The Portland daily press., 1876-04-12

stockholders see that AIS call for loan will
require $3.50 from the treasury of the es-
ISOLATION. If there is more money on hand
the balance is sold in the same manner.
Mr., A. land each of the other successful
bidders) now signs statement addressed to the
| board, which shows the amount of loan want
ed the premium bid, description and value OF
the security offered. AS statement is made to
the meeting and referred by vote to commit
! tee of the directors, who the next morning en-
anime the house, farm or whatever may be the
: security offered, and certify on AS statement
that they have examined the property and the
committee report that in their opinion that a
| loan of $1,000 can be safely made thereon, and
it is handed to the attorney of the association,
who examines the records, and when he certl-
| fies that he finds the title as represented, A
draws the mortgage of $1,000. in which he
agrees to pay six per cent interest thereon, five
| dollars monthly. He also transfers his certif-
Gates of five shares as collateral security, upon
| or for which be pays installments of five dol
lars per month, making his monthly pay ments
| ten dollars. When the series terminates, /. e.
| when the shares of that series have all reached
the value of $500 each, A finds his five shares
| worth just $1,000 and cancels his $1,000 mort.
gage This usually occurs IN about eight or
nine years.
This is really all there is of the management.
Their advantages are noted on every band.
The following from the Philadelphia Ledger of
the 29lh ultmo shows some of the indirect adj
vautages arising from these societies, which
have been noticed in other places as well as in
that city:
A few evenings ago. while in street-car, the
writer was seated near two women who were quite
earnestly engaged in a conversation about mortga,
ges" "shares," interest on money!" "monthly Dues,
and other similar topics. Although comfortably and
becomingy clad, there was nothing in their dress OF
general appearance to lead to the suppostion that
they were capitalists-yet the Subjects Of CONVERSE
ton were the ordinary themes which eng oss the at
tention of business men and the owners Of erty
1t soon became apparent that they were talking about
the advantages Of building associations and their
ways of conducting business, and that the more
plainly dressed and evidently the more thrifty put
less cultivated of the two was matchmaking the
other into knowledge of the advantages OF the as
socations. in homely phrase, and yet in very clear
punctual payment into the building association of
few dollars every month would be sure to result in
one or other of the two ways in about nine or ten
years; either the money would double itself if the
deposition not borrower, or, if she did not bor
row on purchased house, the mortgage could be
paid Oft by these small monthly insralments-"and
you can't do that you see, with any other mortgage,
and then the little place is all your own free and
Clear. "Anu tnen, she continued, you re oDilgeu
to be saving, you know, when may be you'd triie
away the money, if yon didn't feel that you must
have it ready at the end of the month or be fined
dollar share; and it's the easiest way OF getting
little place of your own and putting by something for
rainy day. and you would be surprised how easy it
is and how fast The money grows and you get it
back, with five per cent, whenever you like, if you
can't wait till tue society runs out"
So she went on, for mile or two. answering ques-
tioDs and giving ineligible expos tion of the
practical working of building and loan association
to her companion. Here, then, thought the writer
(who unwittingly overheard it aD, is new develop
ment of the beneficial influences of these peculiarly
Philadelphia institutions. They are training schools
OF the most practical and useful descriptions to
grown-up people. Their teachings are not only les
sons in prudence, fugality, thrift and forecast in
looking to the needs of the future; but they are
lessons in business matters, the management of
money affairs the necessity of looking into titles to
purchased property, the necessity and advantage of
punctuaty in payments, the benefit of knowing how
to attend to ones Own business the ease which small
sums that might be "trifed away in detail can be
made to swell into large sum, and the facility with
which mortgage debt can be paid off when it is done
by small monthly payments, when it might never be
paid Oft at all If the whole sum had to raised for
one pa, ment in the lump. We doubt if more than
one well-educated woman in ten has such mastery
OF these prime matters of business this plain
woman had. She had learned them all in the Build
ing Association and she is but of thousands who
are getting the same kind of training in the same
schools DINUM