The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1890-05-21

n
esd. No cash will ever be paid to
borrow re beyond what they get
when the loan 10 made.
sEoUkITY.
Only fnt marriages on real estate
can be accepted IS security under
the laws Of Tennessee Loans are
made upon any kind Of real estate,
no mattel whether the borrower in.
tends to build or not; but farms lo-
Gated far away from town are, not ac,,
ceptsd A. security. If the member
owns reasonably good lot, clear Of
encumbrance, the Associa ion. will
furnish the money to build the house,
and will take mortgage upon the
house and lot for security. 1h.r,
any man MY own a home at cost no
greater than the rent required upon
the same prop ry. All that Is nec-
essarY is u acquire the title 70 q lot,
which 10 not difficult to do.
APPLICATION Asp BIDS FUR LoASs
Apple ations for Ions are made
through the local branches AMI must
be approved b. them before they can
10 granted. The appl cations must
be made 10 whiting and will be pass
ed upon the seconed Thursday in
each month at tue homo office, in
open meeting. H..
The premium his no effect upon
the interest, but merely expresses
the amount Of stock the borrower
proposes to pay on, for the money.
Thus q so per cent. premium means,
the borrower will carry double as
much stock as he gets In each, and
pledge it all in repayment of his
loan. Members must hold their
stock three months before applying
for loans. d
REpAYING LOANS. 5sst
| Loans may be repaid at any time,
II loan is repaid before maturity Il,
bate from the amount of premium
will be allowed in proportion to TIT
then value Of the stock borrowed
upon. By this method the member
Will drive the benefit Of oil payments
made The stock may be used as
part payment on the loan or may be
CONTINUED a. an investment.
T. rrprSsFp oF r0AN.
Ths only expenses attached 10 get
\ ting loans are the necessary local at
torneys lees. tor searching the record
and certifying 10 the title, unless {
1ss appears, Ia which case an alb
stract would be required. The ap'
!, prai -sr's fees must aIso be paid b!
the borrower.
SPECIAL NOTICE.
No agent has sushoyity 70 bin,
1.-The Association to pay any debts no
n approved in writing BY the Presiden
or Secretary. Agents who take sub
] ssriptions for stock are not allowe'
!, TO appraiss property offered as secu
! lrty for loans, or 10 promise . loan a
! sny given time or Of any specifs
! amount 1hs loans sre all mad
!. through The local board. Any mem
: Der b, however, entitled 10 loan i
: lssc Rdxnce with the rules 40 state
4 In this circular, aud may obtain on
4 By complying Herewith.
oil LOCAL BRANCHES
The stockholders 10 any town ma
I ascta board Of officers and direction
sho Nill act ~ the representatives,
: the Association and conduct It's affair
: &C that poink They pas upon a
I loans aad apprsise the value Of secu
!, rites and manage the details Q
J lheir business. Each branch
= guaranteed the refusal Of all none
= paid By them, and their share OF q
home ONCE funds in addition. II 4
J loans are wanted, other branch,
: waning money wi receive it
= this wsy the money 70 always prompt
: ly invested and goes where il
" wanted. The Association has bee
= able 10 lend about % 90 for eaC
ti.Oo paid By borrowing towns.
wHzx WILL STOCK xATUREi
i Stock natures when the psymen
: made upon II, and the quarter
IL dividend ID led, amounts 10 the d.
% value Of 800 per share. This vi
7, be brought about uader seven year
V IL We allow an ordinary profit a. cor
'r pared With other Associations. II
n Southern has special sdvAntag
70 which vii probably enable e N mi
sr ture sooner than Associations usus
" do. Thscs are many ways Of
Illustrating the probable time Of m
h. turily. The members always ha
n one podtiye assurance, which qua
A. antees q prOf.abls Investment, al
,r thst Is, oil the benefits go 10 u
a members, aud the profit unler d
: system operated by Building Ass
"a Citations Il large. because ii i mont
/, ly compouniing Of inIsrs,G, III
"a premiums or discounts paid By DO
. ruwers, and miscellaneous profits, {
4 added together, and the stvcx holder
!. or members, gsttal the gain there