The Black Hawk Homestead Building, Loan and Savings Association

The Black Hawk Homestead Building, Loan and Savings Association, of Rock Island, Illinois, was incorporated under the laws of the State of Illinois on July 25, 1887, with an authorized capital stock of $1,000,000, consisting of ten thousand shares of one hundred dollars each, to be issued in series at the discretion of the board of directors. So great was the demand for the stock, the association, at the end of two years, was compelled to increase its authorized capital stock to $10,000,000. This association has by resolution of its board of directors issued series every three months. The stock is issued in three classes; namely: “A” “B” and “C” and payable as follows: Class “A,” fifty cents per share per month; class ” B,” one dollar per share per month; and class “C,” two dollars per share per month, maturing to par value of one hundred dollars per share in one hundred and thirty-seven months, seventy-nine months and forty-five months, respectively. This money is loaned by the association to its stockholders at the rate of six per cent per annum, and a monthly premium of twenty cents per share per month. Thus, a stock-holder having a lot of sufficient value to warrant a loan for building a house is enabled to acquire a home by the payment of easy monthly installments similar to house rent. Through this system, the association has prospered wonderfully, and in the twenty and a half years of its existence has loaned to its stockholders over $1,700,000, providing money for the building of houses to the number of eighteen hundred in the Cities of Rock Island and Moline. Estimating the population on the basis of five to a family, the association has provided homes for nine thousand people, which in itself would make a city of no mean proportion. This association is to be regarded also from the standpoint of a savings bank, and in this feature cannot be excelled. It affords an opportunity to those who are desirous of saving money in small amounts of one dollar and upwards, and pays a liberal interest upon their investment. It has, during the time of its existence paid out to retiring and maturing stockholders, $2,250,000. The officers of the association at present are: E. D. Sweeney, president; H. H. Cleaveland, vice-president; F. K. Rhoads, treasurer; T. J. Medill, secretary; and Sweeney and Walker, attorneys. The office of the association is suite No. 210, Peoples National Bank building, Rock Island, Illinois.

 

City of Rock Island 

 

Source: Historic Rock Island County, pub. Kramer & Company, Rock Island, Illinois, 1908