Morning journal and courier., 1881-07-12

time, getting interest on his deposits. Any intelligent person by making calculation can ascertain that by saving of cents day. Qess than the cost of cigar)he can buy share of stock and by saving 10 cents day (the cost of 2 glasses of beer) he can have about shares.
 The report speaks further of the well known character of the officers and directors as men of probity and ability. Ample bonds would be required of the borrower. Low expenses would be the inexorable rule and no one person could hold more than 25 shares of the capital of the assoc1ation. Meetings | would be held monthly for the payment of | installments on the shares. Loans are se-. | cured by first mortgages. The shares con | stitute an additional security for loans. Pro- | vision is made for the withdrawal of shares, | and stockholders may repay loans at l any time. In case of stockholders l failing to pay their monthly dues, interest and premiums as charged, fine not exceed ing two per cent. a month on each dollar so due. No fine can be charged after six months from the first lapse in payment, and no fine be charged on @ fine in arrears. In failure of payments in case of failure | to continue payments, an equitable account | ing is had with the association. l The annual election of officers occurs on the first Monday of March. Provision is | made by law for examination of the af- | fairs of the association by the bank com mis- sioners of the State as in the cases of all sav- l ings banks.
 l The report was applauded. Mir. Franklin introduced Isaac Anderson, of the New Haven Steam Saw Mill Co.,. who said that firstly, l long as he was connected with the associa- tion as a director he should feel the responsi- bility of the place and thoroughly scrutinize it's affairs, and if any thing goes wrong shall sound the alarm and let the people know and | get out (Applause.) He next impressively l spoke of the importance of small savings, and illustrated from his own case how he had es- 1 tablished habit of self denial that he might save and how rich he felt when he became possessoro a home. The habit of saving had made many fortune and many a business man. Then man took pride in his home when his own, and if he wanted to lay out | $10O or $200 more upon it this association would loan it. He had every confidence that this association would greatly encourage young men to save what they could. Applause. Mir. Evans, formerly of Canada, had $2O,- 900 of accumulations in one of the Canadian institutions, and many hom es had been estab- lished by the association.
 MT. R. s. Pickett was int reduced. He fla
 vored the bill. He spoke in his of-hand
 effective way arguing the importance of small savings and self-denial not to the ex-
 tent of denying reasonable recreation, but to
 save what would otherwise be thrown away.
 A man might economize on beer and cigars
 He might think glass of beer benefit and
 had right to think so, but to save useless
 expenditure great point gained. He quaintly illustrated how man by drinking 5
 cents worth of beer daily would drink up 8
 fractional section of land, and if he spent 10
 cents so much more land. He regarded the
 proposed institution as born of the true spir-
 it of well wishing, and ben efcent in its
 character. He was applauded.
 c. P. Armst rong, one of the directors, was
 called upon nd endorsed the plan of the in-
 stitution and believed it would be benefcent
 in it's operations a means by which many men
 would gain homes of their own, and them
 selves and the community be benefited. He
 gave an illustration of the interest
 men take in a home which is all their own
 Mir. John c. Collins and Mr. c. l.. Baldwin
 also endorsed the institution in appropriate
 words. MT. E. W. Pardee, director, also
 spoke of some of the features of the associa-
 and every man had an equal voice in the
 management with any other. Mir. R. S.
 Pickett further explained the case in answer
 to questions from various gentlemen present.
 Also MT. Franklin made statement. After
 the meeting 69 shares mostly $1 and $2 taken up to last evening