund. The intention is to in
crease our rate of dividend every year
indefinitely, always Withholding part
Of the profits, and we believe that in
ten years we will be able to divide 100
per cent a year dividends among our
stockholders regularly"