Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1905-04-26
BUILDING AND LOAN ASSOCIATION.

With the sad experiences still in the
memories of many of those who were
swindled out of sums of money some
years ago by foreign building and loan
associations, it might seem strange that
any one would advocate the starting or
patronizing of such associa tions again.
Nor do we do so now-that is, not in the
same way the old "sl,in game" was
worked. Because such associations,
formed by unprinoipled parties and ope-
rated for dishonest purpoaes, have
proved hurtful, it does not follow that
building and loan associations, on honest
business principles, are dangerous in
any way. AS a matter of fact, they are
proving of untold benefit to communi-
ties and individuals in various sections.
A case of marked interest is that re-
ported from the city of Spartanburg, in
this State, of which the Spartanburg
Free Lance speaks as follows:
The maturing of a series of one of the
building and loan associations of this
city, announcement of which has been
made, furnishes significant lesson in
the value of small savings and their in
terest and protit-making features. The
subscribers to tho stock of this series get
500 for each S7S paid in, making net
profit of S22 on each share. This is an
average of o per cent per annum in
perfectly safe investment. An investor
who had been paying $40 month finds
himself possessed of $1,000 in cold cash
chat he probably never would have had
but for establishing the regular practice
of saving.
There are four or five such associations
i'll Spartanburg, all managed by local
people who are safe business men and
the results are always good. Every man
and many women in Spartanburg should
have some building aud loan stock, if it
isn't but ono share, requiring the pay
mcnt of one dollar u month. 1t not only
makes thom save money, but establishes
the habit of saving and puts the money
saved to earning good rate of interest
as fast rs paid in.
The building ana loan associations
have done a great work in the upbuild-
ing of Spartanourg by furnishing loans
TO erect dwelling and other houses, and
hundreds of neat and cOZy homes in this
city were built with money borrowed on
easy terms from the building and loan
associations and repaid or in process of
repayment in small monthly install
ments. The result is that with a monthly
payment but little, if any. in excess of
what is usually paid for tho rent of such
a house the borrower soon becomes the
owner with clear title to a home, for
which he never has to pay rent. The
building and loan associations have done
much for our citizens and there are no
more popular institutions in Spartan
burg.
1t seems to us that what has proven
so beneficial to the citizens of Spartan
5urg could not fail to materially assist
IN the building up of Oconce. There are
many who would DO interested in and
benefited by the organization of a local
company on these lines. There is moth
ing that denotes prosperity and progress
more than the ownership of homes by
che occupants. Yet there are many in
every community who cannot obtain
home on the terms offered by individuals,
but who, if there was a building and
ness men known for honesty and integ-
rity, to offer suitable terms for men of
moderate means to secure homes, would
be glad to accept the advantages such
associations offer. We believe The or
ganization of such an enterprise would
be Of untold benefit to working men who
would like to own their own homes, but
who are not able to buy them outright.
vt would also offer an opportunity for
the investment of some capital.
We would suggest TO those of our busi-
ness men who have capital at their com
unand that they consider this carefully
as business proposition and as a means
OF lending valuable assistance in the
lnattes of building up and developing