The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1877-07-07
Notico-BuiIding and Loan Associa
tiOn.

NOtice-Building and Loan Associaa
tiOn.
A'few weeks ago. at the solicitation
of number OF Persons, gave notice
in the ADVOCATE that / would make
application for q charter for q new
Building and Loan Association. And
now it is again suggested that should
call public meeting to obtain an ex-
preston of what the feeling and views
may be in regard to making the final
effort to organize.
No special effort has been made thus
far to sell shares, still there are about
800 shares subscribed, and with little
interest in the matter by the people
generally, the amount now subscribed
could no doubt be donbled, which would
be sufficient. 1t is believed that new
Building and Loan Association started
at this time would be a great benefit to
those persons in particular who are in
arrears in the old association, as well as
to others generally who may desire to
borrow money.
For instance, suppose man is in
arrears in the old association six
months, more or less, at the rate of ten
dollars per month, and he finds that he
cannot pay up the arrearages or not
even the monthly ten dollars, and tn at
he cannot borrow the money elsewhete
to pay up, how can he escape being
sold Out7
This is very important and practi-
kcal question and, in my opinion, a new
4 Building and Loan Association pro.
vides remedy. In this way ; Such a
person could buy out. say two shares id
the new association, anl with the pro.
ceeds he could pay off his old mortgage
in full aud arrearages, and have it sat
istied of record, and then lie would
have only four dollars per month to pay
instead of ten dollars nowi or as the
case may be and this much he could
probably pay even in, these times. This
would give man time and chance tC
save his property, ip which lie may have
his all invested, and would, ia my opin.
ion, prevent quite number of sheriff:
sales in winding up the old association
which will probably run about fifteen
months yet. Some good meaning peo'
pie discourage these associations. Thi;
is, think, a mistake. These as16cla
tions are beneficial and valuable to al
concerned when they are properly anC
economically conducted.
These "hard times" make it seen
hard for men who have undertaken tt
pay large monthly installments, but i
should be reuem Oered that the Building
and Loan Associations are not in faul
for 1t. The times have greatly changed
| and everybody and everything,it seems
must suffer by reason of the change.
The winding up of the old associa
tiOn would create a demand for none
Q in the new one which could not be any
/ thing bit beneficial and advantageou
i to beth sides besides, we have a
! eight years experience in Building As
q Sociations, which will no odoubt be wor t
! something to us in starting UP the De'
1 one.
y If shareholders act cautiously au
5 discreetly IN obtaining loans, avoidin
Il as much as possible the paying of larg
G premiums, SO that there is an equitabl
= equalization of premiums among al
:, there can be no possible loss to any Ont
2 but general benefit to all concerned
Il because it works in such case upo
y the mutual beneficial principle.
le Therefore, all shareholders in thG o
T association, and such other per sous
iiee feel interested in the new ode, are II
vited TO meet in public meeting, to
d held in Reber's Hall, on Monday eve
le ing, July 10th, 1877, at Sp. M, to tai
III such action III the matter as may
sd deemed most proper.
a: is w. NJ. RAPsHER.
to
na M. % tn-L-.r- =. - 4 L, l. L