Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1907-11-01

cruing month after month and year
aiter year just the same as any other
shareholder and at the end of about -
years enough has been accumulated to
cancel the mortgage.
man takes no loan but simply
makes MS monthly payment on his share
ne Will receive the $1,000 i'm cash at tbo
enu OF the IL years. He is not limited
" one snare but can take two or more
ana pay $40 or more each month In
practlce any one shareholder is limited to
noidlng hve shares. This Is practicable
in Massachusetts. ~
The practical advantage of the svstep,
is that the regular saving is compulsory
~ WORKS that way everywhere else ana
VIII work that way here 1 have
helped organize more than 40 such in
situations from just such gatherings as
,llls' some OF the audiences have been
larger and some smaller. There was no
ulinculty In organizing or in keeping go
ing AFTER the organization was effected.
expect that you will have a good bank
started here In the near future"
one OF the most valuable features of
me gathering was the questioning of
the speaker after the address. Oppor-
tunity was given for all to ask questions
and much light was thrown on some
practical phases OF the system. In re-
Spouse to question as to who could
take out shares Mr.. Eldredge said that
asSone, man, woman or child could take
them out. He had seen many instances
where children had been taught the val
ue OF methodical saving by having a 81
snare. They saved their candy money.
their spending money. and did MANY
small kinds of work in order to keep up
their payments. 1t was a good ing
and taught them the value of money
besides giving them a good sum to
start life with when they began for them
selves.
In regard to the matter of withdraw
ing, he said that it was the custom to
require months notice from all share
holders and to withhold one fourth Of
their share in the dividends. This tended
to check hasty Withdrawing for ends not
worth while without preventing the de-
positor from having the use of his money
If he wanted 1t after mature con ,idera-
ton. 1t also enabled the bank officials
to know just where they stood each
month and to know just how much would
be available for loan.
a question was asked as to how mucn
n man must have to secure a loan. Mr..
Eldredge said that man VINO owned
a lot worth $400 and had $500 in cash
could secure a loan of $500 on showing
the officers plans and specifications for
a $4,000 mouse.
In reply to a question as to payment on
shares In advance the speaker explained
that men of means who were Interested
in the associations frequently made pay
ments for six months in advance in order
to give the association more capital to
work with. Surprising that A man want
ed to borrow $1,000 and there was regu-
larry only $1,000 available. The $1,000
would have to lie idle until next month
and then $500 would lie idle another
month. If the $1,000 was given to an
other borrower each month the man who
wanted $1,000 would never get his loan
until more shares We're issued. The
advance payment was really a benevo-
lent act on the part of moneyed men as
their returns in dividends were calcu-
lated on the monthly payment plan, not
on the advance payment plan.
Mr. Eldredge said that the cost of
doing the business was often less tlan
two per cent. which was Insignificant IN
comparison with the insurance company
costs of administration.
After all the questions had been an
swered satisfactorily all in the audience
who believed that such an institution
would be a good thing for Brattleboro
were asked to rise. Practically all who
understood the question arose. Nearly
all of them stood on the question of
whether one should be started at once
in Brattleboro a question on how many
felt that they would take share in such
an institution met with n big response,
at least 200 indicating their willingness
to do So