The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1871-06-16
FREMONT SAVING AND BUILD
ING LOAN ASSOCIATION.

The incorporators of the above named As
sociation, Ct, S. White, H r. Shomo, Oscar
Ball, J. R. Gephart, D. L. June, J. L. Greene
jr, W. L. Butman, E. Loudensleger, ]. R.
Bartlett, NJ. A. Barber and J. W. Greene,)
have received a charter, and have opened
books for the subscription of stock, and are
now offering an opportunity to all who may
wish to do SO to take shares in the same The
stock is rapidly being taken, and as soon as
sufficient number of shares are taken a
meeting of all the members will be called
and an election OF Board of Directors be
had in order TO complete the organization for
the transaction of business.
The capital stock consists of 1000 shares at
S2C0 each, payable in monthly instalments of
one dollar per share, and can be subscribed for
from one to twenty shares which is the out
side limit any one is allowed to hold. For ex-
ample, person taking 10 shares would paw
$40 per month, or sl2O per year, and in
eight years, (the time it usually takes for the
shares to become par,) would pay $3.50, and
would then receive the par value of his
shares which would be $4,000. Similar As
sociahons have paid up in seven years, but
supposing this to run ten years, it would still
prove first class investment These favor
able results are brought about by discounting
shares, and compounding interest," and with
careful management can be relied upon. This
will be sufficient in its favor as a savings in
stitution and capital investment.
The objects and benefits of this and similar
associations may be briefly stated thus.
lst. To furnish a safe place of investment
for persons who want to put their savings
where they will draw interest
I'd. To accumulate fund which will ena-
BILE persons, who are paying high rent for the
accommodations furnished, to borrow money
to buy or build a snug home, and pay it in
monthly dues, which would not amount to
much more in the course of a year, than their
rents which they are now paying.
This feature gives it the name Of e'Build-
ing Loan Association" as money borrowed is
usually put to that use, although members
borrowing can do what they please with the
money borrowed. Good and sufficient secu
rity will be required for all money loaned.
The Association does not build houses, las
some infer from its name) or enter into any
kind of speculation. The only chances taken
are In the securities accepted for loans, and as
that branch-of the business will be entrusted
to financial and loan committee, composed
of members personally interested, and com
petent to judge of the value of securities
taken, and as the Secretary and Treasurer will
be required to give bonds forthe faithful dis
charge of their duties, the affairs of the As
sociation may be said to be managed upon
principles safe beyond all question
Money paid in viii be loaned each month to
the member bidding the highest premium or
bonus for the same. A member can borrow
5000 on each share he may own. Thus, five
shares would entitle the owner to borrow
$1,000. When member effects loan he will
be required to give security that he Will pay
the monthly instalments on his shares, with
interest at 6 per cent. or 81 per share making
his monthly dues S2 per share, instead of 81
as before borrowing. Members by getting
money on long time and payable in small
payments, and they themselves sharing in the
profits of the association will be enabled to paw
aseemingly high premium and yet effect loans
on more favorable terms than could be had in
the usual way. The premiums bid for loans
usually run from % to So, which seems high,
but we will see what an advance at 80 per
cent. viii cost the member during years, as
compared with the ordinary way at 6 per
cent.
5000 at 30 per cent discount $4,000
Interest at per cent, for years 62,4O
Total cost Of loan at s per cent sl92,4O
Monthly dues for years at g