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