The Union times. [volume] (Union, S.C.) 1894-1918, 1900-04-13
NBUILDING ANDLOAN
ASSOCIATIONS.


outside our town, and if some Of our
friends had taken our advice they
would not now be on the mouners
bench. We have never heard Of
fair settlement being made with any
one and most of the stockholders are
lucky if they are able TO turn loose
and get out with q small loss. TO
cap the climax Of unfair dealings, the
repacious Office holders as the time
for the maturity Of some
OF the series find an excuse to have
receivers appointed, and getting in
the courts will have to pay out what
little is left, as the court may direct,
after the receivers and their lawyers
lawyers get the largest part in fees.
All the interviews with the receivers
and former presidents state that they
"hope to be able to pay stockholders
100 per cent. on the dollar" "Under
favorable management 100 cents on
the dollar may be realized, etc, etc"
and such rot. Ii the affairs OF the
company had been managed properly
they should by this time have paid
POO cents on the dollar. There has
never been a day since our two home
associations-The Union, under the
management Of J. A. FAINT, President; !;
w. T.. Thomson, Vice President, ard
W. W. Hughes, Secretary and Treas
urer, and the Peoples with 7. NJ.
Cohen, President F.. Nicholson, Vice
President and Geo. G. Perrin. Secre-
larry and Treasurer-was organized
that a stockholder. whether the rich
est man in town or the negro with
only one share, could no: get 100
cents for every dollar that had been
paid in and after series was one
year old could get premium.
Why people will listen to the slick
talking strangers, with large diamond
stud buttons and rings, and give
them their hard-earned dollars instead
Of investing with their home folks has
always been = mystery. a stranger
will come to town, get the merchant
to leave his business TO listen TO him
unfold his scheme for making big
money and as kindness will sell Il
limited number Of shares that arc
allotted to ''your thriving little
town" These few are taken at once
and each successfully holder begins
10 sing the praises Of Mr.. Big Blow
and his association until demand is
created that he telegraphs the home
office and is allowed to offer another
block and another until the lambs
are loaded and heeced.
We arc enthusiastic advocates OF
Building and Loan Associations that
are run by home people for the ben
eft Of their stockholders. In fact it
is about the only way poor man
has, these hard times, OF building a
home, but deliver Us from the foreign
associations. We think Tie following
record will convice the most skeptical
and even our old friend J. A. Brown
will not have the nerve to solicit sub
scriptions nor the disposition to COM
plain of the prohibitory tax the
council some years since placed on
the foreign agent.
The National Railway Building and
Loan Association gone into the hands
Ct receivers with the head officer as
receiver, assets $500, 600.
The Atlanta National Builiug and
Loan Association also in hands of re-
ceivers, assets $500,00O as we'll as
the Southern Building and Loan As
sociation, assets 81 100000.
The lnterStat Building and Loan
is asked to show cause why receiver
should not be appointed. Petition
filed by Il. 2. Conner, for appointment
of receiver, charging insolvency.
We are not familiar with the loans
that have been made in this county
but we would not be surprised if
payment was demanded at once. In
case any Of our readers arc cou2ht
in such a fix there is yet time to
secure stock in series No. . o! the
Peoples Building and Loan Associu-
oio" "hi~!, "t"rtoa last Ianunrv nnl
get sufficient loan to save their
homes.
In reply TO II telegram from Tie