The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-10-28

BUILDING aS5OglAIloNS.-f w = IAN y
in Wheeling some four or i've Build
ling Associations. As We stated The
other day, their organization in our
midst has stimulated the march of inn
provement, and several Of the new
houses that have recently gone up were
| built by the aid of loans from these So
cie;ies. But few people who haye not
| given considerable attention 10 the
matter understand the mudus operBndi
of these institutions. As matter OF
general interest wewill give tie follow
ing brief outline OF the plan upon which
they are organized. The theory on
which they are founded is, that the
monthly deposit OF sum but Little
greater than the monthly expenditure
for rent will enable any man or woman,
| at the end OF term OF from eight TO
1 eleven years, 10 own the Homestead,
! instead of continuing TO pay rent for II
! for all time to come. This Is the brieIest
way Of stating the principal advantage
/ claimed dor building ASSOCIATIONS, al
] though there are number OF minor
| and collateral benefits in the system.
/ We have not space enough IN an article
! like this to desert be the means by which
L
| this system is worked out, but the
principal point is this: The subscTI-
oers each agree TO take one or more
shares in the society, and upon each OF
these shares to pay one dollar mOntn,
and this money is loaned out to the
members at premiums and Interest for
building purposes, and allowed 10 ac-
cumulate until each share becomes OF
The value oftwo hundred dollars, when
full settlement is made, and the So
ciety il continued, takes iresh start.
If subscriber takes seven shares he
pays seven dollars II month, or eighty
Jour dollars year, and he is entitled
TO borrow $500 tor buildinS purposes,
or to buy house, lUE I. iI.Gh he gives
mortgage on the house he builds or pur-
chases. For this money he pays inter
est, as well AS the monthly lnstaLIments,
until the shares are settled as above
stated, when the mortgage Is eXtin-
guished by the value Of the seven
shares. This IL Is said, takes place in
from nine TO eleven years, and at an
expense for monthly deposits, interest
and premium not much greater than
would be paid Tor the rent OF the house.
If the su bscriDerS do not wish TO bOr-
row money or to build, they simply
pay their one dollar a month for each
share, and find their profit III sharing
the accumulated interest and premiums
paid by the mem bers who do borrow 10
build. This profit, 1t Is claimed, ErOMh
so rapidly that the small sum OF tive
dollars month, paid for a period not
greater than ten years and ten months,
will increase by that time to $1,000, OF
which $3.50 will represent the monthly
payments. and the other $3.50 will be
profit.
There may be some ground to ques-
ton whether the advantages, as thus
stated, are not somewhat Overdrawn;
but this We do not affirm. However
this may be, there are certainly several
peculiar advantages about the plan.
First, it stimulates and encourages the
desire to save, by fixing specific sum
to be deposited, and the tune when It Is
to be paid in. This IS Il capital point.
Then 1t holds out one OF the most sub
SldntidL advantages as the result of in
vesting small sums, viz: the sGUiHg of
rent and the ownership of II homestead.
Again, to the poor man, whose bust
ness Is not of kind 10 enable him TO
| borrow money in the usual way, from
banks or capitalists, for building pIlr-
/ poses, it offers the only certain means
/ within our knowledge Tor accomplish
( ing the purpose. The building associa-
( ton system, therefore, seems 10 us
worthy of the attention of the industri-
| GUS and thrifty clusses Of our commu-
nifty, who wish To do well with small
| savings.
MORE BASE BALL.-On Saturday
afternoon the match game between the
Benedicts and Bachelors came off on
the Island. The following is the score: