Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1916-04-04
CARPENTERS REFUSED TO
ACCEPT CONTRACTORS OFFER.
Committee of Six Appointed With
Power to Settle Difficulty.

ing was not accepted.
A committee consisting of the follow
ing was appointed with power to settle
the difficulty: j. ]. Sweeney, J. n
Sullivan, Fred Wilson, Louis Ortmann,
George Boucher and Business Agent
Whatever settlement arrived at will
go into effect on April 18th.
Following the business session, the
officers Of the Norwich Building and
Loan association, President Frank II.
Smith, Secretary Ernest c. Cherry and
Treasurer Herbert r. Branche, adj
dressed the men. explaining the merits
of the association and the benefits.
Secretary Cherry, the first speaker,
spoke in part as follows:
As the Norwich Building and Loan
association, Inc, is at present in its
infancy, l shall necessarily have to
confine my remarks to building and
loan associations in general rather than
attempt to particularize on our own
association.
object of a building and loan associa-
ton is to encourage home building and
saving among its members by accumu-
lating the savings and leaning the
same at fair rate of interest. The
building and loan association is not a
money making institution exploited by
a few persons for their own particular
benefit. 1t is a cooperative institu-
ton, and while our own bylaws pro-
vide for the establishment of a rea-
sonable reserve fund. they also provide
that when this reserve fund amounts
to 5 per cent OF the dues capital the
association is not obligated to set aside
any specified amount for this fund A
great many so-called cooperative in
situations are under the control of
seem to forget that accumulated earn
ings belong to their members.
Associations of the nature of build
ing and loan societies were originally
started in England about the year 1898
and are still thriving there They have
a membership at the present time of
about soc, coo and assets of about $780,
100000. These associations were first
introduced into the United States
about 1881 in the city of Philadelphia.
They are more numerous in PennsyI-
vania than in any other state in the
available figures there are at present
over 100 in Pennsylvania alone. with
assets of about S233, 600. Ohio comes
next with $40 associations and assets
about $50 associations, with assets of
about $120,00O,000. New York has $50
associations and assets OF about S64.-
100000. There are $50 associations in
the city of Newark alone. PHILADELPHIA
am told, has been largely built by
illSNlluliOHS OF character, tnere De-
ing great many homes valued at from
$4,000 to $4,000 In that city. Hence the
name City of Homes. In New York
state there is 2. small town of about
1000 people and 81 per cent. of the in
habitants, or about 100 people belong
to an association having $3.50, 600 OF
assets. In these states this movement
is so strong that ell that it is neces-
sary to do is to open a new series and
advertise the fact that such a series is
open. The people simply flock to take
up the shares. They know what it
means.
Is it any wonder that these states
show such a tremendous growth in
population and wealth? The man who
is paying for his own home or is saw
ing his money is conscious of a feeling
of responsibility that makes for better
things. He has an object in life aside
from having a good time. The thrifty
citizen is the citizen that the COM
munity needs and must have If IL pro-
gresses-and building and loan asso-
ciations promote and foster thrift.
There are about $500 building and
loan associations in the United States.
with a total membership of over 2,SOO.-
900 and assets approximating the stag
gerinf figure of 81 ESQ 900. 900.
In Connecticut there are. counting
our own, Is associations. having about
10000 members and having assets of
from those having assets of about
$1,000 to the largest, which is in AIeri-
den, having assets of about 81 ,300, 900.
Providence has an association having
assets of ever 100000. In our own
vicinity there is one in New London
one in Willimantic and one in West
erly. They are all governed by boards
composed of high grade citizens.
a building and loan account means
no anxiety about fluctuations in mar
ket value of securities. The savings
banks in our state have recently been
placing the great proportion of their
available funds in real estate mort
gSges-snd why? Because their Off
GERS realize that there is no asset that
promises such stability of value as the
loan on real estate.
Building and loan associations elect
their own officers There is not the
remotest possibility of one man or one
group of men getting control through
stock ownership because no matter
how many shares are owned by an in
dividual he only has one vote.
Meetings are held monthly. In this
association it will be the third Tuesday
| in each month. At this time payments
on the shares is due. There will be an
| entrance fee of 80 cents per share in
addition to monthly payments of 81
per share. The entrance fee applies
| only to the initial payment and is for
| the purpose of meeting legitimate ex-
penses, such as stationery, advertising
postage, etc. The board of manage
ment is composed of the officers, who
are eX-officio members and have no
vote in the management, and nine other
members who are elected annually. No
| member can subscribe to over 10 I'M
| pledged shares in any one series nor
more than 80 pledged shares. A pledged
| share is one that is pledged to the as
| ISOLATION in connection with the max
/ ing of a loan. The limiting of the
number of shares is for the purpose OF
| limiting the size of the loan. Expert
| ence has shown that comparatively
small loans are the most desirable
| The board of management approves
| bills, fixes salaries, legal fees, etc.
| passes upon all loans after proper ap-
praisal, and is responsible for the con-
Quoting of the affairs Of the associa-
/ ton.
President Smith said that he thought
| Mr.. Cherry had covered the ground
| pretty thoroughly He said that the
association was of great benefit to the
| workingman and we have seen the ad-
/ vantages arrived at in other cities