The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1911-07-27
NEW BUILDING &
LOAN ASSOCIATION

".'nin the next few days the char.
'er ior the building and loan assoo;o
''0n winch is being organized here will
oe received and with the comnlet;on 90
osanlzation the development and
growth of Winnemueca sbonld reoo;,o
great impetus. One of the tb;nos
'nat In the past have materially ham.
pfed the growth of our community
mas been the great lack of homes
tne inability of the town to housa tho
.aA'''ies OF those wishing to locate
nefe. with the advent of the build-
ing and loan company that difficulty is
removed and homeseekers will be en-
apied to purchase and build homes
with the money they have heretofore
spent In rent.
Ihe local building and loan associa-
tion Will be known as the Winnemuc-
ca branch OF the Western Loan &
savings company Of Salt Lake City.
utan, and has been organized bv
william Mallory, the general agent
and organizer of that company. who
mas been here for the past fortnight
for that purpose.
TO permit of the establishment of a
local branch it was necessary to OBJ
tam subscriptions to 200 shares of
stock, but Mr.. Mallory, has found this
very fertile field and his untiring
efforts have resulted in that number
being over subscribed by about half.
While the local company will not be
actually completed until the arrival of
the charter from the parent company,
all steps for the organization have
been taken and its officers and
board of directors selected.
The officers will be, J. P. Grandel,
president; Chris Diess, vice-president; /;
J. s. Holman, secretary and treasurer;
II. w. Duncan. local appraiser and
agent; Guy Sisson, company appraiser;
W. A. Brown, appraiser. The direct
ors will be, F. G. Pearce, E. II. Smith,
A L. Bracket, H. NJ. Leonard and R.
2. Bergwin.
These men. Of course, are all sub
'eribers to the stock. Among the
,ther subscribers are: F. R. Wilkin-
ION, Fritz Hess, Emanuel Hess, Geo.
}. Westcott, Tiffany Poulin, Carl
H. X Davis, S. M. Bowling,
Iohn Saval, D. Conevey, Harry Alley
md L. f. Garth.
For the present the company will
rot open separate office but will have
is headquarters at the Hoffman store.
The funds of the company will be
oaned only on first mortgage cover
no real estate that is improved or to
e improved and on stock of the
These loans are repaid in
ionthly instalments, which include
he interest and a portion of the prin-
ipal of the mortgage. The stock of
he company carries guarantee of 8
0 10 per cent per annum.
In order 10 stimulate the purchase
nd erection of new homes the parent
ompany has agreed to loan each
lOUtn HNt tunes tue iiipuui pdiu 'Y
he stockholders or borrowers in
lonthly installments. The agree
rent signed by the parent company
D this effect is On file here and is as
ollows:
"In consideration that not less than
90 shares of investment stock in the
Western Loan 4 Savings company
re subscribed for in Winnemucea
nd vicinity, the said company here
Y agrees to establish a local branch
Winnemucca and will loan to the
i'd citizens all payments made on
yesfment stock and in addition
,ereto win also loan $500 for each
900 invested by the citizens each
onth. The said loans are to be made
,cording to the company's regular
,stem and upon improved real estate
! security
The conditions required by the
ate law have been complied with and
20 600 in securities have been de-
osited with the secretary of state.
,readv applications for loans exceed
"a s5 400 have been received.
The Western Loan & Savings com
anv Of Salt Lake, the parent com
any was organized in 1892 and its
-as;sent is p. w. Masden. It's auth
-ged capital is $5,00o.ooo and its
ermauent reserve fund 100000.
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