The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1915-11-19
PEOPLES BUILDING &
LOAN ASSOCIATION

the iutlr, development of Ardmore "a
any meeting ever held ia the city,
was a meeting of the board of direu
tors ol the Peoples Building y Loan
association held in the new offices OF
the association in the Guaranty State
bank building yesterday.
\ building and loan association,
when it has sufficient iunGs to meet
The demands of the city tor improving
homes and building new ones is the
greatest asset any city can have,
The Peoples Building \ Loan asso-
citation has been organized for some
time, and has been doing good work
tn a small way, but in June G, F. Sci
yidge was elected secretary and in
Juiy new BOARD of directors was
elected, consisting of Frank 5, Gates
president; Kennott Hudson vice-prcsi
dent, G. L. SeNidge, secretary, j, u,
Rea, treasurer {. r. Adams u. H.
Allen, r. c. Bridgman, u. H. Dawson,
j. " Harreld, f. b. Luke, \. r. Mar
tn H. c. pottcrt, j b Spragins, A.
G. Strachley, were elected directors.
The first work of the association
was to draft a new set Of bylaws in
harmony with the statutes of the state
O. Oklahoma, and in keeping with mod
,u building and loan ideas The
authorized capital OF the association
is one million dollars. At the time of
the organization, less than 100000 of
this stock had been sold The seCre
tary has been quite successful in plac
ing this stock, and in his quarterly re.
port, covering July, August and Sep
tembcr published the first of October,
he showed "A total of $50, 600 of stock
sold, with eighty.tour of the leading
business men and best citizens OF Ard
more AS stockholders. At the meet
ing yesterday he reported that $3.50,
GOO of the installment stock had been
sold, and that he had application from
two parties, one for $4,000 of prepaid
stock and the other for 100000 of
deposit stock, and the board was call
ed together to decide as TO whether
that large "A block of stock should be
sold to one individual and the money
taken in lump sum at this time 1t
was the unanimous decision OF the
board that Ardmore is on the eve OF
great financial prosperity, and that
there will be a great deal of home
building in the next few months, and
that the demand for loans would be
sufficient to justify the sale Of this
stock. Hence the board accepted the
offer of Mr. Chas. Won Weise of $50,
600 cash for $4,000 of prepaid stock,
and of Mr.. c. f. Adams of $4,000 cash
for $40, 600 of deposit stock Mr.. Adams
has the option of changing his de
posit stock into prepaid stock when
the board is ready to place any more
prepaid stock on the market.
This gives the association $4,000
cash on hand to meet present de-
mands for loans. Applications for |
loans with the secretary indicate that
this amount of cash will be used up |
by the end of January. At that time
the directors may place another block |
of prepaid stock and deposit stock
on sale. but for the present all stock, |
except installment' stock, has been
withdrawn.
There has now been sold 100000
of the capital stock of the association.
and negotiations are pending for the
sale of several large blocks of stock.
Roy NJ. Johnson has just subscribed
for $4,000 of installment stock i. {.
Dngs for $4,000 of installment stock
and Chas Won Weise for $50,OOO of
insiallment stock, and there are quite
a number figuring on blocks OF from
$4,000 to $25, 900 Of this stock.
Mr.. Sclyidge, in selling this stock
makes the statement
that Peoples Building & Loan stock
offers the maximum security with the
maximum earning cover Of money
and Is an investment that appeals to
every class of people.
Judging from the growth OF the as
ISOLATION during the past six months,
and from the advantage that Ardmore
now ouers to a building and loan as
sociation. the Peoples Building & Loan
association has every prospect Of be
ing the largest corporation within the
.itv of Ardmore i'm the course Of a very