Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1922-12-01
R[CHNOND'S fine
BUILDING AND
LOAN ASSOCIATION

We have one in the city. 1t
represents sixty five thousand
dollars in stock. and its officers
are John Y. Crooke, President;
7 Edward Z. Stockton, Vice Pres
ident; H. 3. Cosby, Secretary,
and its directors are r. ]. Nc
! Kce, \. ]. Suit. f. NJ. Stivers,
John A. Kunkel, Geo. ID. Sim
mons, John w. Crooke. Edward
{. Stockton and II. B. Cosby.
4 It is not a charitable enter
prise, neither is any one asked
to contribute a cent to make it
d success. 1t is purely d mutual
concern, and is doing great
good ior the city.
The association was started
about ten years ago, and in its
organization a large outlay OF
expense was necessary. and like
, other organizations OF its kind
without a lollar in the begin
ming, It liTe.i h-~l for the first
Iyear bec&1se the organization
expense, tho necessary books
sllfi- Equipment and clerical out
hay ate up more than the gross
p1oiits, However, many citizens
tcn,efprisin9 in their make up,
paid their dues for the whole
year, receiving not cent inter
! est OF dividend.
! i hril4in9 and loan associa-
ton, functioning as the MADI-
SON COUNTY BUILDING and
Joan ASSOCIATION now is.
with all The original and large
| outlay Of expense, borne by orig
, nal stockholders. taken care Of,
! can with pride present to the
| public some of the achievements
] Take glance at South Second
, street, where it had to do with
! its building, as well rs dozens OF
| other houses scattered over the
city.
/ Further possibilities of the as
ISOLATION depend upon the pub
i lic. for every share OF stock tax
en- by any person gives the as
/ ISOLATION chance t. enlarge its
! looming power.
| The civic clubs. contractors,
material men, artisans and the
| people in general should appre-
ciate an enterprise Of this KIND,
and not only give it a boost, but
! Individually take cut Shares,
! thereby receiving a splendid rate
Of interest in return. and at the
! same time enabling. the associa-
| ton to meet not only the de-
mands OF the public, but to, en-
hcourage building, which would
mean enlarged building payroils,
! and in turn a benefit to the
! whole community ~tt
! The funds Of the association
| are invested in first mortgage
/ loans not exceeding two-thirds
of the value OF the property,
with FIRE insurance policies pay
able to the association.
! Before money is loaned the ii
tie to the property is investigat-
ed by attorney, and if flaws ap-
4 pear 10 money is advanced I'M
/ til the flaws are corrected.
Under the laws of Kentucky
the building and loan associa-
tons are examined III the same
manner as state banks are, and
I also regular reports are requir-
ed to be made to the Banking
! Commissioner at Frankfort, Ky.
The association, of course, has
its success in loaning the dues as
they are paid in, which is to the
investor and borrower alike, Is
| cents per week on each share
subscribed for, payable weekly,
monthly or quarterly as they
may choose, and in case of the
! borrower nc pays 6 per cent per
annum on the amount borrow
ed, together with 5 cents per
week premium on each hundred
dollars borrowed.
The borrower participates in
the profits exactly as the invest
or according to the number of
dollars he has paid in, for those
dues are the borrowers and he
is entitled to interest or divi-
dends on such dues.
The Madison County Building
and Loan Association makes an
effort to be fair with its. invest
ors and borrowers alike, and
while many associations swell
their dividends by imposing fines
on an individual because be hap
pens to forget the day of pay
nent the Madison County Build
ing and Loans Association applies