Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1895-01-31
Own soaR ow~ Houf

4 .
FnaIslss Nou to Aa fhis.
some weeks age THE AMERICAN pub
Iished an srticis showing some of the
benefits To b. derived ~ wsRs-ezrners,
from the loan and building s=sociat ION.
The loan and building a~-oeisiion
offers advantages to persons ds.-iroas
of saving and investing small sums,
or OF borrowing money At reason-
able rates, payable Ia easy instailmsnts,
not possessed by any 5t her institution.
The Ellsworth associat ION has been in
existence four years, and has paid share
holders per cent on the money invested,
credited every six months. There are
266 shares now outstanding BY The rules
OF the associate ion each share holder pays
81 per month per share.
BY an investment of 81 any p"r~on ean
become a member, owning one share. No
one person can take more than twenty
five shares. The money paid ia j. loaned
on satisfactory security, and the share
holders begin to receive interest on their
money a. soon a. loaned.
Estimating by pa, experience Of this
and other similar associations IN the
State, one share becomes fully paid up IN
about eleven years. In that ease, Al the
end of that period the holder ot one
share would have paid in about stJ1 and
the share would be- worth s2r1.
The association makes loans oHiy To
persons who are or become -harcH9ide=z,
and preference i shown tu person, " ha
wish to build.
The association loans ON satisfactory
security. not exceeding s400 for each
share held by the borrower. The
borrower continues to pay Il per share
each month. and in addition 10 tbat, the
monthly interest on his loan al per cent
with any premium he has bid for his loan
He can pay in one sum, Or iH such smal!
sums as he CHOOSES.
If he chooses not to pay ia one -um, nut
makes the monthly payments un his
shares with interest H. abuve, fe finds
/ that At the end OF about eleven ysar- bs
has money enough in the association 10
/ take care of the loan; thu toan, ia one
sense, has paid Itself, and The borrower
has received his part OF the profit IN h-
! own loan.
In this way a man may borrow enough
to build a house of moderate ca~t. pay
I less every month than tire average rent
/ would amount to, and at the end of
eleven years have money enough iu the
association to his credit to pay his loan
and to give him his home free and clear.
Loans are made at the monthly meet
ings by the sale of the money, at auction,
to the highest bidder, but it may be said
here that the usual amount bid is twenty
five cents, and we believe in no case has
the association accepted a higher bid.
The security for the loan must he Il first
mortgag of real estate, or the shares
themselves, not exceeding their aeeumu-
lated value. By the laws of the state two
shares are exempt from attachment.
Minors may hold shares by trustees.
Upon the death of a shareholder the
value of his shares is paid 10 his legal
representatives., and is distributed To his
family in the same manner a money re
ceived from life insurance. The -uarc~
may be obtained, at any time, OF the secrc-
tary at his office, or at the monthly meet
ing, which is held the first Monday oi
| each month.
\ new series OF share, has II-t been
opened for subscription, of which about
fifty have already been taken. The as-o-
citation hopes to have the number In this
series increased to $50
The officers of the assoeiat ION arr
President, A. w. King; treasurer. II ".
Cushman; secretary, T. +. Hale; directors,
the president, er oficio, A. W. Greedy
Lewis Friend, F. w. Rollins, J. +. knoWi-
ton, c. H. Drummey, J. \. Peters, lr.;
attorney, j. A. Peters, jr.; finance COM
mittee, A. W. Greedy, c. r. Foster, {. W.
Mason.
Application may be made to the secre-
tary, T. f. Hale, or to any OF the above
named officers, who will cheerfully fur
nish furt her information as to the details
OF the operation and standing OF the
association.
Meetings of the association are held at
the Office of A. w. King, on the first
Monday of each month at 7.30 p. m. The
secretary may generally be found at the
aldermens room in Hancock hall to
receive deposits, except on the evening of
he meeting Gin Mr.. Kings office, when,
as city clerk, he will be otherwise
engaged.