The Brattleboro reformer. (Brattleboro, Vt.) 1907-1912, 1907-11-01

|ID BE FORMED
|, in Favor of Building
and Loan Idea.
SHOWN
= Trade win Take Steps To-
p,ocuring a Charter and Call
,,r Meeting for Purpose Of Or
Details of the Plan.

,',,- Meeting for Purpose Of Or
',,son-Details Of the Plan.
.,sspse Of several hundred peo
nj them working men--gath
The auditorium Tuesday even
ssgr tba building and loan as
A. Man discussed by d. Eldredg,
'.,5 man widely experienced
.s s,mplzatious and treasurer o.
s,ga and successful institutions
linz wa. held under the au
N he local board of trade
las taken up the building anC
.,aisti1n with a view to increas
:. number Of homes in Brattle
M me directors of the board OF
senpied seats on the stage
O Robbins, president, intro
me sneaker. Mr.. Robbins spoke
w the work that has been done
s,slsboro by the board of trade
s,s particularly on the efforts
M been made by the new indus
nnmittee to locate new concerns
!, and the obstacle that this com.
has encountered in the lack of
!, ior people who wish to move
In the hope of solving this prob
u, Robbins said the board OF
| bad taken up the building and
gociation plan, the purpose be-
| \ interest people of moderate cir
|.r,,,es to become home owners In
nj home renters, to induce invest
4 belp bring this about by putting
3, IN a cooperative scheme of this
and BY the accomplishment of
| these objects to increase the num-
4 houses in Brattleboro.
n Eldredge began by reading a
/ article giving the history of the
|l1g and loan association, which IS
ira in Massachusetts, as the coop.
[rs bank. He told of the begin
4 Of the work in his state and call
mention TO the fact that Philadel-
4 known throughout the country
M CITY of Homes, can attribute
|, lille TO beneficial results that have
!, from the cooperative banks
NJ At present there are in TINS
.rv 5000 institutions of this kind
4 capital of $600,000,000 and
# 100000 shareholders. In Mas
.u,etts. where the idea started in
there are now AZ banks with
a amounting to $42,0OO,OoO.
D these figures Mr.. Eldredge point
nj the success that these institu-
have met among members of the
sing class who need the assistance
ntematic saving to make them be-
owners of property. He also
he'd upon the fact that such asso'
ons are not antagonistic to regular
iw banks, but rather an aid to
since they cultivate among PEG
moderate circumstances the habit
stematic saving and place them IN
sition where eventually they VIII
security on which to borrow
' through regulation channels. Mr..
dge then went on to explain the
ID under which cooperative banks
in Massachusetts,. AT the
Of his talk he answered a number
estions in regard to the plan. MI
ms then requested all those in ia
+ joining a building and loan as,
ion in Brattleboro to rise, ana
everybody present responded:
hen asked those in favor OF
immediate steps toward the
ton of such an association
lain standing. Nobody sat down:
w of this strong expression OF
n Mr.. Robbins said that the
of trade would at once take
toward procuring charter anu
lg about the formation of the as
on at a meeting to be called lat-
ough it was evident from Mr..
gels address that he was per
familiar with every phase of the
g and loan association, it can,
truthfully said that he explained
tails of the plan in a way 10
hem clear to those present. Ap-
y taking for granted that his
knew something about the
he failed to begin by explain
rudiments.
object of a building and loan
ton in Brattleboro is to IN
the number of houses in town
bling people who are now
to rent tenements, to borrow
with which to build homes ana
for these homes by the syste'
saving which is one of the re-
,nts Of membership in the as
n. This does not mean that a
with no property whatever can
e association and Immediately
tie loan of money enough
id a house. AS in otner
! institutions certain proper
security is required but the
ion is small enough SO that PEG.
} do not own quite property
on which to borrow at a saw
TX can by joining the ASSOCIATION ion
the money they want. At the
ne they are bound not only 70
interest regularly but also 10
,ular assessments which event.
ply on the principal of the loan
will be seen that the wise DOT
when his assessments have IN
sufficiently to bring his equity
ouse to the amount required py
ulation savings bank or trus.
:, will transfer his loan thence
e advantage of the lower inter
at the same time continuing
his assessments in the loan as
for the purpose o. further re-
is indebtedness -.
Aares in an association of this
generally set at 5000 and , are re
in dues or assessments of 81
1, Suppose, for example, tnas
in Brattleboro agree to take
'es each; the amount due from
mber each month will then DC
It the beginning of each month
will have 81 ,O0O "
W. = Willing to