Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1907-05-02

was started in this community q new
bank, or a new factory, or any other
enterprise, and let us say, fifty persons
| became members thereof, then the
officers and the fifty shareholders de
rive ALL the profit this Institution
will make, and the hundreds who sup
port it receive none of its profits;
but not SO in Building and Loan
| Association. Here they do business
only by themselves, for THEMSELVES
and among THEMSELVES, no officers
receive pay except the Secretary and
| Treasurer All it earns goes into
general fund in which each share fares
alike.
Again, if you subscribe to All out
side Inst they hold you to the
amount { Il. subscription whether
it is convenient for you to pay it, or
not In this Institution, at any time
YOU feel dissatisfied, or feel that you
cannot keep up your subscription, all
you have to do is, to go to the Secre-
tary and say you want either to with
draw altogether, or to cut down your
subscription, and it is done Again.
f you subscribe to an outside inStitu-
ton and get dissatisfied with your in
/ yestment there is no way out OF it,
except you have to go among the peO-
pie and hawk the stock about, and
take what you can get for it, but not
so in a Building and Loan Associa-
ton; if you want to withdraw, wholly
or in part, as [ have already indicated
above, go to the Secretary and he
will, if within the first year or two,
refund you every cent you have paid
in as dues ,(all you lose will be the
25 cents per share admission fee),
but if after one or two years, you not
only will get refunded ALL YOU
have paid in, but will also receive part
of the profits.
Again, if you have borrowed from
by some means you come into posses
sion of money, and you want to repay
your loan, you can do SO any day
you wish; you have two ways open
to do this: One is to repay the Loaf
a1d cancel your shares Gin that event
you are no longer a stockhOlder), or
repay the loan and keep up the shares
to maturity. The latter is the most
profitable for the borrower.
Again, if you have shares and should
need little money for a short time
to tide you over some extra demand on
| YOU, the Association will lend you Cal
J ways straight at per cent. per an
num) 80 cents on the dollar Of the
amount you have paid in-not only
the Association, but your banks will
) take your certificate OF stock as col
lateral as readily as U. S. bonds. We
find it so in every place where local
Building and Loans are carried on
satisfactorily. So you see, my friends,
} how fair, how just, how elastic, how
I equitable the principles of these AS
sociations are; how they adjust them
selves to the needs of the wage earn
ing stockholders.
Now, let us compare it still further
with any other institution. A day la
borer, earning $1.0O per day, would be
foolish to subscribe 5000 to a bank, a
factory, or any other institution-yet
| he can subscribe 5000 here. How? By
; taking two shares; as on two shares
3 he pays but SO cents per week. Sure
ly he can Cor ought rather try) to
I save that much per week, and in six
and one-third years he will have saved
up 5000. A clerk say, receiving S12
per week would be rash to subscribe
, $500 to any scheme, yet he can very
readily subscribe to five shares, as on
five shares he pays weekly $1.25, and
surely he can Cat least he ought toy
save that much out of his salary; and
} as I said before, if he finds that he
cannot carry it, he can withdraw at
any moment.
A man having an income of say SIS
month, would be unwise to subscribe
$1,000 to an outside institution; yet
here he can very readily subscribe
for ten shares, which will give him
$1,000 at maturity of series, by paying
weekly dues on ten shares, $3.50 Che
} will not miss it,; and when he gets
; the first $1,000 he will then begin to
feel an independence and ahopefulness
in his affairs in the future he never
experienced before.
And now, let me come to your
monied men. Will it pay him? Let
us see. You have, no doubt, many cit
izens in this City and County who are
monied men. It is true that they know
how to handle their money, yet ven
ture to say they cannot possibly invest
money as safely (for the first princi-
} pie governing investments is ''safety")
and get as big return as in Building
and Loan Association; now for proof
say a monied man can readily spare
$40 a week and not miss it, and take
so shares on which the weekly dues
will be $3.50 when the shares ma
ture he will receive $4,000. Now with
$4,000 he can make a deal of some
Importance, whereas with $3.50
, week he cannot How much will it