Evening capital journal. (Salem, Or.) 1888-1893, 1889-10-23
ABOUT BUILDING SOCIETIES.
The Part They Play in the Develop
meBi Of Manufacturing Industry
Salem III Need of Them.

The history of building societies
exhibits, perhaps, one of the most
remarkable developments OF social
economy and thrift that the country
has ever witnessed. Originating
in the present century, they have
grown from very small beginnings
/ to an important, If not commanding,
/ position among the industrial and
{ financial institutions of the day.
Their first start was in England,
where the saving of rent is of vital
/ importance to thousands of city
workmen, but they have since been
planted and taken root in every
English speaking nation on the
globe. Indeed ii is difficult to eX-
aagerate the value of movement
which shows such results in the
home country, as given by II writer
in the London Gazette. The num-
Der of incorporated English societies
he sets down at ,S53, with a MEM
bershi5 OF 513,667, holding mortgage
assets amounting to e46, ,22G, l69.
In the United States the growth
and successes of these associations
have been even greater than in Eng
land. Commencing with the Brook
lyn Building and Mutual Loan
Fund association, organized in 1886,
they have spread throughout the
country until there is hardly Il town,
especially if it be manufacturing
one. of "A thousand Inhabitants, but
has one or more. The District OF
Columbia, which was among the
first 10 form Il building association,
commencing as early us 1919, has
to-day tifty-fve associations, with
an aggregate receipt of 100000 per
month, and they have invested as
much as So, 800, 900 in loans to men-
bers for the purchase of homes.
New York, Boston, Chicago, st.
Louis, Milwaukee, Cincinnati and
other cities, have great Numbers of
these associations and an enormously
heavy amount of capital invested;
but to Philadelphia belongs the
palm for the greatest number and
largest amount of capital invested.
Up to a late date there were built as
many as 10000 comfortable homes
in that city, which has gained it
the appropropriate and significant
name OF the "Clty of Homes"
This showing is not the result of
manufactured boOms on real or pre-
tended combination of organized
capital-no sudden wealth and no
sudden poverty to the investor. 1t
was made in the old fashioned way
of saving little by little, and the
good use of that little by means Of
cooperation. Building associations
have not the potency or promise of
booms in them, and the road to af-
fluence through their agency is
alone by industry, frugality and
patience. In this they are old
fashioned, it is true, but for all that,
the safest and best, and in the end
they will bring more lasting COM
fort to the shareholder. Atany rate,
they are within the reach of the
million, while the pool and the con-
bine are for the benefit of the un-
scrupulous few.
BY far the greater portion Of the
money invested in building associ-
atious is derived from the earnings of
the mechanic, the salesman, and
TIE man of small means; all of
which is monthly loaned, or, more
accurately speaking, is advan ced to
members on their stock to build
homes for themselves, period of
seven to eight years being allowed
them to pay off their loans Now that
we have entered on the develope-
ment of the unsurpass d natural
resources Of this portion of the Will
In t., x.a1lnxr and Al ra linu n
aid numerous branches of manu-
fsctoring industry the means of pro-
viding homes for theswOrkmen who
cast their lot in our midst, becomes
of vital importance. Beside cheap
and we'll supplied home market.
we must offer suchs other advau-
tages as are essential to the comfort
and well being of the producing
class. Schools and churches abound
in our midst; we can boast of n peac-
able law-abiding society; while the
salubriety of the situation and the
scenic grandure of our surroundings
are nowhere to be surpassed. But
homes for working men are the
desideratum; and since men with
capital everywhere show a reluct-
ance to putting their money INTO
low-priced tenements, self interest
should lead our business men to orga-
nize societies whereby the mechanic
and Others of limited means can pro-
cure homes for themselves without
paying tribute to the money-loaner or
the landlord. He is only right to
assure the former that building asso- |
clatioh stock is creditable property.
Leading citizens, our most success
ful merchants, and our most hopeful |
young men and women should be
forward in starting such societies |
and in becoming stockholders. The
profits are liberal, failure is almost |
unknown, and it will be starting a |
movement whose good will be felt, |
mot for n day. as the past says,
"but for all time"