Palatka daily news. [volume] (Palatka, Fla.) 1919-1994, 1922-05-07
UILDING-L0AN
ASSOCIATION TO .
OPEN ON MONDAY
Means Much in Build
ing Up Of This
City
SUCCESS IS ASSURED
Every Stockholder Will
Have a Voice in Its
Policy

| After many weeks of careful prep
aration the Palatka Building and
Loan association will open it's offices
for business tomorrow morning in
the Merryday building. The success
of the organization is already assur-
ed, the most prominent business men
Of the city being officials or stock
holders in the company, which is de-
vised to build more homes in Palatka
and enable the man of moderate
means to finance his home PROPOSE
ton at reasonable rate of interest.
The association is mutual. Every
depositor becomes stakeholder and
has a vote in the direction of it's at
fairs. The depositor's funds are in
vested in first mortgage securities,
the safest form known.
There are two ways of joining the
association:
|. /. By taking out of an installment
account passbook, which calls for a
minimum deposit of 25 cents per
week, or 81 per month, on 500
share. The quarterly dividend is
credited on the passbook and COM
pounded.
2. By purchasing outright stock
certificate through payment of one
hundred dollars in cash. Dividend
checks are mailed each quarter to
holders of stock certificates.
Both earn the same rate of divi-
dends. Dividends are computed as
of January 1, April July 1, and Oc-
tober 1, of each year, but are not
payable until the 18th.
Dividends are computed from the
date the money is received to the
close of the current quarter. With
drawals between quarters do not
bear dividends.
Money can be invested at any time,
and withdrawn at any time, although
the legal right is reserved to require
notice of withdrawal if occasion
should arise. Application for loans
far exceed available funds.
Advantages of Building and Loan
Association.
Each member has a voice in its
management, and participates in its
advantages and profits.
1t furnishes the best method by
which wage earners and others with
limited incomes can become their
own capitalists, and it teaches thrift
to children.
Building association furnish a bet
ter and safer opportunity than any
other plan than has ever been de-
vised for securing liberal return of
profit from periodic savings of small
sums.
One highly important feature of
these associations lies in the fact that
they enable their members to secure
! the use an dbenefits Of their savings
in advance by enabling them to bor-
row funds from the association with
which to build or buy homes or en-
bark on other enterprises. These
loans they are privileged to repay in
such periodic installments as their
savings will permit. These loans
will become an important factor in
building up Palatka.
The directors of this association
are men prominent in business in Pa
latka and they have effected this or
ganization in order to help remedy
the housing shortage in Palatka and
to afford a means of saving money
by means of small but regular pay
ments on the installment plan. The
directors have every evidence to be-
lieve that the Building and Loan as
sociation is going to assume a very
important place in the affairs of this
city. They have received assurances
from a large number of people that
they will be glad to invest their saw
ings in the association and to sub
scribe for its shares. The association
has the endorsement of the business
men of the city and the Chamber of
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