Midway City Building and Loan Association [RG3770.AM]

HISTORY NEBRASKA MANUSCRIPT FINDING AID

RG3770.AM:  Midway City Building and Loan Association (Kearney, Nebraska)

Records:  1888-1898

Kearney, Buffalo County, Nebraska

Size:  1.0 cu.ft.; 2 boxes

BACKGROUND NOTE

The Midway City Building and Loan Association of Kearney, Nebraska, was incorporated in 1888.  The Association’s Constitution defined its business as the “raising of moneys to be loaned among the members thereof for use in buying lots or houses or repairing or removing incumbrances from houses.”  The Association was also authorized to “levy, assess, and collect from its members such sums of money by rates of stated dues, fines, interest on loans advanced and premiums bid by members for the right of precedent in taking loans.”

Beginning with capital stock valued at $500,000.00, the Midway City Building and Loan Association appeared stable, dealing in 6 series of stock shares.  In May 1897, however, the State Banking Record of the State of Nebraska examined the Association and found it insolvent and concluded that it was conducting its business in an “unsafe, unauthorized, and unlawful manner and was jeopardizing the interest to its stockholders.”  No dues had been collected since 1896, the directors were no longer stockholders, and the officers were found to have bought real estate put up for public auction by the Association, at a price much less than its real value.  The Association was then placed into receivership.  After its affairs were cleared, the Midway City Building and Loan Association was dissolved officially in 1898.

SCOPE AND CONTENT NOTE

This collection consists of two boxes of records of the Midway City Building and Loan Association.  The records date from 1888-1898 and are arranged in seven series:  1) Constitution and by-laws; 2) Account books; 3) Financial statements, 1893-1896; 4) Legal cases, 1891-1898; 5) Contracts and Letters of Agreement, 1888-1898; 6) Stock Certificates, 1888-ca.1894; and 7) Receipts, 1889-1893.

This collection relates to financial transactions conducted by The Midway City Building and Loan Association of Kearney, Nebraska.  Series 1 contains the Constitution and By-Laws of the Midway City Building and Loan Association, written and signed in 1888.  Signatures of the original signers are included.  The Account Books of Series 2 are records of shares held by stockholders.  Information included in each stock record book includes name of the individual holding the account, date of purchase or transaction number of shares held, dues, fines, transfers, interest, and signature of an Association Representative.

Series 3 contains Financial Statements of the Midway City Building and Loan Association for the years 1893-1896.  Assets, such as loans, real estate, expenses and taxes paid, cash held, and withdrawals are shown.  Liabilities, such as dues, premiums paid, interest, and fines are also noted.  A final statement providing information on number of shares in force by series, assessed value, and withdrawal value is included for each year covered.  Series 4 provides transcripts of legal cases in which The Midway City Building and Loan Association was involved.  Of particular interest is the transcript of the case which pronounced the association insolvent and dissolved the business.

The Contracts and Legal Agreements, 1888-1898, of Series 5 deal with the expense bills, orders of withdrawal, loans made, bills changed, warranty deeds, stock orders, and recordings of interest paid.  The stock certificates contained in Series 6 were issued by the Midway City Building and Loan Association, 1899-ca.1893.  They provide the name of the individual purchasing stock, the series of stock being issued and the number of shares being purchased.  Series 7 contains Receipts (cancelled checks and check stubs), 1889-1893.  The receipts show expenses, salaries, and withdrawals paid, providing information as to who was paid, the date the payment was made, and the service rendered for payment.

INVENTORY

Series 1 – Constitution and by-laws

Box 1

Volume

1. 1. Constitution and by-Laws (includes signatures)

Series 2 – Account books

Box 2

Volume

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 1

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 2

1. 1. Stock Series 3

1. 1. Stock Series 3

1. 1. Stock Series 3

1. 1. Stock Series 4

1. 1. Stock Series 4

1. 1. Stock Series 4

1. 1. Stock Series 4

1. 1. Stock Series 6

Series 3 – Financial statements, 1893-1896

Box 2

Folder

1. 1. Financial Statements, 1893-1896 – listing assets and liabilities

Series 4 – Legal cases, 1891-1898

1. 1. Legal Cases, 1891-1898; includes court case placing Association under receivership and dissolution

Series 5 – Contracts and letters of agreement, 1888-1898

1. 1. 1888-1889 and undated of these 2 years

1. 1. 1890-1892

1. 1. 1893-1894

1. 1. 1895-1898 and undated

Series 6 – Stock certificates, 1888-1894

1. 1. Stock Certificates, 1888-ca.1894

Series 7 – Receipts, 1889-1893

1. 1. Receipts showing expenses, withdrawals, and salaries, 1889-1893

Subject headings:

Buffalo County (Nebraska) — Businesses

Business and finance

Kearney (Nebraska) — Businesses

Midway City Building and Loan Association (Kearney, Nebraska)

AIF         12-12-1979