The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1888-06-27
Manning Building and Loan Association.

OF organizing 2tGlOluS auu ioau ASSOcla-
ton, and as there are great many who do
not understand the workings Of such an as
sociation, we publish the following gather
ed largely from the Marlboro Chronicle.
for information. These associa@ons
are very popular throughout the
State, and are Of great benefit to
any commanity. We expect one will
be organized in Manning shis fall, with
about five or six hundred shares. That
would mean about $500 or 5000 expended
every month in this town and community
for the purpose of building neat and sub
stantial cottages and in addition to these
several hundred dollars let lose every
month, benefting our mechanics and mer-
chants, itmeans also that by paying but little
more than ordinary rent in few years one
gets ownership, good titles, to home. q.
The object of these associations is to &c
cum1Ilate fund by the receipt of assess
ments and otherwise so as to assist the
members in business, and enable them to
purchase for themselves respectively such
property as they may desire.
The association is mutual benefit and
stock company.
Each share of stock is one dollar O month,
paid in monthly, during the term of the
companys existence. The number Of shares
is anywhere between one hundred and
twenty-five hundred.
The entire amount paid in each month
is put up at the monthly meetings Of the
stockholders and loaned to the highest
bidder or bidders among them at premi-
um. This premium is deducted from the
gross amount bid for, and the member bid
ding receives the balance; and is required
to secure the association for the advance by
q mortgage on real estate or by bond and
undoubted collaterals IS may be approved
by the presidentand board Of directors.
Each stockholder is allowed to bid for
two hundred dollars Oh each share he holds,
and after he has borrowed, pays, in add
ton to his regular monthly dues Of one do3-
lar per share, six per cent. per anuum on
the gross amount for which he bids. This
interest is paid in monthly, with the regular
installments, and will be found in every
instance to be equal in amount to the
monthly dues on the shares borrowed on.
The association winds up when it is able
to divide two hundred dollars to each share
of stock. at this final division the ssock-
holder who has secured an advance is
debited in his account with the association
with the premium Thus if owing ten
shares he has bid for two thousand dollars
at a premium, of forty. He receives twelve
hundred dollars at the time be bids, and
this in the winding up is accounted O full
settlement of his interest in the association.
Purchasing property through the associa-
ton differs from the ordinary mode, mas
much as it does not require one half or one
third of the purchase money in cash. The
association loans to the full value of the
property purchased and mortgased, and all
that is required from the time Of borrowing
to pay off the principal and interest is two
dollars per share monthly, one dollar month
" dues and one dollar interest, until the
association winds up it's business.
Every stockholder has voice in the
management Of the business, and enjoys op-
portunities from time to time, of hearing
how its affairs are managed. He is practi-
cally assured against loss, as the institution
rests upon the strongest possible SECURES,
mostly real estate. Experience has proved
these associations to be as secure as money
ed institutions can be.
Few well managed associations take 50
long period TO wind up rs eight years and
two months, at the end Of which time, in an
association with 1000 shares, s2S2, ,445.9S
should be paid in, and should yield $780,
493.SO. This allows a large margin for e1-
penses ard losses. Ifwound up in short
er time the amount paid in would be less
and the profits of course greater.
The following exam pie will show the ad-
vantages over the ordinary mode of borrow
ing:
Ten shares at premium of forty will net
the borrower 81, 200.
On this amount the association would re-
quire the payment Of ten dollars monthly as
dues for shares, say, yrs S840
Seven years interest on
$1,000, the amt bid for $40 s,6s0
Principal si,2OO
Interest at ten per cent. for
seven years S,40 2,O4O
Balance in favor Of borrow
inc from the association $500
Az LIE GuO VI 6efSu e|lo u4S AIolt tSlSS
for $1,000 will be released to him as his
share in the winding up, and he will have
saved $3.50 by borrowing from the associa-
ton.
To those who do not wish to buy or build,
but simply wish an investment, we need
only say that the investment is not only
secure, but most convenient for those who
have small sums to invest from the proceeds
of salaries or professions, enabling small
monthly payments to be at once put out at
paying interest.
Tie shares are transferable, and may be
disposed Of by the owner, or used as col
laterals in bank-generally on favorable
terms.
Many persons in almost every city IN the
United States, owe their ownership ofa roof
over their heads, home for themselves and
their families, from which they cannot be
elected, to their membership in Building
and Loan Association.
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