CLEVELAND NEWSPAPER DIGEST JAN. 1 TO DEC. 31, 1874 Abstracts 455 - 458 BUILDING & LOAN ASSOCIATIONS (Cont'd) 455 - L Nov. 3:7/4 - An important decision was rendered by Judge Barber in regard to incorporating building societies. There are 14 such associations in this city, one among them being called. The Forest City Land and Building association. The custom of this society was to put up a sum of money for competitive bidding, and the person offering the highest bid received the loan. As soon as the loan was made the stock of the borrower was cancelled or redeemed by the society and he ceased to have any further interest in the profit. In many cases, the premium offered was as much as 50 per cent. Judge Barber delivered a decision in the case of Farrel E. Gallagher and the building association that (1) For the purposes for which the society was organized the law should be liberally construed; (2) These associations have four ways of raising money - by stated dues; by fines; by interest on loans to members; by premiums; (3) The law gives no power to collect as interest more than the legal rate; (4) The association cannot collect interest under the name of fines; (5) They cannot discount their loans, nor can they charge interest on premiums paid for procedence in taking loans; (6) The amounts actually paid by the association to the borrower constitute the loan. 456 L Nov. 5:7/3,4 In a letter to the editor, "S" says: I do not exaggerate the importance of the decision of the superior court interpreting the law under which building associations were organized. take a longer lease of life than that court is likely to get to repair or atone for the mischief of that decision. It will The most regrettable feature of the matter is the endorsement of a gross commercial dishonesty which this decision gives. The law passed in 1867 was expressly intended to modify and restrict the disabilities imposed by the state of usury, but by long use and custom the statute of usury came to be invested with a peculiar sanctity. (12) (18) 457 L Nov. 6:7/4 - In a letter to the editor, "W. C. P." Akron, O. says: The decision of Judge Barber in the case of the Forest City Land and Building association, if sustained by the Supreme court of Ohio will prove a great hardship on many a working man who has deposited monthly in one of the many associations the hard-earned savings of six or seven years. Under the present decision the early borrowers are the only share-holders who make anything out of the association, for at a time when it would have been impossible to borrow elsewhere at less than 15 per cent, they were able through the association to secure it at six per cent. 458 L Nov. 16; ed: 4/2 The recent decision of the superior court of this city affecting the law under which building associations are organized has invested that subject with unusual interest. The parties most directly interested are, as a class, workingmen who have invested their savings in these institutions without any clear or definite means of knowing much about their legal status. With the purpose of shedding as much light as possible upon the inner workings of the building associations of Cleveland, we publish this (6) CLEVELAND NEWSPAPER DIGEST JAN. 1 TO DEC. 31, 1874 Abstracts 459 - 463 BUILDING & LOAN ASSOCIATIONS (Cont'd) morning the report of an interview with the secretary of one of those institutions, which can not fail to be interesting to those most concerned in the subject. The case of Mr. Gallagher, out of which the present controversy has grown, has been referred to the Ohio supreme court on a writ of exceptions and will probably be decided during the present week. 459 L Nov. 16:8/2,3 - An effort has been made to take the case of These associations make money only by premiums bid, interest on loans, and penalities for non-payment of dues at stated periods. If the supreme court declares the law under which they are operating unconstitutional, the borrowers and non-borrowers will then be in the position of debtor and creditor; the non-borrowers can collect the amount of money paid into the association and legal interest and nothing more. (3) (27) 460 L Nov. 18:8/2 A meeting of the various building associations was held last evening at Temperance hall on Superior st. Charles Thompson of the Union Building association was elected chairman. The object of the meeting was the adoption of a plan by which the affairs by the different societies can be closed up in a manner satisfactory to all, and by which the non-borrowers can receive what is due them. Some of the organizations had made arrangements for paying off the non-borrowers gradually. The ruling sense of the meeting appeared to be to wait a short time to give the whole matter more consideration. The following societies were represented: Buckeye, Union, Mechanics, Odd Fellows, Forest City, Germania, Cleveland Land and Building, and Cleveland Homestead and Enterprise. (11) - 461 L Nov. 18:8/2 The Forest City United Land and Building association held a meeting at Gallagher's hall, Superior and Erie sts. (2) 462 L Nov. 21:8/1 Leave to file a petition in error in the suit of Gallagher vs. the Union building association has been granted by the state supreme court. 463 L Nov. 23:7/1 The flurry among those interested in building associations still continues and the decision of the supreme court is looked forward to with anxiety. A special meeting of the Cleveland Land and (1) CLEVELAND NEWSPAPER DIGEST JAN. 1 TO DEC. 31, 1874 Abstracts 464 - 470 BUILDING & LOAN ASSOCIATIONS (Cont'd) Building association is to be held at Manx hall, this evening, to receive and act upon the report of the committee on ending the association immediately. BUILDING CONSTRUCTION L Jan. 6; ed: 7/2 See Insurance 464 L July 4:7/3 John Tod sold a house to Charles Otis and Hubbard Cook, who will build up a business block. Dr. K. Cushing and Caines Cobb are to erect a business block on the south side of Euclid ave. It will be but a short time before Euclid ave. between Erie st. and Public Square will present an unbroken front of handsome business blocks. L July 24:4/3,4 See Fires & Fire Prevention BUILDINGS Chicago Fire (2) (2) 455 L Apr. 28:8/1 The tearing down and removal of the "Old City Building" on Superior st. commenced Apr. 27. This was the oldest building in the city, built in 1833 by Wheeler Bartrum. Charles Bradburn was the first merchant to occupy it. 466 L July 3; ed: 7/3 Since the other two public halls, the east side "Cannot some association or stock company be formed for the purchase of this building? The city absolutely needs it." · 467 L July 23:7/4 The Case block is not to be made into a hotel. (4) (7) '(2) 468 L Sept. 5:7/1 - The monogram "H. F. C." is being placed on the front of the roof of the new Clark block in honor of the late Henry F. Clark. The new block is being built by his heirs. 