Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-03-22

the probable result of a Withdrawal OF the troops
No conclusion was arrived at, however The Cab
met will meet again at 10 O'Clock tomorrow
morning, and will sit until some decision IN REGARD
to the Southern policy is reached.
LOAN AND BUILDLNG ASS0CIA7 TON.
The Legislature at its late session provided by
general law for the organization and management
Of loan and building associations, and it will not
be credtable to the citizens of our State il we are
not able to make as practical and profitable use
of them as have the citizens of many of the Mid
die and Western States. Although they are in
successful operation in many states yet it is in the
city of Philadelphia that they have prospered
specially, sggregstng in their assets fabulous
sums, and making OF that city GO 900 more dwell
ing houses than New York and 1000 more than
Boston. They place it within the means OF every
able bodied industrious man TO become the owner
Of his own home, and the result in that city Illus
trates how large a proportion of the laboring
classes have desire to own their homes and
act upon that desire when the means are placed
before them. 1t is true that men are subject TO
the same desires, likes aud longings whatever
msy. be their positions in life. The poor man IS
possessed OF as strong desires for home as the
rich, and would undoubtedly, nay he does. as
promptly avail himself ofthe opportunity to become
the owner Of his home.
Now, the rule, almost without exception, among
persons of means is to sooner or later own the
roof that covers them; and it is evident that all
would do the same if means were provided. But
it happens that very large number in every com
munity have not the ability or the will, however
strongly disposed they may be to lay aside small
sums from their monthly earnings, in deposit
that subject to their control and so used to
crafty every passing within, and accumulate in
that voluntary way sum sufficient TO purchase
home.
Because of these desiies and weaknesses of hui
man nature, loan ard building associations flour
ish. A field for their benefcence is foundn every
community. Every village in this State would be
greatly benefited if its inhabitants would organ
ize such an association under the laws of last wiz
ter, and every city furnishes sufficient material to
render prosperous several OF these Institutions.
The size of the association does not always ind
cate the benefit 10 the individual member.
The model adopted by legislature was the
law governing at Philadelphia, the same having
been tested and found to work successfully in this
State. In the winter of 1875 the Peoples Loan
and Building Association of Richmond, in this
State was chartered, and was the first ofthe kind'
though not of the name, established in New Eng
land The second annual report of that associa-
ton made at their annual meeting on the 18th
inst. shows their receipts for the past year SlS,-
730ll. That they have loaned on mortgages
$40, $50, and net assets Of $50, 1882. They have
now issued GA shares represented by llO share
holders, and l0i of the shares have been loaned
upon. The book value Of the shares of their first
series is S37 6S and of the second series SIS 80.
At their meeting oil the l9th inst. the association
voted to issue third series of stock, to pay with
drawing members Of the second series six per cent.
as profit and Withdrawing members of the first
year profit of three dollars per share, (shares
represent monthly payments of one dollar each,
hence each share Of first series has cost the holder
S24.00 and each share of second series Sl2 co.,
The total expense Of this association the past year
consists of three items Printing ETC., $40,
rent, $500 and Secrotary's salary, sos; amount
ing TO S97.75. The directors in their report say
"But, however much the figures Of our report
"may merit our commendstion and approval, we
cannot OVERLOOK tue TACT that the prOuucst mon
"uments OF our system are to be found upon
"streets and roads in the newly erected or pur-
"chased houses of our members, in the healthy
sentiment which an association Of this kind in
Common with savings institutions, engenders in
"a community to labor and save something and in
1.-THE irrefutablc evidence which it presents by liv
'ing examples that it within the means of every
"laboring to become the owner of his own
"home and experience the ineflable joy felt by
every man when he is first enabled to say my
house"
This report, we find by comparison, represents
as great degree of prosperity for this association
as the best Philadelphia Associations and fully
tablishes the fact that they be successfully
managed in this State, and should be in operation
10 every village and city. The details of manage
ment and of conducting the business may be OBJ
tanned from a small volume sold at the book stores
entitled 'How to Manage Building Associations
a directors guide and surveyors assistant nth
forms for keeping the books and accounts, togeth-
er with rules, examples and explanations, illus
tfating the various plans of working" by Edward
Wiigley of Philadelphia. DINUM.