The Darlington news. (Darlington, S.C.) 1875-1909, February 09, 1893, Image 1
T ’
YOL. XX, NO. G.
DARLINGTON, S. C., THURSDAY, FEBRUARY 9, 1893.
WHOLE NUMBER 941.
r
i
Nvtbi
TO BUILD UP SOUTHERN CITIES
THROUGH LOCAL
Mkl ESTATE BANKS!
Dptsr: fatstiZl Fnliiii
Pfit Pei Aim.
MONEY LOANED FOR 6 1-2 YEARS—
INTEREST 6 9-10 PER CENT.
PER ANNUM.
All Deposits Secured by First
Mortgage Upon 60 per cent, of
the Va tie of Real Estate (fin
ished property,) and for
Building Purposes, Apprais
ed by Directors Elected by the
Depositors. All Deposits
Made. Here are Loaned Here,
Balance of Money for Loans
Forwarded from the North,
being a HOME ENTERPRISE
backed by FtNeign Capital.
A PublicBenefactor.
J C BUXTON, J W ALSPAUGH,
President, Cashier,
C HAMLIN, L W PttrtRAM,
V-Pres Asst ( ashier
FIRST NATIONAL BANK
OF WINSTON.
.Winston, N. C., Jau 26, 93.
To whom it may concern :
Before organizing the Wins
ton Local Board, (September
12th. 1892,) of the Eastern Build
ing & Loan Association of Syra
cuse, N. Y., I thoroughly exam
ined its plans of loaning money
and its guarantees to the Lives
tor of 21 per cent profit per an
num, and I am free to say, they
are the best and most favorable
of any association doing busi
ness in this country, in fact,
the Eastern is a REALESTATE
BANK. gives definite contract
maturing the loans and invest
ment in 78 months, and allows
the Investor or Depositor to
withdraw at any time and get
back all the money he deposited
monthly, (like a bank,) with 6
per cent interest after 6 months
up to 2 years; 7 per cent the
second year; 8 per cent the third
year to maturity, at which time
the Eastern redeems the certifi
cate and he receives all his mon
ey back, with profits equalling
21 per cent per annum.
NO OTHER ASSOCIATION
WILL DO THIS:
They “estimate” the date
of maturity and require the In
vestor to pay for 6, 12 to 24
months before withdrawals be
allowed, and when withdrawn,
some associations only return
$90.64, $88, and $83., causing the
Investor to lose $9.36, $12. or
$17. for every $100. paid in.
But t K e Eastern upon $100. paid
in one year, returns $103. on de
mand, making $12.36, $15.00, or
$20. in its favor.
The causing of $9.36 to $17.
loss on each $100. in one year
deposited in other associations,
has caused wide spread disap
pointment and brought the
BUILDING AND LOAN BUSI
NESS IN BAD REPUTE,
but I am happy to say, if
fair minded men will in
vestigate the Eastern they will
readily see its vast superiority
over all others and benefit them
selves and their community by
establishing it to upbuild their
city, at the same time affording
them an absolutely safe mort
gage investment; the Directors
of each city approving and re
commending to the association
to whom they wish their money
loaned.
I investigated its financial
|Btanding and ability to loan. I
found it sound, first class in all
respects, had complied with all
its contracts, everyone (15 ci
ties, individuals and financial
channels) enquired of being sat
isfied with it. It being connect
ed with Life Insurance Com
panies, having on August 6th.
1892 $540,000 assets and
over $758,000, it has
SUPERIOR ABILITY TOj
SUPPLY LOANS QUICKLY
that other companies do not. It
Loans Money. $42.38 on each
$900 cash, cheaper than oth
er prominent associations,
and takes mortgage for only
the amount loantd and 0 per
cent interest, while other
companies require mortgage
and bond for dcubie the
amount loaned.
This fact, with it having the
loan and interest cut into 78
notes of $15 84 each,paid month
ly, and the borrower getting the
note as a receipt, when 78 notes
are paid, he has 78 receipts,
gives him a DEFINITE M0RT-;
GAGE BUSINESS and he can
sleep sound, but in other associ
ations. who can tell HOW
MUCH EXTRA COST will be
hung on the extra bond he has
given over and above the money
borrowed and interest ? HE
CAN ONLY DEPEND UPON
THE ASSOCIATION TO SAY
WHEN eVefTtirintr
but the EASTERN IS DEFI
NITE, and you know before
going jjin just when 3 T ou
come out, and what it will
cost, and it guarantees you
against loss, expenses or charg
es—over which you have no
control—and could oe made or
imposed by the Dii ectors(if they
desired) of other associations.
