The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1904-08-18
HOMES WITH RENT MONEY.
Benefit of Building and Loan Associa-
tons TO Wage Earners and the Com
munities Where They Exist-They
Come Next to the Churches and
Schools In Beneficent Influence.
Charlotte Chronicle

Charlotte Chronicle.
There are in this city three build
ing and loan associations. Each of
these issues a new series of stock
each half year In the last series the
aggregate subscriptions in the three
associations was nearly 5000 shares
This means that the people of this
city, chiefly industrial workers and a
few from outside OF the city, have
agreed to pay 25 cents per share per
week until each share becomes worth
500, and the aggregate subscrip-
lions made to the stock of the three
associations is 100000. This means
that within six and one-half years
these subscribers will pay into these
associations 100000, which. as it's
paid in, will in turnbe loaned out tt!
the members OF the association to
build houses or otherwise invest for
their own benefit.
Another series will be opened up in
due time-that is within six months
from the date OF opening the last
one, and it is fair to assume that the
aggregate subscriptions will again
reach 5000 shares. 1t therefore
transpires that there is being sub
scribed about 100000 annually to
the shares OF the building and loan
associations in Charlotte, and that
this amount is being almost expend-
ed here in building homes and max
ing other improvements. AS series
is being opened up each six months,
SO is an old series being wound up
and closed out each six months. We
confer and consider whether the
money can be raised here for this or
for that corporate purpose-to build
a new hotel or to establish a new
factory. 1t transpires that the work
ing people themselves are semi-annu-
ally accumulating and investing in
Charlotte about 100000. 1t is a
wonderful showing and one that is
to the infinite credit of our wage
earning population and also to those
who are managing these institutions
One OF these associations is proba-
bly, twenty-five years old. All of
them are old enough to have long
since had an expiring series for every
new one. There is nothing expert
mental about them. Years ago the
money they handled was not partic-
ularly significant in quantity. Being
used to their unimportance in the
olden time, the people of Charlotte
hardly realize what large and strong
financial institutions these associa-
tions have become. Their magni-
tude manifests the perfection of the
plan for a saving institution and
manifests still more the high integ-
rity and altruistic character of the
work of those who have practically
charged themselves with the man
agement of these institutions
For the growth and development
of the material city there is no Or
ganizatioH in Charlotte that can be
compared to them. Besides contrib
uting very much to the material de-
velopment OF the city they exercise a
benefcent influence in inducing peo-
pie to build hQmeafo themselves in
stead of renting and they furnish
the means by which a home may be
built for the rent money which is US
ually paid, or nearly SO.
The next Legislature ought to en-
act a comprehensive statute protect
ing these associations for the benefit
of the people, The State should deal
with these institutions literally on
the zubject OF taxes. They come
next to the churches and the schools
in their beneficent influence. They
blend in the most wholesome way
material, moral and intellectual
progress in the homes which the as
sociations contribute to build.
They do not compete with other
legitimate businesses. They make
patrons and customers for the regu-
lar savings banks. They promote
thrift and economy, which benefits
every other business.