Putnam patriot. [volume] (Putnam, Conn.) 1872-1962, 1916-01-21
BUILDING AND LOAN
AssOcia ton Win Probably Be Formed
Much Enthusiasm Manifested

That Putnam is to have a Building
and Loan Association in the near flu
ture is almost an assured fact. The
movement was started a few months
ago by the Putnam Cham ber'o Conn
merce, and as it has progressed it has
convinced practically every person
who has considered the matter and
who has at heart the best interests of
Putnam, that the formation of such an
association will be of great value to our
city.
A small committee first Investigated
the subject and reported TO the direc-
tors of the Chamber of Commerce,
which body caught the enthusiasm of
the committee and authorized the or
ganization of an Association, provided
the people of Putnam would endorse
the movement For this purpose sew
enty. five citizens werei invited and
urged to serve us committee.
A meeting of the committee was held
on Wednesday evening on very short
notice, and a majority were present.
The enthusiasm, which seems TO be al.
most part Of this subject, again man
ifested itself. NJ. II. Geissler, chair
man of the original committee, called
the meeting TO order, and Richard Cor
man was elected chairman, and c. j..
II II, q u
the purpose of the meeting aud called
upon Mr.. Geissler TO explain the OBJ
jects and benefits of a Building and
Loan Association, which he did, the
substance of his remarks being as set
forth elsewhere in this article He
then invited questions and an interest
ing discussion followed. G. J. Harri-
man, r. G. Morse, Howard e. Brad
ford, G. l.. Padgett, II. A. Keech, G.
f. Shaw, A ID. Lown, E. NJ. Wheaton,
w. j. Bartlett, Charles Seder, A. S.
Boynton, james McAndrews, Alexan-
der Gilman, Isaac Ghampeau, and F.
+. Russell, spoke upon the different
phases OF The subject.
1t was voted that sub committee,
consisting of Messrs. German, Geissler
and Lown, be authorized and instruct
ed to continue the work of organization
as planned, and to arrange for big
public meeting, to advertise it, and TO
provide speakers. This vote was unan-
imous At the suggestion of Mr.Cham-
peau those present who would agree to
help by subscribing for one or more
shares were requested to rise and again
it was unanimous. Announcement
was made that the plan of the commit
tee is 10 hold the big public meeting
Thursday, February Sd, and that j N.
Standish and Paul Chapman, both OF
Bridgeport, men of many years expe-
rience in Building and Loan Associa-
tions, and officers of the State League
of Associations, be secured as speakers,
that subscriptions for shares be obtain
ed, and that the association elect OH
GERS and organize permanently at the
big meeting, the date of the meeting
to be provisional upon the convenience
of the speakers, the date and place to
be advertised later. A sub committee
of nine, consisting of Messrs. German,
Lown, Geissler, Bartlett, Gilman,
Morse, Milot, Wheaton, and A. >. Mac
donald, were appointed to prepare
list of officers, and draft of consti-
tuition and bylaws, to submit to the
public meeting. The meeting then
adjourned.
The objects and advantages of a
Building and Loan Association are
two.fold: First, safe and secure in
vestment paying the largest possible
dividends; and second, means for
person with small capital to own his
own home. That these are advantages
to both the individual and the COM
munity cannot be questioned, nor is it
necessary to enlarge upon them.
Each deposition is a shareholder, and
a deposit of one dollar per month must
be made for each share held. The
entrance fee is fifty cents per share, are
issued in series, new series being
started every six months. The only
business of theiAssociation is the re-
ceipt of regular deposits every month
and the placing of conservative loans
at fair rate of interest and at the
lowest possible expense. While saw
ing banks are paying three TO four per
cent, Building and Loan Associations
are paying five and five and one-half
DER cent. dividends. Payments may
be stopped and money Withdrawn at
any time. With earnings of five per
cent, it requires l47 months, with
payments of 81 each, for shares TO reach
their maturity of $500.
The great object of the association is
the help it gives man without cap
ital TO own his own home. Ii man
owned a lot and wanted 10 borrow
Sl00u 10 build house, he would have
to pay s. a month for five shares and
S4i7 month interest, a total OF SLY
a month, and al the end of l47 months
be would own his home clear and have
had the use of it all that time.
Watch the papers for further an
nonneements, and whether you wish
to subscribe or not, be sure to attend
the Big Meeting. Everybody is urged
IN attend and will be welcome Now