The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-11-22
wHEgLING. " "a, NOVEMBER .. ISL
RuIIdInE Associations and Their Hene-
nla.

RuIIdIng Associations and Their Hene-
nts.
Although the rage for forming building
associations that once prevailed in various
parts Of the country seems to have subsidized,
and although their number has consideH-
bly, diminished us compared with ten years
AGO. vet the fact remains that they have
been productive Of an immense deal OF
good, and have generally left behind them
acreditable record. We still have several
Of them here in Wheeling, and there is one
each at wellsburg and Washington, aud
Others at other local points in this region
all doing well as far as We have seen any
report OF their operations.
But Philadelphia is the home par excel
lence OF building associations. There they
have flourished and have had free course
to show what they can do in the way Of
providing homes for the homeless. The
Tadesmen Building and Loan Association
otthat city is, We presume, specimen as
ISOLATION oithe genealrun otbuilding con-
Germs in that great city OF homes. 1t has
lust issued its eleventh annual report, By
which it seems that the financial results
achieved have been something extraorii'
nary in their character. 1t seems by this
report (ior summary Of which we are in
debted to the New York TGRSs) that what
is called the first series" OF investors have,
during nine years and six months, paid
in SllI on each share which they
purchased. They have received back now
500 II. The second series have paid
in during nine years and seven months
Sll5 on each share, and have received back
500 Is. The total assets OF the association
are sol, S93 30; the unearued premiums or
the loans, S2Ol2 g., making the net assets
$3.50 Il, while the total net liabilities art
35,6S2 %, leaving a surplus Of S29,6?7 s.
1t would appear from this that this mutua
banking association Of mechanics ant
tradesmen have made more than twenty
Ave per cent on their investments during
the past year, and that during period o
nearly ten years past each member has re
ceiyed at the end nearly 100 per cent oil
his investment.
When II is remembered that this bank
ing and building went on during the PAM,
year OF 1878, and subsequent years wher
20 many savings banks and iinancia
schemes came TO an utter failure, it is Ger
tainlya remarkable instance OF prudent in
veStment by common people. The SeCre
Of il is that each member is stimulated t
save little from his monthly wages; that
this is turned over to the association and
constantly reinyested in houses and land:
for working men. The security is the best
because each borrower is spurred on tC
industry and economy in order not to lost
the dues he has paid in, and
because the society has the lier
either on the buildings put upon
the land OF on 4 portion Of the land
itself. These associations in their many
years Of business have acquired great expts.
iience in building and loan matters, so that
they probably invest better than do most
Of the savings hanks; in fact, they have
learned the business Of mutual banking and
have succeeded in carrying it on with
wonderful economy and success As
an instance Of their economy, it would APP
pear that in the above association, with 4
capital Of nearly $4,000, the sole expenses
for SecTetary's salary, for labor OF Commit
tee on Securities, for advertising, station
cry, printing, rent, postage Stamps, book:
and fuel are S459 IS
As the annual report says, thelanguaSeo
whose rhetoric and grammar may be par
doned for the sake Of the success described
thegreat question is
show to buy home which puzzles tn,
majority Of the persons who earn only
daily or monthly wages. without ever SEE,
ing the possibility Of handling the round
sum Of one or two thousand dollars, r.
qnisite for the purchase OF a lot OF ground
and neat dwelling, your savings Of quar-
ter or half-dOllar day, you have found
does il, from the actual fact that you
members Of the First and Second Series in
this Association, have now the one or two
thousand dollars in your hands, or, in lieu
thereof, q comfortable home for yourself
wife, and little ones to live in
aud enjoy. Like the coral insect OF the
ocean, which builds unseen beneath the
waves the foundation Of beautiful islands,
so this association has been building fol
you in quiet, modest way, almost unheAri
and unknown, the pecuniary benefits and
homes you now enjoy; so modest has II
been that its virtues are not knOwp enough
to be appreciated even by It's best friends;
agnnd collapse or failure would not nd.
yertise such associations us this, as a col.
lapse or failure Of q savings fund, for the
last makes itself felt by the distress It
causes, but when building association
dies It's blessings live in comfortable homes,
business established through It's help, bonds
aud mortgages or other securities, all ap.
preciated because earned by gradual and
hard.earned accumulation"
The wonderful success Of such banking
asthis is certainly a mystery to outside OBJ.
servers, but the facts are unQuCstioned, and
the words Of the conclusion Of the report
seem hardly too strong
"fn conClusion.--Th now a great city Of
nearly q million Of people, the inst ritv in
the world In educated and productive in.
dustfy, and the tirt city in the Union in
all the attributes OF commercial progress
aud grandeur her manufactures have pro
crossed until they have challenged the
world in their advancement; her commerce,
once surrendered, is being rapidly regained
aud Il Is now the most prs porous city OF
the earth. All this has been caused by the
people who CRATE their Wtuih aud lin in Tier
otR AQWee'