Omaha daily bee., 1883-05-04
HOMES FOR THE HOMELESS
omaha Offers Cheap Homes =
wo1 kinsmen Who Are Willing
to Hep Themselves.

as elements 10 advancing q city,
prosperity and In providing homes fJi
sorkipgmen on q safe and easy plan
The Omaha loan and building sssocia.
ton, which has lately been incor
porated, has issued the following pros
pectus, which sets forth clearly al
concisely the system under which the
associations have been operated for
over thirty years In various portions
Of the country.
The desire to acquire o home and
accumulate property ls well nigh uni.
versal. The question which men of
moderate incomes find 80 difficult to
solve Is how to make the start In the
first place. Men who have made
their millions, have often said the
hardest work they had wa to a v the
frat thousand dollars. The clerk or
mechanic for instance, receiye s his
months pay; alter paying his rent,
grocery bill and other current ex.
penses, he has a small amount left.
What shall he do with III The sum
Is too small to loan, even II he had
the time to attend to 1t. He, there.
fore, hands 1t to his wifs to put aside
"for q rainy day." But one want sue.
ceeds another. The money Is at hand,
and little by little 1t slips away; and
so 1t goes on week after week, and
month after month, and year after
year, and he fluids himself no richer
than when he began. He Is often re-
preached for his improvidence, but he
has done as we'll az he could. The
questions which interest thousands,
are, how can I invest q portion of my
earnings every month In such q man
ner as to unite the greatest profits
with the most absolute security, and
how can I secure q home on the
easiest possible termsj l. was
to answer these quee,i Is that
Building and Loan associations were
first devised, and how we'll they have
answered them, the thousands of COM
Portable homes throughout the coun.
try, built through their agency, bear
witness. In Philadelphia, for in
stance, 1t Is we'll known that nearly all
the mechanics own their homes, and
hence that city is called, 'the City OF
Homes" A few years ago a gentle.
man of Philadelphia took great pains
to search the records Of that city and
collect information on this subject, for
q paper which he read before the
American Social Science association,
and In which he stated that from 1S49
to 1876, the building society mort.
cages recorded were SO 129, averaging
$4,000 each, allowing that through this
agency at least, thirty thousand house,
were erected, and $72, coo, 900 added
to the value of real estate In that city
He further stated that from 1870, tc
January 1876, 81. 479 dwellings had
been built In that city, and during that
period, 20, $50 building society mort
cages were created; thus showing that
during Eve years ending with 1875,
twe.thirds of all the dwellings erected
In Philadelphia were built and owned
by its w%orkipgmen, with the capita
furnished by themselves, through the
medium of the building associations
In every city of Importance, instances
are numerous of prosperous business
men, builders, merchants, bankers, etc.
who made their first start and laid the
foundation Of their fortunes by In,
vesting their earnings each month In
building and loan associations. Other.
have built homes with the funds pro
vided by these associations, paying
back monthly, the amount they hat
previously paid for rent, and In a few
years their places were paid for. They
had hardly missed the money, while
they had enjoyed the satisfaction O.
liviug where every tree they set, and
every shrub they planted, and every
flower that blossomed beside theIl
doorway, enhanced the value of theIl
property, and adorned and beautifed
and made dearer their own home. 81
evident have been the benefits of suct
associations, that the announcement
that one has been formed In Omaha
will be received with satisfaction by
hundreds, who will hasten to avail,
themselves of it's privileges, snt
already subscriptions for over 7O(
shares of stock have been received.
The officers and directors are VIM
F. Bechel, president; Jno. Rosicky
vice president; e.. M. Nattinger, sec
rotary; Eben X, Long, treasurer
Gustave Andrew, Jno. Wilson, L "a
Korty, Chas. r. Turney, Jno. 81. But,
Ter, and Milton II. Goble.
The number of shares are 2, 500
The initiation fee Is twenty five cent?
per share, and the monthly install
ments m dollar per share. Wher
the shares reach the value of $500
each, the association closes, and tn,
assets are divided pro rata among the
members. At the monthly meeting
on the third Thursday of each month,
the money In the treasury is loaned t.
the member bidding the highest pre-
, mium-the borrower giving s~atisfac
tory security. The interest Is eight pei
cent. per annum, payable monthly,
The amount loaned to any one mem
Der Is limited to 5000 for each share
OF stock that he holds. He is also re.
quired to deposit with the association
five shares of stock for every thousand
dollars or fraction thereof, borrowed
by him. On these shares he continues
to pay his monthly installments, and
also the interest on his loan. When,
therefore, the shares become worth
5000 each, It is plain to see that the
FIVE shsres that he has deposited will
pay the thousand collars that he hiss
borrowed, without having recourse to
his req. estate security, which Is only
resorted to when he falls, for q speci.
fed time, to pay his inOtallments and
interest.
He may at any time repay his loan
in full, or in i~nstsllmeEts on his stock,
to liquiiate 1t, by paying q premium