Palatka daily news. [volume] (Palatka, Fla.) 1919-1994, 1922-02-09
Local Business Men In
terested in New
Proposition
.L0vELAND PROMOT|NG|1
Remarkable Growth of
Institutions in Other
Cities

AT the meeting OF group of rep
resentative business men of this
county held at the Chamber of Com
merce rooms the housing problem
presented in Palatka was carefully
considered and the feasibility of the
organization of building and loan
association in Palatka was gone into
from all angles. 1t was agreed that
Palatka was ripe for the organiza-
tion of such an association and C. w.
Loveland was requested to go ahead
and formulate plans for a permanent
organization.
Among the facts developed at the
meeting were: That building and
loan associations organized under the
present laws are the safest and
soundest financial organizations in
existence; that their growth has been
stupendous, reaching a total assets
of over $2,OOO,OOO,OO0 in the United
States in 1918; that they help the
working man and wage Garner to in
dependence, and provide a means by
which he can easily own his own
home; that building and loan asso-
Citations have been uniformly sue
cessful; that there is no safe form
of investment by which small saw
ings can be made t9 draw interest at
so profitable rate as is obtained in
building and loan association.
1t was shown that the attractions
of building and loan association are
peculirly strong. l tbs a money
saving, money-making, safe and
popular institution. 1t is popular for
the reason that each member shares
in the management and control of the
institution, in the election of officers,
and in fixing it's plans and policies.
Helps Small Savers.
In short, a building and loan asso-
citation is the practical example, the
concrete expression of the idea of
democracy applied to a financial in
stitution. 1t has no group of pre-
ferred stockholders drawing a high
rate of dividend from the earnings
Of the small depositors, but all men,
bers, whether their savings are large
or small, receive the same rate of in
terest, and their dividends depend on
the amount they have saved
An institution of this kind should
work incalculable value to the peo-
pie of Palatka, as it will allow the
wage Garner by making small week
ly deposits to accumulate shares and
gradually amass fund upon which
he can borrow to buy a lot, erect a
home, or pay up mortgage. This
is done on a small installment plan
carried over period of several
years. 1t will be possible even to
procure a home. for the amount now
expended for rent. Moreover, the
wage Garner by making these small
regular deposits, even if but so cents
per week, becomes a stockholder in
so doing and is entitled to take part
in the business of the association.
An association organized by some
of the soundest and safest business
men of the city, as this one is, and
organized not only because of its
possibilities as money-making in
stitution, but also because of its
wonderful promise of usefulness to
the community, will undoubtedly win
the confidence of the wage earners
of this county.
A building and loan association
organized in Miami Is years ago
started with a capital of $4,000. To-
day it is capitalized for $4,000, 900
and It has been instrumental in help
ing to accomplish the wonderful
growth of that hustling city. The cit
liens of Palatka will soon have the