Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-01-15
FnE BUILBfNG AssOoiaT1ON'
[coNrlnUED.J

a
[coETIHUED.1
We are highly encouraged With
the reception which this scheme has
met II argues well for It's sue
cess. We have had assurances
from many parties, men Of energy,
Intelligence and influence, that
they VIII heartily cooperate IN the
matter. After the charter is OBJ
tanned ana the books for snbsCrip.
tiOns TO stock opened It win Bea
short time beforethe first series OF
stock is taken up aud then the AS
sOciatlOn will regularly 20 10
work. There are but two classes
of people who 1t is desirable should
bo engaged in the building scheme:
those who require the assistance of
the Association TO obtain q home,
and those who desire the success of
the institution from pure consid.
erations Of public benefit and in
dividual good. None need engage
In this project from Interested mo-
tives of profit for no siugle indl-
vidual will be allowed to control
enough Of the stock to make Il a
source Of individual profit The
shprcs 70 each person win be limit
cd 70 q safe amount Neither
should parties engage In this bnsl-
ness fully satisfied that hey, viii.
have q house the very first thing, II
should 'be remembered chat every
one who becomes member has tbe
same desire; to buill Of own i
home, and an cannot Be gfatihed
at once; each must come id Ills
turn. Every one, though, will have
an equal : chance. The money
that may be on land Il each
monthly meeting viii be sold to
tho highest bidder, be he whom he
may and each will bid for iG.ac-
cOding 70 the pressure Of his ne
cessitles. This method does ROtin-
vOlve any extOrtiOn or taking ad-
vantage Of q mars necessities be.
cause the profits derived from the
premiums thus bid for loans will
be applied 10 the mutual benefit OF
stockholders. II may be thought
that a payment Of one dollar q
month from each stockholder will
not accumulate rapidly enough a
fund sufficient for effsGthally car
ryiBg out the objects designed! But
let us see. We will present sn ex-
hibit of the. operations Of the Oily
phAnt Building Association oil
Scranton, Pennsylvania, for one
I'yeaF, Aaishownip Secretary Xoyle''
first annual report The assOcia.
tiOn' started with not q dollar Ol
accumulated or contributed capital
other than the first payment Of one
dollar for each members monthly
dues. OF the first series of stock
issued Sept. 18th, 1868, 5s2 shares
were taken which only required a
monthly payment Of S5S2, and that
was the amount offered at the first
sale foraloan. Series Of stock worO
again issued in january, April and
July, 1889, the whole number Of
shares at the latter date, amount
ing TO SO6. But upon this basis a
successful years business ensued
and the association was found
equal to its purpose.
Iu order to present more clearly
the wonderful aggrcgatlYe power
of this scheme in accunulatlhg
funds, we present, in STATISTICAL
form the annual report before A.
luded toig gao ;oI zai paa old
First Annual llepoFt of the Oily.
phanF Building Association
showing its operations for the
year ending October, 1860. u sol
Officers elected to serve until
October 1862 -s.., isa A.
PFesident-EAndrew Patten. A
SeoretaFy-DaVid NJ. VOyle. ld.
TfoasurerGJohn p. RitehaTds.i
.. ''' DIRECTORS: H1' d.
Isaac b. secor, William w. Wa.
,tcrs, Valentine Birtley, William "A.
Gustin, Benjamin Walters, John
Attorney. N, c. RAnoR."o "
..l. RFcRIurs