Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1886-12-02
Evening ENprr-,
Cooperative Building,
An INTERESTING LITTER FROM no>.
CHARLES HAMLIN.

An INTERESTING LITTER FROM non.
CHARLES HAMLGN
Building and Loan Associations or az they
are popularity called building societies" ." a.
signed 10 help persons to buy or build their
homes are beginning to attract attention IN
the State
The results accomp.ishe b, them are the
stronges, argument in their favor Thus it
will appear they are not experiments, and
are admirably calculated TO meet the want.
persons Of small income who desire to
own their homes, at cost, not exceeding
the amount paid for rent, in a short term of
years.
Three hundred and torty-three have been
in active operation in Philadelphia since
1910 using, as appears by the last census.
upwards Of eighty million dollars capital.
Philadelphia Is rightly called the 'Cuy Of
homes. Some two hundred exist IN Chi
cago. They are also scattered over Con
necticut, New Jersey. Pennsy lvania and The
middle and western States. In the depart
ment Of Ontario, Canada, recent report
shows over fifty million dollars thds en-
ployed. Upward, Of thirty associations IN
and about Boston have been organized In
operative Bank. There, the demand for
money has been so great, that the profits IN
some Of the associations have been over
seven per cent. per annum.
The Bangor Building and Loan A,socia-
ton has been IN operation, for purposes Of
making loahs, six months and has accumu-
lated fund Of five thousand dollars Near
" seven hundred shares have been taken by
members amounting to one hundred and
eighty. All the expenses of organizing
most, printing and stationery, have been
paid and after the first day of next January
lis profits will be at the rate of SIX per cent.
Its members, with the exception of about
ten, are all persons who intend TO apply for
building loans. Its success is assured The
only deficiency is a Sant of money enough
to meet the demands for loans. Two ,hous-
and dollars per month would be readily TAX
en- up.
In the course OF few years. and as its
workings are understood and appreciated,
other associations will follow. There ought
TO be one in every village in the State, with
population Of three thousand. where man
ufacluring is carried on. They have been
the means of introducing small, diversified
manufacturing in Philadelphia, which, for
this reason, is the nearest to self sustain
ing city of any known, of its size.
Conducted as thev are, on the principle
of small monthly payments, loaned only to
its members, and for the specific purpose of
building and buying homes they reach
class whom saving banks cannot help and
private capitalists do not care to touch.
They induce habits of economy ard thrift.
They teach the young how to take care of
their money. They turn rent PAYERS into
house owners, most desirable class Of cit-
zens.
If the question should be asked ''Wbat is
the modus operandi of these associations?
would reply as Horace Greeley did to the
person who wanted to know what a seven
thirty bond was, "Young man Go and buy
one" Get up one in your city or village!
Your readers will however find very good
idea Of how they are managed by consulting
chapter forty-seven Of the revised statutes.
The only advice would offer, is this, or
ganize your association on a non-sectarian
and non bipartisan basis.
CHARLES HAMLIN