ThisDEFINITEbusiness makes
the Eastern the best and most
popular (where-ever it is estab
lished) when its plans are un
derstood, and I cheerfully re
commend it to my friends and
the public, because it is the on
ly Building and Loan Associa
tion I will patronize hereafter.
Its establishment will place
the
BUILDING AND LOAN BUSI
NESS IN HIGH ESTEEM
AND CONFIDENCE OF
WHICH IT IS W0RTHY-
on a par with banking—as it
has stood the test of nearly 100
years in England and 60 years
in America, building up the ci
ties and towns, and there has
never been a failure of a safely,
honestly managed association
of this character ; but can we
say this of other Financial In
stitutions ?
The Eastern has complied
with all its contracts with its
share holders in this city, and
we are pleased with it. It LOANED
BKRt AT ONE TUI; IN SEPItHBER $29,-
900 It has agreed to
loan $10,700. more (which our
Board recommended yesterday)
making about $40,600. and will
loan constantly ns needed, ac
cording to its rules.
You will find Mr. Carpenter
particular in stating nothing
but the exact facts as guaran
teed by the Eastern’s contract
for the borrower and investor,
and he is worthy of your confi
dence.
Very respectfully,
J. VV. ALSPAUGH.
Syracusk, N.Y.,June 4,91.
To the Public:
On the 2ith of May last
and subsequent days I
made a thorough exami
nation into the books,
conduct and affairs gen
erally of the Eastern
Building and Loan As
sociation of Syracuse,
X. Y. I found the books
models of neatness and
correct in every partial
lar. Its system of ac
counts is complete and
comprehensive and the
affairs are in excellent
order, thereby reflecting
credit on the manage
ment which is composed
of gentlemen conversant
with the detail and con
duct of the business, all
of whom enjoy the merit
ed confidence of the com
munity. By actual fig
uring / find the shares
under its system will ma
ture in the timespecified,
to wit: Seventy eight (7b)
months. With pleasure
I recommend this Asso
ciation t; the confidence
of all.
Henry C. Covell,
N YState Bank Exm'r.
social ion of Syracuse, N.Y. was ^ M mi X. Y., the «„i y
established bore on June 26, real responsible one lo-day In
1891, since which time $42 300 tmerieu whlciwiil rultlll its
has been loaned, ^einigover $6 to ronlraels in every partieiilar.
Your brother,
JAS. C. WILLCOX.
The sworn rqport filed
the Bank Department of
York, March, 15th 1892, showed
the Eastern's Net Earnings for
the First Two Years to be 22-52
PER CENT. PER ANNUM. Had it
then liquidated, after paying | tor and member
off all liabilities, 21 per cent.
would have been
stKypholder for
$1 paid in by us. $3207 has been
withdrawn by investors and were
all paid promptly with Interest
The Eastern has complied with
all its contracts nitli ilssliure
holders here. Our share holders
are perfectly satisfied with it,
and we cheerfully recommend
it to all people. It does not
pr mise limns and disappoint
the borrower, but makes loans
promptly when the rules are
complied with and title satisfac
tory.
It has arranged with Life In
surance companies in the East
ern states, and being located in
New York where surplus mon
ey exists, its ability for supply
ing loans quickly, surpass all
Building and Loan associations
with which we are acquainted.
• A. W. Welling, Sec. and
Treas. Local Board of Eastern
B. and L. Association 5 ; Sec.
and Treas. Darlington Plaining
Mill (Jo.
We do hereby endorse the
written statement of A. W.
Welling, secretary and Treasur
er of Darlington Local Board :
J. J. Ward, Atty. of Darling
ton Local Board of Eastern B.
and L. Association ; Pres, of
j Darlington Land and Improve
with ment Co; Director Bank of Dar
New | lington.
Bright William on, chair-
j man appraising committee;
| President Bank of Darlington.
Jas. C. Willcox, M. D; Direc-
of appraising
Pee Dee Cot-
committee ; Pres,
ton Compress Co.
