The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1890-05-21
THE 5 0 UT H Err n
BUILDING Il LOAN AS
ISOLATION,
HOME OFFICERS, KNOX
WILLIE, TENN.
Eastern Department, Phlladei-
mia. Pena---A.uth0rized
tIsnitaI Unlimited.

mia zen 0-~s 5utnOEtECu
Capital Unlimited.
There are three principsl objects
in the formation of any Building and
Loan Association:
First. To enable those who desire
to ewn homes OF their own, to acquire
them, at a monthly cost not greater
than the rental of the same property.
Second. To build up and improve
the town by enabling many to build
who otherwise would always be rent,
ers.
Third. To provld, for the safe and
profitable handling of small payments
made by persons who desire to in
vest but lack the means necessary to
engage in any enterprise requiring
capital. They are especially adapt.
ed to the wants of those who wish to
save small sums from time to time
and are seeking a suitable and safe
depository where the profit will equal
that enjoyed by stockholders 10
Banks, Railroads and other enter~
prlses of profitable nature
The building and Loan Associa'
tions combine all these advantages,
linking together, as they do, the in
weston who desires only to save his
mouey aid the borrower who only
desires TO own bis home or clear il oil
eneumbrance.
THE OBJECT OF THE SOUTHERN Bull
DrEG AND LOAN ASSOCIATION.
Building and Loan Associations
have always been popular and profit
able since they were first organized
in Philad.lphia over fifty years ago
There are only two defects that hsv'
caused any embarrassment. One Is
all rapidly growing towns want {,
borrow m 1re money than the mem
bers therein are paying into the As
ISOLATION, while at the same time, I
neigllboring town, that Is not grow
ing, may have an Associatsoa large
" composed Of investors, and as
consequence may have some difficult
ty in finding borrowers to take th
money paid IN.
A simple solution Of this difficult
would lie in an arrangement, where
by the town wanting loans coul
have access to the surplus funds 4
the town that does not want IL. tn
SOUTHERN BUILDING AND LOAN Assc
CATION accompanies that object b
having many towns or branches uE
der one general management, b.
each one managing its own local q
fairs. Each Branch is entitled
borrow all its own money and
proportionate part of the surplus, I
home Office funds. This fund is cor
posed Of the money sent to the hon
Office by towns thai do not want loan
and by investors everywhere, Oh
do not belong TO any local branc
This arrangement. insures all borro,
ing towns more money than th,
pay to the Association, and also I'm
prompt investment for the mon
paid b. investors and the nonebo
ewing towns.
PLAN.
The Association is chartered und
the laws Of Tennessee, aud 10 autho
lied to issue stock In monthly sen,
The shares ara 800 each. The pa
ments thereon are sl.00 per sha
admission fee (Which must be pc
to Che agent at the time Of subscri
ing for the stock, and 90 cents p
share each month thereafter. I'll
money, with the interest and 9th
receipts, Is loaned each month 10 4
members only. upon terms and 90
ditions hereinafter set forth.
The monthly compromising Of I
interest, premiums on the loans, q
ether large profits, f: makes tol
gain Of from 20 to 30 per cent, .
annum. Each three months Il
profit is divided among the shares:
good Standing. This quarterly prol
added - the monthly payments, co
stantly increases the value Of {
stock, until IL arrives at 9 par val
Of 800 per share. Thiswill be
about seven years, allowing the Az
ciaiiya 10 make only an ordins
pr1ft. Then the owner may dr.
from the Association 500 in ca,h
each share ofstock held By him.
COST.
Whom subscribing fur stock
member pays 81 90 FOR each share
stock taken. Thls Is q mtmbersl
fee, but is all the payment requir
until the | 4st Saturday in the folio
ing month, at which time, and ca
month thereafter, the regular dues
Gu cents per share will be payab
This is the total cost 10 the memb
AMI no greater sum Except trans
or withdrawal fees or h1es) can
charged for any cause whatever.
EXPENSE AND LOAN FUND.
The s0CTnERS is the only Assoc
ton in the South that limits |
amount that may be used for erps
seq. The expense fund conslsts
81 II. r