The Medina sentinel. [volume] (Medina, Ohio) 1888-1961, 1920-01-02
BUILD new HOUSES
FOR MEDINA W0RKMEN
Building and Loan Plans As
Tried in Cleveland Prove Con-
venient to Home Owners and
Financiers.
OFFERS LOCAL CAPITAL
A USE FOR ITS MONEY

A complaint frequently heard from
the lips Of Medina employers Of labor
is: "Why won't some of our moneyed
men build houses for rent in this
city" A general lament is heard Of
the dearth Of houses for occupancy
of men who want to move here and
take up work in the shops and fac
tories.
There has been little soundings of
trumpets by Medina employers Of
labor, but for some months the ques-
! ton of finding housing accommoda-
tions has kept good workmen from
moving here. With every house filled,
and in some instances quite consid-
erable families living in few rooms
from lack of ability to get more, the
time has come when more houses
must be provided in Medina or its
growth must cease. Conditions make
this imperative; provide for expan-
sion or lose this natural growth that
must be given some consideration.
Several employers of labor wonder
why some enterprising young man,
with friends, don't organize and fos-
ter building and loan company of
Medina. They recite conditions pre-
vailing in Cleveland. and declare they
cannot see why financial plan that
is good in the Forest City may not be
made good here. Here is the story:
A building company is formed and
workingmen wishing homes take the
preferred stock. This may be paid
for in installments. When man
owns $500, and has acquired q lot, he
can have a house built on it up to a
designated cost, and turn in this
stock as part payment. The cost Of
building is carefully checked up and
the member for whom it is built pays
Is per cent ON construction cost. This
he cares for with payments, paying 6
or z per cent for carrying conven-
ience. A small gang Of men will
build four houses, and keeping them
employed the year round the lowest
wage rate can be secured.
A small amount of common stock
j is issued at the outset to provide
funds. Preferred stock can receive
but 6 per cent interest. Home build
ers can buy either common or pre-
ferred stock, and participate in the
better dividends that common stock
earns, but are only required to buy
preferred, which is always kept at
par, and is surrendered in paying for
their new home.
| The common stock is the founda.
ton of the building and loan COM
pany, and perpetuates the company
It necessitates little overhead ex-
pense, and as fast as the money! is
paid back into the treasury in liquida-
ton Of building cost,it is in the treas.
ury for turning over again. The IL
per cent charged on top Of actual
cost is not more than half what the
usual money loaner abstracts for his
share.
There is plenty, of money in Medina
city and county to build all the work
mems homes needed here. Holders Of
much Of this money are only too glad
to invest it in any safe way offered
But few selfish house owners have
always scoffed at there being any
need here, in this way keeping the de-
mand so high that a big rent may be
charged. While there is a big need
at this time it were unwise to overdo
the building; but it will take some
time to ELL the need, and present
house owners need not fear an over
production as long as present high
material prices prevail.
Here seems fruitful field for con-
servative operation right at our owr
door, with filling of burning need
at the same time. What financiel
will come to the front and take 9
hand in. organizing and firmly es.
tablishing such a financial institution
in our midst?
~ 80 ~ rNI-~~I~----