469 L Sept. 5:8/4 Mr. John Boutail, well-known citizen, is introduc- BUILDINGS, PUBLIC (4) 470 L Jan. 23; ed: 4/1 - More towns than ever before press Congress for appropriations for public buildings. It is reported that a combination CLEVELAND NEWSPAPER DIGEST JAN. 1 TO DEC. 31, 1874 Abstracts 471 - 477 BUILDINGS, PUBLIC (Cont'd) of members representing the clamorous localities is forming which will compel the squandering of millions in this way. "And yet all the local papers in all these places will howl for economy and retrenchment as with one accord." 471 L Feb. 10; ed: 4/1 Will the Cincinnati TIMES please take notice that Cincinnati is indebted to General Garfield for his influence in securing completion of public buildings in that city? And will it have the manliness to retract some of the mean flings at the chairman of the appropriation committee? 472 L May 22:8/2 City council last night passed a resolution providing for the appointment of a committee to report on a suitable site for the erection of a city hall building. (2) (1) (1) 473 L June 3; ed: 4/3,4 - "It is proposed that the city shall negotiate for the purchase of the Ursuline convent property on Euclid ave. as a site for the new city hall. The price demanded is...$200,000.... This would make the cost per foot about $1,050.... By locating the hall on the Square it would be accessible from all the street railroads, and it would have the advantage of being in easy proximity to the court house.... But, as we have said before, the proper and most convenient location for the hall is on the Park, where it would not only be convenient of access, near the court house and car lines but where it would add materially in making solid and beautiful a center and important quarter of the city.... The progress of business up the avenue will be sufficiently rapid of its own accord, without any help from the city government. (11) 474 L June 4; ed: 4/2 All the talk of securing the convent property on Euclid ave. as a site for the new city hall may as well be abandoned. We assume with some confidence that the city is not just now eager to pay $300,000 for a lot for the city hall, especially when sites more convenient and accessible can be purchased for less than half that amount. 475 L Dec. 22:4/6 City council last night passed a resolution providing that the board of improvements report to the council the cost of real estate bounded on the north by Monumental park, on the east by Ontario st., south by Champlain st., and west by an alley, and report also as to its feasibility as the site of a new city hall. (3) (1) 476 L Dec. 29:8/2 City council last night received and filed a proposal from H. Harvey who offered to sell a lot on the corner of Erie and Prospect sts. for $99, 104.15 as a site for the proposed city hall. (1) BUILDING TRADES - See Labor BURGLARIES A Negro broke into Dancey's meat market at 11 Hill st. yesterday morning and stole $40 and a lot of meat. Robert Minor was captured, and the meat was returned, but the money was not found. (1) CLEVELAND NEWSPAPER DIGEST JAN. 1 TO DEC. 31, 1874 Abstracts 478 - 486 BURGLARIES (Cont'd) 478 L Mar. 16; ed:7/1 The store of M. Mooney, 321 Superior st., was entered by burglars last night and about $600 worth of merchandise was stolen. One hour after the discovery of the burglary, Detective Frank put Cass, who said he was a sewing machine agent, and Young, claiming to be a commission agent, behind the bars. The stolen goods were found in their rooms. 479 L Mar. 19:8/4 Mary Goldsborough and her brother were arrested, tried, and found guilty on a charge of housebreaking yesterday. They received a sentence of 60 days and were fined $150 each, and committed until paid. chewing tobacco. Mary appeared dressed as a man her usual costume She was an admirable counterfeit of a fast young man. She has just recently been released from the penitentiary. 480 L Apr. 15:8/1 - The store of W. H. Sawyer in the 18th ward was entered by three men yesterday morning and a quantity of boots and shoes valued at $80 was stolen. (17) (4) Ed Hardy was arrested later by Officer Quinn on Detroit st., having in his possession boots and shoes worth $40 wrapped in an overcoat. The goods were later identified as those stolen from Sawyer. (3) 481 L Apr. 27:8/4 The residence of M. C. Younglove, 185 Euclid ave., was entered by burglars on Apr. 25. They stole from $1,000 to $1,500 in lace and jewels. The burglars left no clews. 482 L June 15:7/1 - The house of Mr. Mulcahy, corner of St. Clair and Rossiter sts., was entered early in the morning of June 12 by burglars and some clothing was stolen. The saloon of Jacob Heiser, 657 Broadway, was entered June 11, and money and several articles were stolen. (1) 483 L June 18:7/1 - Robert Jones of Broadway st., reports that his watch, valued at $45, was stolen from his residence on June 16. (1) 484 L June 20:7/1 - The proprietor of the store at 448 Lorain st. reported that on June 17 his store was robbed of revolvers, pocket knives, and other goods to the value of $145. The door to H. S. Davies' coal office was found open June 18, and the safe found unlocked. 485 L June 22:7/1 - William A. Bruner, the cigar man, is minus a $200 gold watch and $40 cash which was stolen from his residence on Johnson st. June 20. (1) 486 L June 22:8/1 The store of H. M. Brown and Company, Ontario st., was entered June 20, and $170 worth of silk was stolen. Henry Ward, 300 Cedar ave., reports that a suit of clothes valued at $35 was stolen from him on June 20. |