Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1869-04-08
FAYETTEVILLE, TENN:
Thursday MOrnIBg, april 8, 1869
Building Associations.

Two weeks since we prepared
and printed an article in the OBJ
SERVER, showing the advantages
that always attend Building Asso-
Citations, and suggesting the organ
ization of one in Fayetteville. In
furtherance of this object, we
copy below an article from the
Reading (Pa:) Gazette, showing
how the Associations are gotten
up, how conducted, and the bene-
fits that flow from them. We
commend the article to the thought
full perusal of all who desire to see
Lincoln county striding on with
accelerated pace to prosperity
and a commanding position. 1t
is full Of facts SO plainly stated as
to require no great mental effort
to comprehend the writer's mean
ing:
BUILDING AssoC1A1IoNs.-Apy
one but specifically acquainted
with the details of the growth of
the city of Reading, especially
with reference to that class of its
citizens who, after all, form the
real element of stability of society,
we mean the men of small means
of their own earnings who live in
their own homesteads, must be a.
ware of the fact that the so-called
Building and Savings Associations
have done vast deal Of good In
this respect. As far as we know,
their number amounts to fifteen,
including one or two that have
just expired, to the decided bene-
fit and full satisfaction Of all con-
cerned. This very circumstance
of having in our midst such in
stances of building associations
that have fairly fulfilled all they
had promised, is what has made
them so very popular. Many a.
man in Reading owes his house
and home to these little associa-
tons. Let US instance one stri-I
king case that came to our notice. !
A working man who earned but
ten dollars a week, lived in a small !
tenant house in an alley, for which
he had to pay ten dollars a month.
He heard that a neighboring house
would in all probability be for
sale, and having no friends to go
his security in bank, and no mon
ey, his anxiety to live in his own
homestead prompted him to ex-
anime the operations of building
associations. He had common
sense enough to perceive the ad-
vantages they presented to a man
in his circumstances. He bought
five shares for which he had to
pay five dollars month. 1t was
a severe task for him. His
monthly payment on account of
house and home now amounted to
fifteen dollars month-ten for
rent and five for the hope of a
home. He was right in his cal
culations. The neighbours house
was offered to him at price with
in his reach through the aid of
the building association. He
bought out his five shares at a fair
premium, leaving him a little
change over the purchase money.
But here he met a little draw
back. The board of managers
would allow him but four shares
of his new little frame house and
lot. In consequence of this, he
was short some $50. He managed,
however, to arrange this amount
privately; and upon simple trans
fer of his deed and fire insurance
to the Association, he came in pos
session of homestead. In place
of paying fifteen dollars month,
he now pays five dollars monthly !
instalments for five shares, and {
four dollars interest for his loan of {
four shares, making nine dollars
monthly paymentin all, and by the
time the Association is ''run OUT
he gets the title in his own name,
and 5000 for his fifth share, be-
sides. We were induced to these s
remarks from the fact that anoth- s
er of these Building and Savings ,
Associations, that has conferred
immense benefits upon this COM
munity, is about bringing Its al
fairs to a close after some 9 years :
of operation. We allude to the
Columbia, No. /. Many of the, t