E Keith Dargan, President
Dueling ton Local Board; Presi-
pd* *wmum
paid to every
the average time the Assbdnuiun-i
handled Ins money and $2,203.791 dent Peoples Bank, and Atty at
would have remained as a Sur- Law.
plus to be divided among thrm. C. S. McCullough, Vicepresi-
Is the;o a bank in the world dent Local Board; Pres, of Oil
with such a record ?
— — « -w —
21 PER CENT PER ANNUM MADE
FOR THE INVESTOR, WITHOUT
OPPRESSION UPON THE
BORROWER.
Office of
L. HARRILL,
Mf’t’r of
PLUG AND SMOKING
TOBACCO.
Statesville,N.C., Jan. 21,93.
Samuel Carpenter, Esq.,
I have calculated on your
copyrighted plan for the East
ern Building and Loan Associa
tion. and have satisfied myself
that it is correct.
Twenty-one per cent profit
can be made for the investor and
will not be oppressive on the
borrower. $1,000 invested for
78 months under your plan will
make $2,074 09, which will pay
the investor $1,000, pay off the
mortgage of the borrower $1,000
and leave a net surplus of $74.09.
Mill.
L. S. Welling, member of
appraising committee and direc
tor; Wholesale hardware,
OVER $50,000 LOANED AND TWEN
TY-FIVE STORES AND HOUSES
ERECTED; MONEY CONSTANTLY
COMING TO BUILD UP THIS CITY
AND PROVIDE PRIVATE NEEDS.
HOME ENTERPRISE.
That is What the Local Board of the
E. B. & L. Amounts to.
[Darlington Nkws, Dee. 22, 1892.]
Nearly four columns of this
issue of The News are devoted
to an account of the plans and
workings of the Eastern Build
ing and Loan Association of
Syracuse, N. Y. This associa
tion is undoubtedly one of the
strongest and best managed in
the United States. It makes
Remarkable Progress.
ASSETS—
Ifaarch 15, 1891 lire,416 02
March 15, 1892 388,272 99
Sept 15‘ 1892 578,879 23
J»n I. 18*08 K711.V2« OO
Jan 1, 1892 328,279 32
lucre ise of Assets
the I’hmI Year $118,840 08
Average Monthly In
crease 34,462 22
Assets incrciiMcil from lice 1,02.
!• Jan 1, 08, $37.1U» 10.
PROFITS A SURPLUS—
March 15, 1891 $ 12,820 46
March 15. 1892 59,209 33
Sept 15, 1892 91,519 32
Jau 1,08 8138,740 00
Jan 1, 1892 46,500 06
Increase of Profits
and Surplus Fa«l
Year 8 70,348 01
Ratio of lucrcaHe of inset** during
the year IN02—3 28 llmea.
Ratio of InereiiNe of I’roUlH and
VlirplUM for 1892,—t.04 IliueH.
Surplus remaining (Janu
ary 1, 1892,) over earn
ings neeessary to mature
stock in 64 years | 1 890 78
Surplus remaining March
15, 1892 2,203 79
While on Jau. I 08 the
Surplus was 810.000 Oil
INCREASE ;of Sur
plus for 1892 $8,109 22
RATIO of INCREASE of
SURPLUS for 1892,-5.28
TIMES.
likewise t^e Association.
NO OTHER ASSOCIATION
WILL DO THIS.
Thev “ESTIMATE” the
TIME and CHARGE you
WITH LOSSES, if any, which
may prolong the maturity of
your mortgage, beyond the
“estimated” time, and you are
helpless and have NO RE
COURSE, because you place
your money on “HONOR,” as
the Directory of various compa
nies have all the power vested
in them under the incorporation
laws to do with your money as
they wish.
Will you place a mortgage on
your property without a
Written Guarantee
when it will expire, and what
it costs? Do you do so in the
Sale of Real Estate? No! You
want a mortgage for deferred
payments, date of paymentstat-
ed, rate of Interest, and power
i(> sell if default, then why place
a Building and Loan Mortgage
on your property wl hout definite
written time of maturity stated?
IF you DEPOSIT one month
ly Instalment with the Associa
tions doing business here, and
stop, you will lose it AS MANY
HAVE DONE
IF you DEPOSIT II pay
ments in some Loan Associa
tions you lose them were not
the 12th paid.
IF you DEPOSIT in Loan
Associations, say $100 in a year
and quit, some pay you $83, $88,
$90.64, therefore you lose $17,
$12 and $9 36
CAN YOU AFFORD TO DO
BUSINESS THIS WAY; MORE
PAID. MORE LOST?
