Iuka reporter. (Iuka, Miss.) 1888-1894, 1889-09-19
SOUTHERN BUILDING AsbLoAN
ASsOClATIoN6

of the public / herewith submit few
facts and hgures in regard to the South.
ern Building and Loan Association.
Having gone to the Home Office at
huntsville, Ala, and made thorough
investigation of everything pertaining
to 1t, and finding that is is substantial
concern, composed of responsible men
and doing all they claim to do, think
1t good investment for any one who
wishes to save little money by laying
up small sums each month; also good
thing for any ore who wishes to borrow
money on long mu and pay it back In
small sums.
Here are the facts and figures furnish.
cd by the Association, as to what thew
propose to do and have fulfilled so far
BY compromising interest and pre-
MUM monthly, We make profit To orr
members to MORE THAN TWICE the
ordinary rate of interest. The founda-
ton OF The Southern Building and Loan
ASSOCIATION is REAL ESTATE, the bed
rock basis of all solid security.
A purely Southern enterprise. with
home office in the South. Our mem
beers do not send their money out of the
Sou, and then have to bid against the
world to get it back. Every dollar paid
10 Kept 10 the South, and is loaned IN
the South. No form of investment Of
fers as great security. and as large
profits as Building and Loan Associa-
ZION. Anyone can carry few shares OF
stock. ana In few years own his home
or have his thousands. In New York
:here are over 200 Building and Loan
Associations, and there has never been
. failure. Philadelphia has 700 and
Cincinnati 400. In all these places
there are hundreds, even thousands, of
men who own their homes, and have
saved then thousands of dollars bv in.
vesting their monthly savings in Build.
ing and Loan Associations, and ale now
enabled to crown "a life of labor with
an age of ease"
OBJECT.
The object OF the Southern Building
ana Loan Association Is to assist its
members in saving money. ana to safely
invest the same at the highest rate of
interest in real estate, The safest of all
securities; and also to enable its mem
bers 10 secure homes.
In England there are about 1850 ,OOO.>
600 invested in building societies: and
In Philadelphia, the City of Homes,
aboua 5000 houses haYe been built
through the aid of building companies.
Nowhere just now is there such a de-
mand tor homes as in the South, and no
part OF the country Is developing as
fast or has brighter failure We are
enabled to invest the funds of Northern
and Eastern Investors to Southern
Borrowers, and the increasing value of
Southern real estate makes loans on
first mortgage undoubted security.
PLAN.
The Southern Building and Loan
ASSOCIATION issues shares (limited by
the laws OF the State of Alabama) to
$50 each. Any person may become
shareholder and apply for any number
of shares. Whenever the amount IN
the Loan Fund TO the credit of any
share (from monthly payments ard
profits) equals $50, such shares shall
he fully paid in aud be considered to
have fully matured, and no more month.
~ payments shall be required. All
shares are estimated to mature IN about
six years from then date, and the mem.
Der may then withdraw such share and
receive $50 therefor.
ADMISSION.
The entrance or admission fea is. for
twenty or more shares, so cents eact.
share; for from ten TO twenty shares.
20 cents each share; for from one to ten
Shares one dollar aach share.
MONTHLY INsTALLMENTs.
Monthly installments are So cents on
each 800 share, and must be sent to the
Home office, or paid to your local
board treasurer or legally authorized
agent. on or before the fifth day OF
each month without notice.
LOAN FUND.
The money accumulated in the Loan
Fund is loaned on the first Monday of
bach month at & per cent. interest per
hnnum on the first approved applica-
lion from member or shareholder.
Loans can only be made to members
or Shareholders. All loans must be
amply secured by first mortgage on
real estate, and not to exceed 40 per
cent. of the cash value, or on the shares
VI the Association rs hereinafter pro-
vidcd. The shareholder desiring loan
must be member or shareholder for
SIX months or more or pay or cause to
be paid six months instruments In ad.
vance before he or she will be entitled
to file his or her application tor loan.
II the Executive Committee, on in
spectlng his application, find that it IS
ample security, and all that 1t is repre-
sented, the application will be approved
and ne or she will be enhtlod to the
next loan or il any be ahead, be or che |
Will take their regular turn All inters |
ests and premiums are payable month-
y ~ the time of paying monthly in |
This Association differs !,
rom the local Building and Loan Asso-
nations by not compelling one shares
holder to bid 80 or 40 per cent. for the
ase OF the same and then have It de-
iucted from the amount he baa bor-
owed. Loans are not made for longer
han SIX years, and the borrower mu t
AIRY sleek or shares Of the Associa-
ION equal IN value Ut maturity to tho
mount Of his loan.
REPEATING LOAN.