The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1867-06-21
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found at the athee o. n SfC4AFIKAp,
in the Post Office. TIE Constitution Of
the Association, which is printed on
the fourth page Of this paper, fully sets
forth thsobjecs plaE shdaysbem pfthis
co-operatiTem movement. Briefy7the aim
of the movement is to enable men of
limited means to become the owners Of
homesteads by loaning them money at
small interest on long time. Were the
great advantages of these institutions
properly and thoroughly understood by
the people, they WSsld speedily avail
themselves of the opportunity Of be-
coming members, in order to reap the
benefit of such associations. No safer
or more profitable investment is known
for small monthly deposits, Similar
institutions are now, and .havesbeen; in
existence in the eastern cities for some
years, and in England athey have been
in successful, operation for more than.
forty years. We feel certain that those.
of limited capital needing homes would
lose no time in securing shares If they
only knew the benefits to. be, derived.
Rents are high, and thereois no pros
pect that they viii be lewer.noAs. our
town grows, slie demand for hosfseswill
increase, and those Fhos DO not own
houses will be obliged tspsy almost any
rent asked. By taking shares in the
Building Association a person win be.
able to buy bis house and lot and pay.
for it in monthly iRstalments no larger
than be would have to payif he'rented.
For example, he takes Ten shares in The
Association, which costs himteB dollars
a'month during the continuance of thscl
Association, which willsbeBabodt rseven
years,. Each share, ,repfesents two.
hundred dollars; his ten'shaFes, two
thousand dollars, The, Association viii
have two Thousand dollars to loan aeFv-'
cry month. Whoever pays the bighest,
premium, gets the loan. Suppose he
pays thirty, per cent premium (which
lis higher by Is per cent than will be
paid he is then required teIfurnish
satisfactory securityto the Board Of Di-
rectors. Now. having bought out tehI
shares, $4,000, and given thirty, PEI
cent premium, which iss.s6D0, ohebre d
ceives out of the Association the Sum
Of 81, 400. His payments, which were p
ten dollars per month are now incfsaa
ed by adding ten dollaUsIintenest, (for
he pays interest on the two thousand
dollars) so that his paymentsaretwentg.
dollars per month. In In twelve months Sia
his payments amountte SS4opes yeat
Multiplied BY seven, to represent seven
years, his total payments sq aqmognt y 81, $50.
He received from The ,Associstioh
s., 400, so that he pays in now for the
use of his fourteen, hundred $780,
which, though he paid thirty per cent
premium, his loan Of $l,401, is less
than per cent interest for tbeii@hole
time, besides having mad the "a ldFFsiptage
of paying all his principal by'monthlya
payments. saiIs iin' q9aal ls5a
!, Equal advantages are offered, 70 p Share
holders who do not7sredeems their
shares. Ten shares per month S t is SO,
one year $l20, in seven years Ss49 /
receiving 81, 600, being clear profit in
seven years Of .$1,lsOr The probability
is that an Association viii run out iH n
much shorter time than seven years, /
and if 50 the profits to. all shsEeholders n eIhttold
are greater. ablaHyea q
It.sis expected that the Association
Win dispose of its thousand shares BY
the first of August atewhich time--4ar
50 soon as all the shares shall be sold
subscribers will receivetheir certificates
Of stock and commence tbs q Is payment pa Of,
their dues. I3f7sres' led Z