How long would you remain
in business?
IF you DEPOSIT one month
ly instalment in the Eastern,
YOU RECEIVE IT BACK AT
This was not made off one bor- offers and guarantees which no
rower, but a combination of
borrowers, and cost the borrow
ers 5 9-10 per cent per annum,
to wit: the borrower got $900
cash and paid $1,235.52, making
$335.52 interest for 6) years.
Enclosed please find the re
suit of my calculation.
Very respect f ully.
L. HARRILL,
Secy. & Treas. First Building &
Loan Association.
As the Eastern is a Real Ei >•
ta e Bank, loaning money
monthly, it is required by New
York law to retain the title of a
Building and Loan Association,,
but in its manner of transact- Roanoke, Virginia.
The Eastern’s Earning Re
sources Comprise Compound
Interest with 9 Other Ac
cumulations.
The above calculation com
prises but four of the earning
resources, none of the remaining
five revenues being considered.
llUfe3W!!Cfft9U3ii;,k,
Si;:;
W. J. & L. BLAIR, JR.,
Builder* & Dealers in
REAL ESTATE,
other association of the kind
has ever attempted to make. Its
reliability is evidenced by the
wav in which it has made loans
to the people of Darlington, en
abling them to erect twenty-
five stores and residences; to
accomplish this the association
made loans in this place to the
amount in round numbers of
$50,000. The organization of the
“local board” was effected in
1891 and the above record is
truly very creditable. This
board is comprised of some of
the most substantial business
men of Darlington. It will be
well for parties wishing to have
homes of their own, or those
who want a good and paying
investment, to carefully peruse
the article on the first page.
Jan 1, 1892, 1st Mortgage loans on 235
houses anil stores, $302,950 00.
Sworn value of Securities held by As
sociation, $644,570 00.
JAN 1, 93, 1st Mortgage loans
on491 houses and stores,$665-
000 00.
SWORN VALUE of SECURI
TIES held by Asssociation,
$1,410,000 00.
The SECURITY EXCEEDS
the amount loaned 2.12 TIMES.
Jan t, 1832, Home officers’ and agents' FAP ON DEMAND.
bonds for protection of sbarebold „ ’ , , ......
jBWoffice,,' and agen.n’ *« OlkW ASSOCiatlOIl Will Do
bonds over 1,500,000 00.
Total number of shares issued
Jan. 1, 1892, 57,625.
TOTAL number of SHARES is
sued Jan. 1, 1893,107.764.
TOTAL INCREASE of shares
issued in 1892, 50,139.
MONTHLY INCREASE of
shares issued, 4,178.
Local Boards organized, 376.
This.
Th '' Eastern is the only asso
ciation givings definite contract
to m tture stock and
loars in 78 m jnths.
The only association
requiring the bo rower
to ive notes, payable
monthly, thus proteC ing
him against loss.
The only association
repaying to the with
drawing member all his
mo .thly instalments
on demand at and above
par, thus saving him
$9.36. $12, or $17 on
each $ 100 paid in first
year as compared with other
prominent associations.
IF you DEPOSIT any num
ber of payments up to 2 years
you get them back on demand
with 6 per cent interest per an
num for the average time de
posited; 7 per cent the second
year; and 8 per cent the third
year, with GUARANTEE OF
21 PER CENT PER ANNUM
at end 61 years.
No Other Association Will Do
This,
IF you want to BOY a House;
IF you want to BUILD a house;
IF you want to BUILD a store;
IF you want to BUILD a Hotel,
Opera House or Tobacco Fac-
November 30, 1892.
Samuel Carpenter, Esq.,
Winston, N. C.,
Dear Sir: Yours to hand and
ing business it is distinct from
any other, its plan having been
copyrighted under the laws of
the United States for 17 years,
therefore, should predudice, no ted. Will say that the East
doubt or suspicion exist against ern Building and Loan Associa
any other Association, fair and (t i on 0 f Syracuse, N. Y., has
CANDID JUDGEMENT OF BUSINESS loailt . rt $123 ODO in Re-
MEN and CAPITALISTS OUGHT TO ||I|| , kc . ,, I.HVC IOH..C.1 U.
BE WITH-HELD UNTIL ITS PLANS ■ ...... . ,.
