Vermilion County, Illinois - Chapter 28: Building Associations, 1911

An act of the legislature approved April 4, 1872, "to enable associations of persons to become a body corporate, to raise funds to be loaned only among their members, having for their object the assistance of persons of small means to secure homes at about the cost which they must pay per month for rent," was a great factor in the building of Danville. The first building association organized was in 1873, with W. P. Cannon as president; William' Giddings as vice president; Asa Partlow, secretary; R. A. Short, treasurer, and F. W. Penwell, attorney, who with George Wheeler Jones, M. D., J. H. Miller, O. S. Stewart, W. J. Henry, George Dolon, J. R. Holloway and C. U. Morrison, constituted the board of directors. The capital stock was limited to $400,000, and the books were closed when 3,313 shares had been subscribed, at $100 each. This was The People's Building Association. The Mechanics' Building and Homestead Association of Danville, perfected its organization, November 22, 1873, with W. W. R. Woodbury, president ; W. A. Brown, vice president ; J. H. Phillips, secretary ; E. H. Palmer, treasurer, and J. W. Jones, attorney. The 2,500 shares of authorized capital stock was duly subscribed.

The Danville Building and Savings Association was organized August 20, 1873, will Judge Terry, president; J. G. Holden, vice president; V. LeSeure, secretary; A. S. Hawes, treasurer; and J. P. Norvell, attorney. The capital stock was $250,000. The officers later became : J. G. Holden, president ; Dudley Watrous, vice president ; B. E. Bandy, secretary ; A. S. W. Hawes, treasurer ; J. P. Norvell, attorney, who with the following composed the board of directors : V. LeSeure, C. L. English, C. K. Miers, C. J. Palmer, J. B. Mann, E. E. Boudinott and John W. Dale.

The Danville Benefit and Building Association was chartered June 12, 1874, a few days before the act repealing the act authorizing such associations took effect. An organization was effected February 28, 1877, with J. G. Holden, president; S. H. Stewart, secretary, and T. S. Parks, treasurer, and twelve directors. The authorized capital was $1,000,000, in shares of $100 each. A second series of shares was opened in March, 1879. The assets of this association at its last annual statement, March, 1910, were $1,535,534.50. The assets of this association at its last annual statement, January, 1910, were $487,153.45. In December, 1888, The Germania Building Association was organized, on the serial plan. Authorized capital, $10,000,000. Its first officers were: president, G. L. Klugel ; vice president, Gottlieb Maier ; secretary, Carl Winter ; treasurer, A. Es-

The Building and Loan Associations located in Danville, from the date of the organization in 1873, have been phenomenally successful, and of incalculable value to the people. And not only by enabling thousands of families to procure their own homes, but also by instilling and fostering in the minds of the people the importance of saving money. By the last report of the Auditor of Public Accounts of the state of Illinois, for the year 1909, the assets of the Building and Loan Associations in the entire state, amounted to $58,444,972.52, and of that sum, $6,337,553.12, or nearly eleven per cent are held by the associations located in Danville. The three building associations organized in 1873 issued all their shares as of the same date, and when those shares reached the matured value, $100, the association necessarily went out of business, which they did in about eight and one-half years, from the date of organization. At the session of 1878-79, the Illinois legislature reenacted the building association law: said act being in force from and after July, i, 1879, and has been amended by acts of sundry dates thereafter. In December, 1879, The Equitable Building and Loan Association was organized on the serial plan, and with an authorized capital of $5,000,000. Its officers were William P. Cannon, president ; Dr. George Wheeler Jones, vice president; Asa Partlow, secretary; John W. Giddings, treasurer; F. W. Penwell, attorney: Its assets at its last semi-annual statement, August, 1910, were $913,516.16.

November 18, 1880, The Danville Building Association was organized on the serial plan and with an authorized capital of $10,000,000. Its officers were George W. Hooton, president ; William A. Brown, vice president ; James H. Phillips, secretary; Ezra A. Leonard, treasurer; and James W. Jones, attorney. Its assets at its last semi-annual statement, July, 1910, were $1,870,792.26.

Contempory with the Danville Building Association, The Vermilion County Association was organized on the serial plan, organized capital, $5,000,000. Its officers were J. G. Holden, president ; Dudley Watrous, vice president ; C. L. English, treasurer; B. E. Bandy, secretary; J. B. Mann, attorney. The assets of the association at its last annual statement in January, 1910, were $879,563.54. March 21, 1882, The Home Building Association was organized on the serial plan. Authorized capital, $5,000,000. Its officers were Achilles Martin, president ; W. D. Lindsey, vice president ; James H. Phillips, secretary ; F. W. Penwell, treasurer; W. A. Young, attorney. The monthly payments on each share in this association was $1,000. This association was very popular from the date of its organization, and in eight years its assets were about one-third of a million dollars. In November, 1903. The Danville and Home Building Association, being practically under the same management, and then on the same plan, it was voted by the directors of each to merge the two associations and wind up the Home. The Home is yet in existence, but its assets, at its last statement, had been reduced to $19,717.25.

In November, 1884, The Fidelity Investment and Building Association was organized on the same plan, with authorized capital, $10,000,000. Its first officers were : president, C. H. Giddings, vice president, Louis Platt ; treasurer, C. U. Feldkamp; secretary, W. F. E. Gurley; attorney, W. J. Calhoun.