The Palatka daily news. (Palatka, Fla.) 1884-1888, 1888-01-13
OWN YOUR OWN HOUSE

The New York Star has engaged in a
new and commendable enterprise. 1t
has appointed commissioner to or
Eanize building and loan associations. In
its issue Of Wednesday it says:
Within four months the Star COM
missioner hopes to organize into associa-
600 wage earners alone, each family saw
ing per day thirty cents, which will
aggregate $9O, 900 day, for homes. Al
ready arrangements are under way.
made by individuals, to organize several
new associations, which, as soon as
ready for membership, will be announced
in the Star.
The facts and arguments presented in
several issues of the Star seem to have
had considerable effect. A great many
have called to see the commissioner
and the Star has received many letters.
The tenor of its arguments may be
gathered from the headlines to one ar
ticle: stop renting and buy. 1t costs
more to rent a house than to purchase. "
There are two classes of associa-
tions," says the Star, lone is known as
the terminating, the other the serial A
terminating association completes its
membership when it organizes, and the
serial admits new members every year.
Nearly all the associations at present
organized in and about New York city
are serial associations, but just when
they are ready to start new series is
not known"
The serial is later form Of the build
ing association than the terminating and
gives more satisfaction. It is a perpet-
ual organization which, after it has adj
vanced certain number Of years, is
continually losing and gaming members.
Members, as their shares are paid up,
enter the organization again. 1t is a
fact to be borne in mind by those consid-
ering the matter that if misfortune over
comes a member 50 that he can no
longer pay his dues, he does not lose the
money invested. OF course, if he con-
tinues to be q member, he will find the
lines on delayed payments amount to
considerable, enough in the course of
time to eat up the interest, but he still
has the money he has saved and in a
safe place. If he wishes to he can with
draw and will then receive his money
with interest up to the date of the last
declared dividend. Dividends are gem
orally declared semi-annually.
How the association is protected in
the loan OF money to its members the
following extract from one of the Stars
articles will show:
An Inquirer" asks: s.How is nv
money secured il it is safe to loan 81 900
ON $500 lot? The house, when it is
built, IL 1t is built, NAV not be worth
enough to secure the 81 600"
When loan Is made on real estate or
any property, competent committee of
three or more is appointed to investigate
the security of the loan and report back
to the board of managers. II sensible
men constitute the committee they will
take into consideration all the circum-
stances surrounding the property. but
will not permit anything that future cir
may bring to this particular
lot to enhance its value, to influence
them. They appraise it at its rock bot
tom present value. Then the building
plans are submitted to them, and they
go over them. The counsel for the as
ISOLATION searches the title to the prop
erty, and thus every point is carefully
inquired into. When the building is
commenced, after the foundation is
completed the first payment is made,
and 30 on, the payments being made, of
course, according to contract, but not
until the building committee has pro-
nounced the work properly done.
Thus 1t will be seen that every cent of
the loan Is thoroughly secured, and a
house built by building and loan associa-
ton money Is very often better than
when erected in another way, an the
work Is better supervised.
Building and loan associations. saws
the Star, ''give a healthy glow to the or
ganism of society and illustrate true
Democracy, a government by the people
and for the people. Every person gets
what belongs to him, what he saves.
what the savings earn and no more nor
less. They make men, women and chill
<lren get up early in the morning and
.hugGls' body, soul and spirit
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