BE FULLY UNDERSTOOD, and un- 1 °®® W 'l gladly answer
questionable proof in money any letter or telegram to anyone
and figures examined proving or hel P ^ astern m wa y
IT ABLE to REDEEM its CON . we can for it is a good compa^
tracts as quickly and easily as ny and deserves the support of
the Banks in this city combin- the public. ® ur ®> ^ *
ed ; and in proof of the charac- VV. J. & L. BLAIR, JK.
ter of its Directory, careful con- UfUj^T THINKS OF
servattve management, — 1
The EASTERN HAS LOAN
ED IN THE SOUTH 0VER, tory .
T'350,000. IT HAS LOANED you want to LIFT
I in Darling on. 8. C., Ro- uage-
anoke, Va., and Winston, N. C., jfy,
$215 000 and is prepared to loan $42 38 Cheaper
quickly large sums of money to j 0ls ii Loan than
cities where branches may be'
established, and will loan con
stantly. (according to its rules)
to upbuild those sections, and
provide personal needs for busi-
a inert
ness purposes.
Personal Testimonial.
, 92.
and
ability to comply with its con
tracts, the following Teslimi-
I — nial of the New York State BanK
Examiner was published in the
“World,” February 14th 1892 :
DARLINGTON, 8 ('., Jan. 29
C. A. and E. T. Willcox,
Marion, 8. C.,
Dear Bros.: This letter will
introduce you to Mr. Samuel
Carpenter, who represents the
Eastern Building and Loan As
sociation. He is the same gen
tleman who represented the As
sociation here a year and a half
ago when we organized ours. I
THF rgcTrou c &n say that all Mr. Carpenter’s
I nC lAj I Lfill. representations to us have been
Darlington,-8 C., June 29,’92. carried out in every particular;
To Whom it may Concern : and while I have had a good
The Darlington branch of the Jeal of experience with these
Eastern Building and Loan As-1 associations, I consider the lASTIU
If you want to BORROW money
on each $900
other Associa
tions doing business here,
Buy Eastern Stock,
AnJ 1 lie I mu ern will Hiippi)
You oncy l‘ro:tip| y, (ymiuk
■till l-'i\e hii i ,\iue-teiilh* l*er
* cm I merest |*er tiiuuin ami
Uaiiraulee (lie t.oau (o . xpire
in 7* llontliN, ami Ciiiarautee
yon tgiiiiiMi i.ohs
by stating the amount you bor
rowed and interest in your mort
gage; you signing 78 notes, pay
ing one note monthly, receiving
the note as your receipt, and
when you pay the 78 notes you
have paid the mortgage and in
terest and have the 78 receipts,
when the mortgage will he con-
celled making it
own
money
IF you DEPOSIT $100 in
Eastern in one year,you get hack
$103, being $20. or $15. or $12.-
64 MORE ON THE $100
than in some Associations.
You can do this kind of busi
ness for all time, because you
thrive, and you will THANK
THE EASTERN for the oppor
tunity it offers for investing
and saving your money, MAK
ING YOU 21 PER CENT PER
ANNUM, which NO OTHER
BANK IN SOUTH CAROLINA
WILL DO, then why not
BUY EASTERN
STOCK ?
and pay $10 cash, and $7.50
monthly for 78.months, making
$595, YOU then GET $1,000 and
CLEAR $405—21 PER CENT
PROFIT per annum.
IF you have a VACANT LOT
why not borrow money from
the Eastern, BUILD A HOUSE,
and if rent pay Monthly Instal
ment, at end 61 years YOU
OWN THE HOUSE FREE OF
COST. Is this not good busi
ness ?
IF you are a RENTER why
not buy a lot from the Li n 1
Company, borrow from the
Eastern, erect a House, pay
monthly the rent you now pay
and at the end of 61 years,
YoutwnUie House Free of
Mortgage,
Would you not be a wise and
happier man to own your
home than throw your
away for rent ? ?
IS IT NOT YOUR DUTY TO
PROVIDE YOUR FAMILY
WITH A HOME ?
A Definite Mortgase
osition,
Prep
protecting you
a borrower 1
TAKE SHARES Hi THE
EASTERN.
JAND
YOU WILL NEVER
REGRET IT.
Subscriptions for Stock
apply to
SAMUEL CARPENTER,
Special Representative.
Or J. D. BAIRD,
Micitirn
a
S'-” 8-
CO
4
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