Evening Republican, Volume 19, Number 277, Rensselaer, Jasper County, 22 November 1915 — ATTEND METTING OF B. & L. TONIGHT [ARTICLE]

ATTEND METTING OF B. & L. TONIGHT

Those Who Have Subscribed and Others Who Wish to Do So Are Urged to Turn Out This Eve. The meeting to elect the first board of directors of the Building & Loan Association will be held this evening at 7:30 o’clock at the court house and it is hoped to have a representative meeting of those who have already subscribed for stock and of all who desire to do so or who feel interested in the organization. The details of che association are still to be worked out, but sufficient has been accomplished along this line to be prepared to proceed with the organization. Copies of the by-laws of several associations have been received and studied and will form the basis for the local organization. The solicitors were unable to see many during their one or two days’ canvass, but they want to impress on all that this association is organized as a community enterprise and that any person who desires to do so can subscribe for stock. While it was expected at the start to capitalize for $50,000, it is now proposed to double this amount and possibly to issue tin stock in two classes, A and B. The former would be the investors’ class and would provide for payments of $2 per month per share for fifty months. The other class would provide for the payment of 50 cents or $1 per month on each share. Associations at Chalmers and Ladoga have provisions of this sort, thus making it possible for persons of small income to take one or two shares of stock. Chalmers, with a population of only about 600, has an association capitalized for SIOO,OOO. It is hoped that every person who feels able to carry five shares of the investment stock will do so and that all others will subscribe for as many shares as they can. It will be a good investment for them and will make the building of a number of homes possible. The more shares subscribed for the more money the association will have to loan for building purposes the coming year. While the pledges taken so far were for the investment stock, it will be possible for any who wish to take the other class to do so when the organization is completed or to transfer to ehe other class if they desire later to become borrowers. The object in providing 'or the 50-payment plan for the investment stock is twofold. First, to get the money to supply as many borrowers as possible, and seoend, to provide for the fully paid stock at 'an early period. Many associations are started out with fully paid stock and it may be desirable to provide for this here.