Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1888-02-24
The Phillispburg Building and
49, A ---.--.s,-L=--

Loan Association.
This association has been organized
and will he ready to open up stock sub
scription books as soon as some print
/ ing can be done. The officers and d.
rectors for the first year, are; Geo. A.
/ Spaulding, President; John W Lowe,
Vice President; T. j Loar, Secretary ,
and viii D. Granger, Treasurer. The
Directors are, A. P. McElroy, Theodore
Bracken, G. A Spaulding. T. j. Loar,
W, d. Granger. j. w. Lowe, A. E.
Ryan, C. H. LefingwelI and R. A.
Dague.
We herewith give a condensed state
ment of the main features of the organ-
ization. 1t will run SO years; It's cap
itaI stock is $3.50. 600, divided in shares
of 800. each. Any person can be-
come a member by subscribing for one
or more shares, and paying 90 cents
iniation fee. He must then pay so
cents per month dues, or 5000 per year
for each share, As soon as there is in
the treasury a sum large enough 10 loan,
it will be let to some member wanting
it, at s per cent interest, but only for
the purpose of repairing or erecting
buildings. The borrower must give a
mortgage for the amount on the build
ing to be erected or repaired, also d
mortgage on the stock he holds in the
association. He must pay his interest
monthly and keep his dues paid up.
This he shall continue to do till his
shares shall have reached the value Of
800. Supposed to require about eight
years. when the debt for the money
borrowed, will be considered paid and
the mortgage will be cancelled. This
institution is purely cooperative and
the HERALD believes it is one Of the
grandest and best cooperative systems
Of modern times. The adoption by
factories, coal companies, railroads,
and capitalists employing wage workers
of a system embracing the main fea-
lures Of this organization, will in our
opinion. 90 a great way toward the
proper solution of the veXed questions
growing Que OF the relations Of capital
to labor. In this Phillipsburg Build
ing and Loan Association. an oppor-
tunity is offered the capitalist who does
not want to borrow to make a desirable
investment. It is d still better thing
for the borrower. Let us Illustrate:
MIR. A. a mechanic, or labOring man,
is now paying house rent al the rate Of
say $500 per month. In eight years
he will have paid out in rent, S768.
and he still has no home. The S768.
principal is not only gone, but the IN
terest which that money earned is in
the hands OF the landlord, amounting
to about as much as the principal If
ne had taken, say ten shares of stock.
which would require him to- pay into
the treasury, $50. per year, he would,
in eight years, have paid out but $3.50
principal or S288. less than he paid for
rent and he the owner of snug, good
home.
All loans can be repaid at any time
money invested in stock can be with
drawn and stock surrendered at any
time, by giving thirty days notice. In
that case the person withdrawing shall
be allowed six per cent interest per an
mum for the time the money was in the
treasury of the association In some
places boys, working girls, widows
women, day laborers and others, save
up their fifty cents OF S1.0O or more
per week, and put their savings into
he Building and Loan Association.
The stock books will be opened for
subscriptions at a public meeting to be
held at the Court House on Friday
March I'd at Z 80 O'Clock p. m. and all
those who wish to take a membership
should attend.