Olympia Building Loan Association Reports 47% Profit and Three New Homes
The local building and loan association closes a successful first six months, announces a new series of shares.
Statement Showing Profits for First Six Months Business of the Olympia Building Loan Association.
RECEIPTS. Premiums: $996.00 Interest: $104.00 Fines: $13.75 Transfer Fees: $5.00 Total: $1,118.75
DISBURSEMENTS. Salary: $319.87 Rent: $65.00 Interest on overdraft: $8.75 Books, stationery, etc.: $28.41 Advertising: $60.00 Notary Fees: $2.42 Net Profits: $634.50 Total: $1,118.75
There are 450 shares in force at the present time; the net profit per share is therefore $1.41. The equated amount of the investment for the six months ending December 1st is $3. This shows a clear profit of 47 per cent.
In addition to this profit to the investors, Olympia has been benefited by the erection of three neat and tasty homes.
At the last meeting of the trustees it was decided to open up another series and the books are now open to receive subscriptions to the same at the office of the secretary, room 8, Chilberg Block.
“In addition to this profit to the investors, Olympia has been benefited by the erection of three neat and tasty homes.”
In 1891, a local building and loan association was the engine of homeownership, turning small subscriptions into new houses. Today, as Olympia grapples with housing affordability, the question of who finances homes—and who profits—remains just as urgent.
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