The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-06-04
4 National Building.
AND
Loan Association
ORGANIZED AT ROANOKE.
Authorized Capital,
$4,000, OOO-
GOVERNOR LEE AS PRESIDENT.

$4,000, DOC.
GOVERNOR LEE AS PRESIDENT.
The Iron Belt Building and Loan
Association, of Roanoke, Va, was
duly organized yesterday, with sub
scribed capital stock taken on the first
day, of 100000 1t is National
Building Association, whose head
quarters will be at Roanoke. 1t is
proposed to do business and to estab-
fish branches in all of the larger
towns and cities throughout the coun-
try. There is no institution that
is calculated to do more good for "a
community than these associations.
AS the prospectus of this association
well says:
These associations encourage and
develop habits of thrift III the work
ing people. They help man help to
himself. Make q man a householder and
you make him better citizen Of the
town and state of his residence His in
terests and his future are rooted to tie
soil Good government, taxation and
the economic administration of affairs
become vitality important questions to
him. Besides the habit of thrift ac.
quired in the seven years saving that
led to his home will, in nine eases out
of ten, continue TO add to his store
after his home has been paid for.
And the larger the reach OF the as
ISOLATION, the greater its membership
II hn 4
er the good which ii is calculated to
accomplish.
It's usefulness is commensurate with
its size. The Iron Belt is essential
~ home institution. It's organized
at Roanoke and has for its officers
some of Roanolke's most trustworthy
and successful bankers. Indeed, on
its board of direction every one of our
city banks is represented save one.
The y. cs;1aoht e General Fitzhugh
Lee. ex-governor of the State.
First Vice President, P. l.. Ferry one
of the most successful and enterpris-
ing of our citizens, and one of the
most able inanciers in the South.
The second Vice President, 5. w.
Jamison, is yonng man Of rare bus
mess tact and ability, and who is
actively identified with most of those
enterprises to which Roanoke owes
her present Importance.
Mr. John OFT, the secretary OF the
company and Mr.. j. G. Davenport,
both cashiers of important banks, are
equally we'll known in business circles.
Hon. Chas a. McHugh, the Gen
eral Attorney comes to Roanoke from
| Charleston. 5. G.. Al that bar so emf
nent for its learning and ability, he
has occupied u prominent position.
and for ii number OF years has repre-
scented his native city in the State
Legislature.
MIR. ID. b. Jesse is from Lexington.
Ky. He comes to Roanoke we'll in
troduced by prominent citizens aud
public men of his native State, and is
a Building and Loan Association eX-
pert.
we cite from its prospectus the fol-
lowing explanation o. some OF the
more important features Of the asso-
citation:
The Iron Belt Building and Loan
Association has adopted no novel or
untried features. The only change
that ii makes in the plans that have
so Ion. stood the the test OF time are
on the side of safety and conserva-
tism.
1t is the only national association
that has Il reserve fund.
Ii is the only national association
that requires an annual inspection OF
all risks.
1t is the only national association
that requires an annua investigation
OF the accounts and transactions Of
the officers of local boards.
1t is the only national association
that limits its risks to the larger
towns.
IT GIVES THE BORROWER A HOME on
Easy TERMS.
The borrower can acquire his home
by paying monthly sum, but little,
if any, in advance Of what lie would
otherwise pay TO his landlord,
The general purposes of Building
and Loan Associations are by means
of the cooperating OF It's members.
First.-To aid persons of limited
selves and families Oh easy monthly
pay luPulS- Dul Illllc, ii tu y, SiCdtCi
than the rental OF the same pro-
perty.
Secondly.-To provide a safe and
profitable investment for. small say
ings.
TO THE INVESTOR BETTER THAN A
SAVINGS BANK.
Savings banks pay to their deposi-
tors from to per cent. per aunum,
and in some few especiaily-fayored To-
calities, as much as per cent. per
annun.
Building Associations pay from 10
to 80 per cent, us will be seen by the
list on last page of this prospectus.
They afford even greater security
to depositors Their loans are made
exclusively on collaterals of improved
real estate and the stock of the Asso-
ciation Savings banks assume
greater risks. They lend on what is
known as commercial paper-that is,
the endorsed notes ofmerchants, with
out other collateral.
THE IRON BELT BUILDING AND LOAN
ASSOCIATION
We especially commend to our people.
The city and the State should take
a pride in contributing to its success.
The several national associations es-
tablished at Atlanta, Knoxville and
elsewhere in the South have done
and are doing large business
throughout the country. and nowhere