Encyclopedia Dubuque
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DUBUQUE BUILDING AND LOAN ASSOCIATION: Difference between revisions
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Revision as of 17:21, 3 September 2011
DUBUQUE BUILDING AND LOAN ASSOCIATION. The Dubuque Building and Loan Association was organized under a special act of the Legislature. The constitution and by-laws were adopted on February 1, 1876. The incorporators were: G. B. Burch, E. T. Keim, Charles V. McKinlay, W. H. Peabody, William J. KNIGHT, John Flynn, C. W. Ware, H. A. Harvey, H. M. Kingman, C. B. Dean and Frederick GNIFFKE. The corporation was formed for purposes mentioned in Section 1,184, chap. 6, title 9, code of Iowa 1873, which includes that of enabling members to raise money by loans from the Association. The Association was also empowered to buy lots, make investments of funds, etc., to levy and assess members for such proportion of stock subscribed as may be expedient, etc., and to do all lawful things necessary to the success and prosperity of the undertaking.
The principal place of business was located at Dubuque, the capital stock placed at $1,000,000, divided into shares of $100 each, payable 50 cents per month on each share in advance. The money was loaned to members exclusively, limited in all cases by the amount of stock owned by the borrower, and secured by mortgage on unencumbered real estate in addition to the security afforded by the pledge of stock.
In December. 1879, the Association purchased the old fair-grounds, consisting of sixty-four lots, between the corner of Eagle Point and Windsor avenues and Sanford street, near grounds appropriated to the use of the Key City Base Ball Club. The price paid for the property was $13,000. It was the intention of the Association to improve the area by the construction of houses at an early day.
The first officers were: G. B. Burch, President; C. B. Dean, Vice President; E. T. Keim, Secretary; II. W. Kingman, Treasurer; C. V. McKinlay, H. A. Harvey, G. B. Burch, C. B. Dean, W. J. Knight, W. H. Peabody, John Flynn and Frederick Gniffke, Directors.
Meetings were held semi-monthly on the first and third Mondays, and reports were submitted quarterly, on the second Monday.
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Source:
Oldt, Frederick T. The History of Dubuque County