Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-11-20
The Trumbun County Loan
and


EDiToE CHRoSfcLE :-In last weeks
issue of the Chronicle you spoke of
the prospects of organizing a Building
and Loan Association in Trumbull
County, similar to those in successful
operation in Cleveland. Newburgh and
other places. l believe that the pros
poets here are good. The workings of
such Associations need but to be IN
derstood to be appreciated. l, as a SIN
cere friend 20 the enterprise, have Ia
ken the trouble to inform myself as to
the practical utility of the same, and
for the benefit of those who have not
given the subject much attention, l
have takn the liberty to give an ex-
PLANTATION of Ne one at Newburgh.-
For the sake of easy illustration, we
will suppose them to number one hun
dred members, each member owns ten
shares Of two hundred dollars each,
which he pays in at the rate of one
dollar per share monthly this makes
a total of one thousand dollars per
month, paid into the treasury Of the
Society. This money is Immediately
loaned to some member or members,
at an interest of one-hslf one per cent.
per month, over and above a certain
premium which he allows to be de-
Quoted. But, TO make it palmer still,
will suppose you to be a member of
this Association. You own five or ten
shares as the case may be-we will say
fve-you are in want of money (which
you csn not obtain outside of the soci-
ETY. unless you pay an exorbitant rate
of interest)-you attend the monthly
meeting and put i'll your bid. For in
stance you are willing to accept for
your prospective income of a thousand
dollars, seven hundred dollars. If no
member is willing to take less, you
have the money, and you pay it back
exactly in such installments as salts a
Dorking man, to wit: FIVE dollars per
month, besides the interest, for a period
which, in all probability, will not exceed
seven years. 0fcourse you must give
good security and faithfully pay your
monthly dues, which in this case would
amount, interest and all, to ten dollars.
In all likelihood this is not a whit more
than you are now paying for rent
And then what is living in a rented
house (if house, in many instances, you
may call it, to living on your own
homestead, surrounded by your own
evergreens, and improvements gener-
ally? Ifyour wife wants a shelf here,
a clothes hook there, you have the sat-
~isfsction of knowing that you will not
have the same thing to do over in some
other place, and so on from year to
year; and what is still above all, you
will soon have a little money to pur-
chase such luxuries as you must do
without now, for your rent must be
paid, or the landlord will turn you out
sick or well. Many renters can bear me
witness to that. But enough of this
Everybody can appreciate the differ
between the one and the other.
L: Is proposed to organize an Associ-
alton working similarly to the above,
in this county. All persons interested,
and who will likely take one or more
will please leave their names
in q book for that purpose at one of
the following places: Porter's Book
Wilson & Dray's; Freer &
Smiths. We hope that persons will
not delay in this, as it is intended to
call q meeting soon, for the purpose of
organizing. HOMESTEAD.