The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1869-12-31
Seneca Building Association. Fifin.

hope those intending 10 take STOCK
wiII cali Immediately and subscribe
Those who have not fully made mp
their minds, viii do well 10 call and
hear the objects and advantage of
this way Of investing spare funds
Most OF our citizens have watched
the workings % the Tifin Savings
and Building Loan Association, and
are fully aware of its benefits; but
there may be Others not posted in re-
gard 10 such matters, and We give an
explanation Of the general workings
Of such associations:
The design of such an Association
is:
First-To enable persons Of small
means, who want tO save their money
aud build themselves a home, t0depOs-
it their savings where they will be
safe, and where they will be drawing
interest until the amount Is large
enough To be made useful.
.Sscond-TO accumulate fund To
enable persons who are'payimg high
rates of rent, in proportion to the ac-
cOmmodatiOn furnished, to borrow
money enough Ia buy or build a snug
home, and pay for ii in monthly dues,
which would not amount TO more i'm
the course of a year than their rents
now amount to.
n. l. I.a,s
poor but tenergetic,a and whosesecurities
might not be available for short bank
loans, 10 obtain means To build houses
TO sell 10 working men.
F5,arH BY the purchase of its stock
to furnish a safe investment for per-
sons who want to put their savings
where they will draw interest.
A share is S2O0, for which shall he
paid 81 per month, and i'm return the
shareholder has the privilege of taking
'gOan" from the association, on APP
proved security. a '1oan" is 500, so
that a member holding five shares is
entitled to borrow 81 600 less his pre-
mium-with which he can build or
buy house, and return the am cunt of
money received /, at the rate of s.
per month, at the same time pa ying
simple interest on the loan.
We have not sufficient space for a
lengthy explanation Ofthe workings of
the institution, but give the fol-
lowing illustration of the manner in
which men of limited means may get
permanent homes:
Suppose that four hundred men ar
each putting aside from their earnings
ten dollars a month to build house
with. This would make Sl20 year,
or 5000 in five years. Ii would thus re-
quire five years for each of the four
hundred persons tOwait before having
enough to put up 5000 house. If the
money were kept at home there |
would be danger of its being lost, stO-
len, or misapplied. If placed, month
by month, i'm bank for safe keeping,
no interest would be allowed for such
small deposits. If kept at home, un-
ill enough was got together TO loan to
a neighbor, it would be at the risk of
the owner until loaned, and i'm loaning
and obtaining securities men ignorant
of such business would be likely to be
imposed on, or to incur much trouble
and veXatiOn i'm its management.
Now in a Savings and Building
Loan Association, thissame four hun
dred persons, each paying in ten dol
lars month, would the first month.
make a fund Of 1900. This, divided
say in amounts OfSS00 to each lOanee,
would enable five persons to commence
building at once; the next month five
more could have means TO build with;
and at the end of a yearsiXty members
might have houses finished or in
course of construction; and through
every subsequent year until all who
desired loans could have them. In ev-
cry such number of persons, there are
many who are nOtmarried, or, brother
reasons, in no hurry for homes, but eX-
pect to need them in a few years.
These are getting the interest for their
monthly deposits from their assOci-
ates, who have taken the loans in or
der to build sooner, and lsO n share of
the premium paid for the privilege of
the earliest loans. Those who do not
want early loans are thus making a
good investment of their savings,
while those who have paid premiums
for loans are supposed to know how to
make the money profitable at the
price they have paid for it.
Real Estate Transfers follow
ing is the real estate transfers for the
week ending Saturday, Jan. ], 1870:
e. T. Stickney to II. Bineigh,
81 acres in ScipiO Tp., for.....S ! 200
J. G. Gross to J. w. Reed, 40
acres in Adams Up, for. 1900
S. Heter to H. Bechler, acres
in Thompson Tp., for-......... 5S9,55
]. Baker to l.. Heter, % acres
in Thompson Up, for.......... ,S94, 50
y. Saliers To 5. Il. Young 5
acres in Reed Tp., for--....-.. if5
II. G. Leis To G. III. Bowman,
lots No. $50, 531, and 532, in
Tifiin, or..................-......... l,SGO
NJ. a. Norris to II. Kemp,
acres in HOpewell Tp., for. 500
J. Dillman to f. BartO, 81 acres
in Jackson Tp., for.............. $3.50
l.. Lewman 10 NJ. A. Lewman,
40 acres in Jackson Tp., for 1900
J. Nestlerode 10 S. Jones, lot
No. 400 in FostOria, for....... 800