The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1919-09-01
FLORIDA HOME
THRIFT SOCIETY
ORGANIZED HERE

lied under declaration of trust IL
operate in this State, having general,
ly for its objects and purposes the
accumulation and Capitalization Of
money to its home Office at home ana
from widely separated communities
and the encouragement Of industry
frugality and thrift savings and home
ownership by loaning the funds thus
centralized, comparatively for use in
buying lots and houses. buying lots
and building homes thereon, paying
mortgages and other liens on homes
to loan money on mortgages, issue
bonds on mortgages in denominations
to be determined and to sell the same.
which objects and purposes are found
ed on the principles Of cooperative
credits copyrighted and filed in the
Office OF the register Of copyrights. at
Washington in the District of Colum-
bia.
We have introduced a home-buying
system or cooperative credits which
afford broad and economical financial
assistance to numberless artisans,
wage-earners, clerks, salaried en-
ployes laborers, renters and others
to buy or build homes, whose finan-
cial needs are as valid and imperative
as those in other lines of activity. and
thereby relieve such persons from the
excessive expense and high cost Of
loans to buy or build homes and to
invite your attention to a system that
has the single purpose of paying for
homes with the money otherwies paid
for rent.
The operation Of this system will
create taxable wealth and property in
Lakeland and Florida by promoting
home building and home ownership
and will be Of lasting benefit to bust
ness, civic and social interests. It will
not only centralize money of this i'm
community, but the money
from all over the state and through
cut the nation will be centralized to
Lakeland for buying and building
homes. Debenture bonds in denomi-
nations as low as SIS, paying com
pound interest will be issued on first
which will make rractic-
ally every person a buyer.
'The loan shares are issued with
pass books for 800. each of which are
sold at no more than per cent above
par or 50 on each share, which is
paid at the time Of the subscription
S made. This per cent is credited I
% members account, for which de. |
oenture bond is issued and may be
dashed in or used in making payments
litter loan has been made. An operat-
ng capital is created by monthly de-
posits of fifty cents on each share for
not longer than twelve months The
par value Of these shares represent
be amount of the loan or the extent
II the savings account. A member
Ices not lost a cent paid in under
his system but gets every cent back I
With 4 per cent interest.
The loans are secured by direct first
mortgages or deeds of trust on homes.
md all buildings must be insured for
he benefit Of the society in case Of
oss by fire or windstorms. A COM
'lete and acceptable abstract Of title.
curing defects of title, execution of
recording and other fees
necessary to make conveyance, clear
II defects OF title and free from all
'ncumbrances, so the loan will be
tirect first lien are paid by the MEM
'ers' but these expenses like all 9TH
RS in conduct of the business. are
leld down to the lowest point by CEN
radiation.
Loans will be made for various
erms of years at 6 per cent interest.
They may at any time be paid in part
,r in full. Interest is only charged
,n the amount unpaid at the end of
zach month or year. There are no
of shares, interest, prem
ums or dividends to create an uncer-
ainty of the cost of a loan, which is
he case in loan association. The
monthly payments on principal and
interest for loan of $1,000, for IL
years is $7.S5 per month, or the same
for "a years will only be $4.95
each month. If you wish to build a
$4,000 home on these terms multiply
these rates by five and see for your
self whether it is better to own your
own home, or in the end. the landlord
owns the home and you only have the