The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1921-10-03
Enthusiastic Nee ii n g
Saturday Night Result
ed In Definite Action
On the Part of Repre-
sentatives In Taking
Advantage of Polk
County Trust Com
pany's Generous Offer
To Father Such An Or
ganization

before many weeks Will have
elapsed, Lakeland will have a well
organized building and loan associa
ton. This was the result of an en-
thusiastic and well attended meeting
Cf representative residents of Lake
land and OF Polk county held Satur-
d2y night in the chamber of the city
commission at the city hall, the
change of place being necessitated be-
cause it was seen long before the
meeting hour OF o'clock that the
lobby of the Polk County Trust Com
pany would not lie sufficiently large
to accommodate the crowd of inter-
csted people men and women.
Vicepresident f. H. Mack of the
Trust Company opened the proceed
ings by asking Benjamin Getzoff in
charge of the bond department of that
company, to preside. Because Mr.
Mack had recently made a hurried
trip to Orlando for the purpose of in
vestigating the Orlando Building and
Loan Association, he was in Il posi-.
tiOn to give great deal of valuable
information. Chairman GetZoff in
vited the asking of questions. Mr.
Mack presented the proposed orgaHi-
ZGtion from every possible angle, his
statements being clear and concise so
as to leave not the slightest doubt or
apprehension in the minds of those
present as to the success that will
come from the operation of a build
ing and loan association here in
Lakeland. He stated that the services
of Mr.. Getzoif. Mr. Judson and Mr.
Chi ders of the Polk County Trust
Company would be placed at the dis
posal OF the loan organizations alb
soutely free of charge and head
quarters provided in the Trust Com
pany offices so that overhead, except
for postage and necessary stationery
would be eliminated, allowing prac-
tically all of the profits from opera
ton to go to the stockholders and
shareholders. 1t was explained that
the Orlando plan provides for two
kinds Of stock. that paid in full and
the installment stock. The investor
who is in a position to place from
$100 up will lie assured of 4 dividend
of per cent every six months. Those
paying on regular monthly schedule
w III bl7b bt Wv lNCIlNl cal uCI III Dl ~
portion to their holdings. The in
stalment stock is divided into four
kinds, known as A. b. c. and d.
stock. Stock A requires the payment
OF 80 cents a month on each share, it
requiring 127 months to bring the
stock to par, or S100 Class B re-
quires $1.00 a month per share, the
time being 6 years and five months
before the share will be paid in full
Glass c at $3.50 a month requires SIS
months and Class d at $500 per
share Il month only AZ months to ma =
ture.
In order to facilitate organization
as soon as possible it was decided to
name a committee with power to pre-
pare the necessary charter and place
in the charter the names of the -uf
ficers who will temporarily perform
the necessary duties of the new OF
ganization until such time as the first
annual meeting can be held. Chair
man Getzoff named Harry Brown, A.
D. Boring, l.. w. Bloom. j. d. Judson
and j. j. Holdeman. This committee
was instructed to meet as soon as
/ IOSoiOie W idNC lhib6 III
shape for the adoption of the whole
program on the evening of Saturday,
October o.
Rev. C. |. Stacy proposed a rising
vote of thanks TO the Polk County
Trust Company for their splendid
spirit in promoting such valuable
asset for Lakeland and he voiced the
sentiments of gratitude felt by the
large number of women and men
present in Saying that the unselfish
action of the Polk Trust Company Of
fcials would reap a rich harvest for
! the community.
In acknowledging the expression Of
thanks Mr.. Mack took occasion to
say that if a total OF $250,000 capital
stock can be sold here. it will mean
that $4,000 a month will be available
for loaning to those who are desirous
of/building for their own personal use
homes located on property already
paid for and absolutely free from all
encombrances. This would mean that
there would be an average of prob
alb y one new dwelling in Lakeland
and vicinity erected each month
throuUh tho ouanov nf tho huiidin q