Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1869-03-13
OLD SERIES, VOL, 80, NO. IS.

BuILprNG ASSOCIATIONS. Any one but
specifically acquainted with tle detail Of
growth of the city OF Resling, especially
with reference to that class Of its citiIens
who, after all, forln the real element OF sta.
bility OF society, we mean tbs men of small
means of their own earning who live IN their
own homesteads, must he aWure OF the fact
that the SO called Building and Savings
! Associations have done a vast deal of good
/ iD this respect. As far as we kntiW, their
number amounts to fifteen, including one
or two that have irst expired to the decided
benefit and full sltisfuctisu ofall concerned.
This very circumstance OF having in our
midst euch instances of building associa.
tiuns that have fairly fulfilled a,l they had
( promised, il what has male them so very
popular. Many man in Reading owes his
house and home to these associations Let
us instance one striking case that came 70
our notice. r
! A working man who earned but ten dol
/ lars week lived 10 y smsll terhnt htuse in
! an ail.y. for hieh he had To pay tes dclars
a nuath He heard thats nsighbciiny
/ hDuse would in all prebstiity he for sale,
and hauiRg'a2 friends, TO 60 his security in
.llbaHk and no money, bis anxiety TO live il
iis own b0metesd prompted him to eS-
anins the enaturessnd,operations Ofbui!ding
associai ions q II 9 had cemmsf sense enough
ito perceive the advantages they presentcd
TO mao in his circums Jsnces. He beught
five shares, for which he Mad to pay five dol
lars months 1t wsB a severe task for htIn.
His r1eutIly payments on account of house
und home now snoun,ed to fifteen dollars .
month--Iu for rent and i've for the hrre Of
home He wss right in his calculations
The nsighbor' house N'as offered to him al
| a price within bis reach Oh rough the aid ol
the building association. He bought out
his five shares at fair premium, leaving
| him little change over the purchase money
But here hemet draw. hack. The board
of managers would allow him but four shares
d on his new little frame house ana lot. In
| consequence of this, he WAS short some $50
| He managed, 'Iove7er, to arrsngc thl'
amount, privately and upon simple trans
fer of his deed aud fire insurance te the
Association, be came in possession OF a home
stead In place of paying fifteen dollars =
month, he now pays five dollars monthly
iDstalments for his FIVE shares. and -four
dollars Interest for his loan Of four shares
| making nine dollars monthly payment in
jail, and by the time the Association Is run
out" he gets tho title in his own name, nnc
$500 for his fifth share, besides. We were
| induced TO makecthese remarks nom tbs
lHCt tDhJ HnOIner Oh NHOse bullOiuP hHV
Savings Associations, that has conferred
immense benefits upon this community, il
! ahout bringing its affairs to close altar
some years of operation. We allude vc
! the Columbia No. /. Many of the old
"stand- -bys" of this Association, after hav
ing, nine months ago, started Co|omhia, no
2, which was more than filed IN less than
three weeks, are the name Of "Frendsihir
Building and Savings Association" whcn
has already n sufficient number OF shares
subscribed to insure its success. This socie
ty is organizing upon the well established
principle Of $500 per share and monthly in
stalments Of 81 90. There are some Other
societies in Reading operating on somewhat
different constitutions but as to the main
principle, they are all alike, the chief diler.
ence consisting in the length of time ittakeS
them to "run out" the payments, Of course
being heavier or lighter, in proportion tc
the contemplated duration OF its existence
Experience, however, seems ts have demon
straied very clearly that the old principle
alluded, to above, and upon which th'
Friendships is to be founded, ID the mos
prsclcGbis for men of moderate means
i1s1Qiug GdsERG.