Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1907-07-11
BUILDING and loan.
What 1t Does For the Up-
building of a Town.
A Day LabOrer Can Own His Home
With Rent Money: How 1t Can
Be Done.

Be Done.
Greensboro Industrial News:
If there is any body in this section OF
the country who knows more about
building and loan associations than S.
Wittkowsky, of Charlotte, his name
has not yet been handed in for that
class. Therefore, when he makes
statement in this connection it may be
relied upon. Not only because Mr..
Wittk kowsky is a truthful man, but be-
cause the truth he speaks is based upon
both theory and experience, a com BIZ
nation which produces the fullest
knowledge attainable. Charlotte stands
at the head of the building and loan
towns in North Carolina, and it is no.
where near the rear of the procession
when compared with places of similar
size, and even much larger, throughout
the country. It is not handing out
chunks of f1attery to say that to Mr..
Wittkowsky's judgment and exper-
| fence, coupled with his personal energy
and public-spirit, is due, in large meas
ure, the proud position which Charlotte
holds as home-building town.
With this much said, and justly said,
a fertilization has been thrown around
statement which might otherwise Gre
ate at least a suspicion of doubt. The
statement referred to was used in
speech made by Mr.. Wittkowslsy before
Tuesday nights meeting of the State
Building and Loan League in this city.
It was this:
"A day laborer can own his home
with rent money!
An Industrial News reporter inter-
viewed MIR. Wittkowsky today upon
this subject, and he very kindly pro-
ceeded to show how a laborer can own
his home with rent money, as follows:
"a day laborer pays rent per week,
say 81, or $52 per year. It takes Sc
ries six years and twenty weeks to ma
ture. In six years and twenty weeks
he pays the landlord rent, $780,, and is
no nearer owning home than before,
| but is actually worse off, being now
six and one third years older and that
much nearer incapaciated for work.
will sell for $500. Let him take three
shares of stock, borrow $500 and pay
that amount on his house, and on
which he will have to pay to the build
| ing and loan association as follows: On
| three shares 25 per cent. per week, sew
week at per cent, thirty-fve cents;
interest on 5000 to the landowner,
twenty three cents; total $1.33 per
week. Hence thirty three cents more
per week than his rent, and in six and
one-third yerrs makes S109-this much
more than the rent during that time.
Now let him take two more shares, and
borrow from the building and loan as
sociation 5000, and pay up in full the
purchase money. This new loan, when
the two shares are matured, will cost
him, with interest, $241, making total
of $780, Now let us count six and one
third years additional rent which he
would have had to pay the landlord,
which amounts to $332, thus making
his home by that method costing him
but $I6.''
Suppose, Mr.. Wittkowsky, the la
borer had borrowed the money from
another source than a building and
loan association, what would have
been the result?''
'.I'm glad you asked me that ques-
ton. Let me give you the answer IN
tabuIated form. Here it is:
'.In three years he will pay back
$500; interest on $500 for six and one
third years, $40; pay the other 5000;
interest on 5000 for six and one third
years, $76; deduct the 1864 rent, leav-
ing S102; deduct the amount the house
will cost through the building and loan,
namely SIS, leaving $84, whicl> means
it would have cost him $84 more than
if he had borrowed from a building and
loan association.
''But now comes the most important
question: added Mr.. Wittkowsky.
ssHow many wage earners ever get to-
gether $500 in bulk to repay the loan
from an outsider? I venture to say not
five in hundred. Whereas, in build
ing and loan association he pays the
small weekly payments, which he
scarcely feels. -