Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1888-06-20
Alpena Loan and Building Association.

This building and loan association
is organized under an act Of the Leg
islature of this State passed March
Goth, 1877, and is one of the most
Hourishing of the "a associations
which have been organized under this
law. The association may be defined
as an organization created for the
purpose of accumulating fund from
the monthly subscriptions or savings
of its members, to assist them in
building or purchasing for themselves
dwellings or real estate, by loaning
to them on good security, sufficient
money therefor from the funds of
the society. IL possesses all the legal
attributes of corporations. LIST. To
maintain perpetual succession. I'd.
To have a common seal Sd. To
sue and be sued in the corporate
name. 4th. To contract, grant, and
receive and hold real estate subject
to the law aforesaid. 9Th. TO make
bylaws. But there are several feat
ures which distinguish this associa-
ton from the average corporation.
II is run in the interests Of the whole
city as well as the members, and in
as much as its object is good one, al
though it has no soul, it may be said
to possess heart.
There is only one salary paid, and
that is the reasonable compensation
Of the Secretary. All members of
the board Of directors render their
services without charge, and each
share Of stock receives an equal por-
ton of the earnings Of the associa-
ton.
The primary object of the asso-
citation is to encourage its members
to become property owners, and the
preferred loan is to the member who
desires to acquire homestead. This
association was organized March 18th,
1888, and the first series of 1000
shares were all subscribed fer, and
the series completed May Sth, 1888.
The second series of 900 was started
May 10th, 1888, and at this date 600
shares have been subscribed for there
in.
Among the most salient advantages
peculiar to this association are: 1st.
The small savings of individuals.
when aggregated by this system, are
sufficient in amount to enable mem
bers to accomplish the objects of the
organization. I'd. The borrower is
enabled to pay of n mortgage or buy
lot or build home by making
small monthly payments. Besides
the borrower still remains member
Of the association, and whatever
profits the association may derive
from their future investments re-
bounds to his own advantage by
Fastening the day of settlement. and
thereby shortens the time during
WHICH payments may be continued.
Some of the special advantages in
this city which are patent to all are
LIST. The cheapness Of building lots.
This enables q member to easily Sc
cure lot and thus make beginning
on home. I'd. Buildings can be
constructed at very reasonable
cost. Sd. Rents are Away, very
high. I. There is a large amount
of money constantly paid to citizens
in wages and salaries, the surplus of
which does not have any other meth
cd of earning so large a rate Of in
terest. These associations realize this
larger rate Of interest by loaning all
the money received monthly, nclud-
ing payments for interest, thereby
compounding the interest and lessen
ing the payments of the borrower.
That universal success attend these
associations is fact established be-
yond cavail. The reason for this is
apparent. The arrangement is one
whereby the expenses are reduced to
a minimum, and the members, in
reality, manage the affairs in their
own interest. These associations com.
bine the strictest business principles
with the largest possible benevolence.
They do not donate or furnish homes
without consideration, but on the
other hand, they do aid and encour-
age the intelligent and industrious in
acquiring homes Of their own, there
by promoting responsible citizenship
G. w. BERTCH.