Norwich bulletin., 1915-03-13
BUILDING LOAN ASSOCIATION
Tentative Organization Made After Norwich Chamber of Commerce Meetng-3O Sign List to Indicate They Would Join Associaton-Pan of Operation Was Ex- planed by J. N Standsh, President of Bridgeport Asso citation.

Tentative organization for the form ation of a building loan association was made here Friday evening after a meeting of the Norwich Chamber of Commerce at the Buckingham Memo rial at which J. N. Standish, president of the Bridgeport Savings and Loan association, had explained the success which har attained that association and others in the state and nation. The names of 30 were secured who would take shares in the local association and it is expected that many more names will be secured
 The Chamber of Commerce meeting which han an attendance of about 40, was opened at o'clock by President William H. Cruickshank
 For the new industries committee, c. J. Isbister reported that one new industry, though a small one, had been added to the city Friday in the location of the Texas Oil Co.,, in Greeneville, and another one in similar line would be here in about six weeks.
 Three matters upon which H. R. Branche reported for the legislative committee were the advocacy by the local and the state chamber of com merce of the exemption bill, the tax on enabling cities to amend their own charters without going to the legisla- ture.
 Upon his motion it was voted that the Norwich representatives be urged to use their influence for these measures.
 w. A. Somers reported progress on behalf of the committee having in charge the banquet for April Sth. New Members.
 Secretary Charles w. Pearson re- ported the following names of new members who had been accepted by the board of directors: Col c. w. aTl1n DT~ 1o Donohue, L. M. Crandall, Oscar La croix. P. J. Morley. George o. Hath away. and Joseph T. Cruttenden. Explained the Plan. MT. StanGish, who besides his office in the Bridgeport association, is pres ident of the state association, was in- troduced by President Cruickshank. He spoke of the beginnings of loan associations in England and said the first ill the United States was in Phil adelphia in 1881. Now there are S. 294 in the United States with 2,S36,0 00C | members and $1,25O, 100000 in assets States where there are the largest number of associations are Pennsyl- vania with ITO, Ohio with 649, New Jersey with 643, New York with 250 Connecticut has IF with 10000 mem- | bers and assets of S3,5S1,O00. They are l located in Bridgeport, South Norwalk | Stratford New Haven, Meriden, New
 
 Rockville, Willimantic and Middle ] town.
 Building and loan associations ht | said have two objects, to encourage | habits of saving and thrift among | working people and to assist them tC 1 get a home.
 Attractive to Working People. l The wage -earners both men and wo | men, are turning in increasing mum i bers to our association, he said as tn | medium making the largest return t, l the small investor compatible with ab solute security of the principal. Whil | savings banks are paying deposition | average annual dividends of 1-2 t, 4 per cent, compounded twice a year 1 our association is paying, at the pres ent time and $ per cent, and ever more.
 Shares at $1 each with an entranc fee of 50 cents per share are issued il l series, a new series being begun il
 January and July. Each series o shares is independent of the other, an
 every share of a given series has tn some value and natures at the sam i time. Shares mature when principa and interest amount to S200. Share
 may be withdrawn at any tome upo giving due notice and their with
 drawal is compulsory at maturity. l
 the money deposited from month t 1 month should remain all it would re
 quire 200 month or more than sixtee years for the monthly payments of 5
 to amount to $200. With earnings a
 the rate of 5 per cent, it requires abou 1 twelve years for shares to mature T
 be specific shares which have recent
 ly matured represent a principal c $144 and dividends of $56.