Devils Lake inter-ocean. (Devils Lake, Ramsey Co., Dakota [N.D.]) 1884-1905, 1899-04-28
OWN YOUR HOMES.

wv YOUR M
A Local Scheme for Building that
Has Proved the Poor Mans Friend.
Of all schemes to attain the
above desirable end, the various
Building and Loan associations
have indeed proved themselves the
poor mans friend.
Why do people pay rent, when
as a matter of fact it is possible by
a monthly investment of a sum
which will not exceed the average
rent paid, to buy or erect a home
and in the course of a few years,
own it free of debt?
The average rented house in
Devils Lake costs from five hun
dred to one thousand dollars and
the rent ranges from six to fifteen
dollars per month.
Suppose We take an eight hun
dred dollar honse for illustration,
the Devils Lake Building and
Loan association will furnish, &C.
cording to it's bylaws, three
fourths of the capital necessary to
erect such a home, that is, if the
prospective home seeker will put
up two hundred dollars for the lot
and foundation, the Building and
Loan association will furnish him
six hundred dollars with which to
erect the superstructure.
The only security it asks is q
mortgage on the premises and the
pledge of six shares of the capital
stock of the association and suit
able fire insurance; now let us see
what this will cost.
Premium on six shares of stock at fifty
1rt ers p or Ina sna.ei ....."".$ U 09
a5G estSis on in aasn nj IL p e ETY. sfSt . Per cent: 8 %
premium on :. 8 OF
%.....$s Of
Houses that today are for sale
for five hundred and twenty-five
dollars, r rented for eight dollars
per month, and a house like the
above would rent for from ten tc
twelve dollars per month.
In other words by an Investment
of nine dollars per month and an
original investment of two hundred
dollars, a family could occupy its
own home with a sure prospect Of
having it paid for at the end Of
eight years when it would cost the
same family from ten to twelve
: dollars per month to occupy the
same premises as tenants.
: The Building and Loan associa.
ton will loan to purchasers Of
already completed homes in about
the same ratio and the same
security.
That is, if a home costs eigh'
hundred dollars and the purchase,
has two hundred dollars to put in
the Building and Loan association
will let him have six hundred dol
lars, with the premises as security
on the same terms as above.
But it is not onlyto homeseeker
that the Building and Loan asso
citation presents advantages.
To any one who desires to pu
aside q small amount every montl
against q rainy day, the Buildin,
and Loan association offers pros
poets far superior to a saving
bank or q life insurance or endow
ment policy, the former general
pay five per cent. interest and tn
latter do not aim to give more tina
four per cent. and Il your polio
lapses the. holder is liable to lose
greater share of his earnings.
. The local Building and Loa
association has been in existenc
more than ten years and durin
that time has never paid less tina
seven per cent. in any one YET
and during most years q great de-
more. It is now in a very fourisl
ing condition, has fifteen hundre
dollars to loan at the next meetin
and has less than two hundre
dollars invested in real estate.
Only two hundred dollars of i
capital is dead, the balance is ear
ing not less than twelve per cen
Before closing, permit us to CO
attention to a few reasons why Il