The Hawaiian gazette., 1890-04-01
MUTUAL BUILDING AND LOAN
ASSOCIATIONS.

pose Of considering the subject OF
organizing in our midst Mutual
Building and Loan Association. The
subject had been locked into very
thoroughly by two or three, who pre-
scented the results Of their study st
this meeting. After this presents
ton. sni some discussion, 1t wss
voted 70 incorporate, and committees
were appointed upon charter and
~bye-lsws."
In view Of these steps towards the
establishment OF such sn association
II this community. it may be Of IN
terest to present briefly some gen
eral facts relative to the objects,
growth and plan Of operations OF
similar associations sbroad, and from
these facts TO conclude Whist viii be
the probable results here
!. THE OBJECTS The objects are
generally we'll expressed IN the name.
They sre for the mutual benefit OF
sll members IN the matter OF savings,
home building and Homecoming.
The principle = 8 cooperative one
that OF making careful and adyant-
ageous losns 70 each other, for the
benefit Of al. ont Of the accumulated
savings OF all. We quote from the
State Bureau OF Labor Statistics OF
California: No form Of direct CO
operation among persons OF limited
means i attracting more attention,
at the present time, than co-opers-
tive building snd lOan associations
Why? Because 8 building and loan
association Is one Of the very best
plans Of cooperation. Through its
insrumentality. people Of small
means are able 10 conduct bust
ness enterprise by uniting their
little capital. which no one Of them
could possibly do alone. It trans
forms the tenant from being the
bondsman Of the landlord into being
the lord Of his own castle. Rent-day
ceases 10 have terrors for him. HIS
cottage Is his home-in truth as well
as in name. He becomes 3 free
holder. 4 properly conducted build
ing and loan association Is q primary
school Of business knowledge, and
II this respect. also. Is q boon 10 the
mechanic. II Is democratic N Its
method Of uansacIng Its affairs II
generates and conseryes the home
and family belongings which are q
reflex OF. as well as bulwark 70. our
free institutions. II has been well
characterized as the simplest, best
and most successful plan OF co.
operation ever made practicable II
the two hemispheres.'
, TIE GROvTH.-Ne quote again.
briefly. as follows: Building and
Loan Associations are multiplying
with marvellous rapidity. both at
home and abroad. In the State OF
Pennsylvania. where they first grew
and prospered, there are nearly one
thousand OF these associations,
which disburse, every twelve years,
about S4OO.OO0O00. In the city Of
Philadelphia. from 1919 TO 1850,
6l.OOO comfortable homes had been
erected through the aid OF these
associations. Since then the good
work has been continued with ever
increasing ratio. 50 that 1t Is well
said there Is more happiness to the
square mile there than ID any other
civ OF the world. II Is ESTIMATED
that fully One-ifth Of all the homes
IN Philadelphia have been erected or
ACQUIRED under. these building and
loan associations. and that One-sIxth
OF all the real estate IN that city Is
the property Of their members Next
10 PENNSYLVANIA stands Ohio, with
about SIX hundred associations,
which do & business proper
tionstely as great CINCINNATI
alone claims 70 have invested
through her associations no less
than S3OO.OOO.OO0 in ten years. Hi
nois ranks next, having about four
hundred associations. more than
half Of which are in Chicago. 1t Is
estimated that about S36,OO0,0OO per
year Is loaned by Building and Loan
Associations Of Illinois, which IS at
least twice the amount deposited IN
the Savings Banks Of that State
In Minnesota they have proved
wonderfully successful Whilst the
deposits in the Savings Banks OF
that State hardly exceed 100000
per year. the amount invested IN
Building and Loan Associations eI-
ceeds $1S,O00,OO0 From eight to
ten thousand homes in ST. Paul have
been secured to their owners with
money advanced by these eo-opera-
tive associations. Their progress IN
other States has been similarly
marked
Mr.. T. B. Ssnborn, IN his report &c
the Social Science Association, IL
1855. estimated the number OF Build
ing and Loan Associations In the
United States at from three to five
thousand. with a constant invest
ment Of S30O,OO0.OO0. The accumu-
Iation under this plan Of saving dur