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Show Church Debt Financed Along Business Lines Ten days after a plan for paying off its Indebtedness was adopted by St. Paul's Methodist Episcopal church at North port, Long Island, half of the goal of $20,000 had been obtained in pledges. It is expected that the plan will enable the church to pay the entire debt in thirty-six months without with-out asking for any contributions. The plan was devised by the Church Financing Bureau of New York, which is conducting the campaign. cam-paign. Friends and members of the church are asked to lend small sums which are to be repaid twenty years hence to the lenders or their heirs. To guarantee payment, the church will take out a policy, on the twenty-year twenty-year endowment plan, on the life of the lender, and the church will pay the premiums. The loans thus obtained are used to pay off the church's interest-bearing debt. The life insurance premiums pre-miums the church pays are said to amount to less each year than the former interest rate alone. The principal prin-cipal indebtedness is being wiped out at the same time. Literary Digest. ' |