Omaha daily bee., 1895-11-03

tons shall be transferred to the credit Of all
members annually or semi-annuslly, and shall
be paid to them as the articles of incorpora-
tion may provide.
GROWTH IN JERSEY.
Since 1890 the total number Of shares and
net assets in all the local associations in
New Jersey have increased 131 900 and $14,-
1903, 900, respectively, and, in fact, there has
been a marked increase every year in both
during the last ten years. The size of older
organizations, too, is steadily increasing. The
average amount Of net assets has increased
more than 30 per cent since 1880, and in the
number of shares the average increase has
been in about the same proportion. The four
largest associations in the state are the Pat
erscn Union Mutual. elav-n years in CX stelCe;
the Harrison Peoples, twenty-one years; the
Newark Fourteenth Ward, nine years, and the
Jersey City Greenville, eighteen years.
Tha figures of the report show Essex as a
county and Newark as a city to lead all other
parts of the state. As in previous years, the
report shows that POS associations comprise
the bulk of the total number of shares and
assets in the state. They are located in six
counties-Essex Hudson, Camden, Passaic,
Union and Middlesex-Hudso being first in
| the number of shares, Essex leading even
Hudson by nearly s400, 900 in assets.
Hudson has total assets Of $S,1S2, $50, with
142, 462 shares and ffty-one associations. Essex
has sixty-seven associations, with 1877, 1893
| shares, and net assets amounting to $780,
ST..
HOW 1T
1t is popularity thought that when a man
borrows money, whether to build a house or
buy a gold mine, he is going into debt. But
a bright writer in the Philadelphia Ledger
puts a new face on it when the money is
used to buy a home. He cleverly says:
"The building society mortgage is by no
means a dsbt, in the full meaning Of that
uncomfortable word. without a home of his
own a man 10 forever in debt for his rent,
present and future. This makes it clear that
by refusing to borrow to build a home a
man does not escape the necessity OF paying
out money every month. That obligation he
cannot escape, unless he lives in his own
home, fully paid for. 1t Is necessary that
he live somewhere, IL he lives at all, and
the sooner he turns his rent payments into
a common fund, which makes him the more
| his own landlord every time he pays, the
better off he will be. To build a home for
himself is not, therefore, to assume some
extra obligations, but, instead, to start out
on the only practicable scheme for escaping
an increasingly onerous obligation to pay
tribute to the landlord"
When the workingman can gain a home
through a building association at little or
no more than his previous monthly rent, he,
at least, at the end Of the term, owns his
home, whereas had he continued a rent payer
he would not have owned anything. Many
have become full home owners in less thah
twelve years. During the first twelve years
while the payments are DeIHb HIoue, '"N
anxiety may be considerable, and the home
buyer may not realize what is happening 10
him, because he is paying out monthly as
much, or perhaps a little more thsh hlS
previous rent.
But when the second term OF Twelve year
begins he Is at once relieved Of all payments,
oycept for taxes, etc. When this point ar
rives he fully realizes his position and the
wisdom of his act in buying the home. II
he finds il no burden to pay out as much
monthly as he did before, say SO per month,
he can take fifteen shares Of stock in the
same society that aided him to purchase his
house. and when the second term Of twelve
years ends he will be the owner Of $4,000 In
cash. besides having his home free of debt,
His neighbor may still be a renter, owing
SIS a month, TO the owner Of the house.
Should he see NJ TO keep on for stu another
twelve years, or a third term land very many
people have paid rent for thirty-six years.,
his natural gain over his ne!ghbor who rents
would be:
one house, free OF debt. value......... 81, 800
Product Of SO per month for the third
term ....,....., ..''',''' o,VV
Product of second term, invested twelve
years aEO.....',," .'....''.''''' 800
Twelve years interest on same......... 200
lOldl ''''''''''''s''f ~
This is a simple fact.
A COMMON FICTION.
' There are some points upon which the