Olympia's Building-Loan Society Built Three Homes and Paid 4½ Percent
A half-year statement from the Olympia Building Loan Association showed 450 shares in force, a net profit of $634.50, and three new houses—then opened a new subscription series.
Statement showing profits for the first six months' business of the Olympia Building Loan Association.
Receipts: Premium, $996.00 Interest, $104.00 Fines, $13.75 Transfer fees, $5.00 Total, $1,118.75
Disbursements: Salary, $319.67 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 $31. This shows a clear profit of 4½ 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.”
Building-and-loan associations pooled small subscriptions to finance homes when conventional banks were not an option for many wage-earners. The half-year report is a small-scale ancestor of today's housing-supply and first-time-buyer debates in Olympia.
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