The San Francisco call., 1895-10-17
SOCIETIES that BUILD,
Annual Meeting of Associa-
tions Which Loan Money
to Home-Makers.
Figures Show the Large Number
of People in the State
Interested.

The California League of Mutual Build
ing and Loan Associations held its annual
meeting in assembly room," Mills build
ing, Tuesday afternoon, Frank Otis, pres1-
dent, in the chair.
The president in his opening address
stated that all building and loan associa-
tions should belong to the State league for
mutual aid and development. The league,
organized in 1890. he said. had been favor
able to the growth and prosperity of all
legitimate organizations. and all the asso-
Citations in the State should join the league
to lend their moral influence of an un-
broken front in case it became necessary
to put to rout some possible legislation
detrimental to the interests. He then
said:
The State League has been instrumental in
causing the passage of legislation which has
affected building and loan associations. The
Legislature which held its session in the early
part OF this year passed a law amending the
Building and Loan Commissioners act, en-
larging the commissioners powers, and giving
to them much needed additional clerical help.
The expense OF the commission, which is borne
by the associations, will be increased about %
per centum by this change. Time alone will
demonstrate its wisdom. California has so far
enjoyed the benefit of able and thorough State
supervision, and it is to be sincerely hoped
that this will continue.
He expressed himself opposed to the
Introduction In the associations of the
French system Of savings and various
banking features, and after declaring that
San Francisco ranks next to Philadelphia,
which is the first of all the large cities in
the world in having its population In
dwellings owned by the occupants, he
said:
The building and loan association plan has
the American home for its foundation. No
one will gainsay but that the possession of
home creates safer and a better citizen of its
owner. m ans interest in public affairs at
once increases on acquiring home. He is
part and parcel of the country itself He De-
comes thrifty and economical and rapidly adds
to the aggregate National wealth and general
prosperity of the country. Therefore let US by
every influence within our power make the
building association plan more influential and
widespread i'll its results. Naught but good
can come from so doing.
Andrea Sbarboro of this City read an
interesting paper on the Progress of
Building and Loan Associations" He
said that these institutions generally sup
ported and managed by common people
have in the United States an accumulated
capital of over $500, 600 600, of which sum
more than $100, ,000,0 600 are the net earnings
on the invested capital. The mem bership
numbers 100000 males and 800, 900 fe-
males, and these have assisted over
100000 members to procure homes on
payments very little IN excess OF monthly
rent. He continued:
Building and loan societies were first intro
duced in California about 1878. For few
years only small progress was made, but
from 1880 on large number OF associations
have been organized. and at the present time
there are in this State $50 associations with an
actual invested capital of over P21 900 600
1t IS also estimated that over $15, 900 900 has
already been disbursed to the shareholders for
matured stock and withdrawal shares, making
a total investment of over $36, 900 900 saved
to the wage -earners, the greater part OF which
would have been squandered had it not been
for the inducement furnished by these institu-
tions. There are 10000 members holding
about 100000 shares of stock. With the
assistance of these institutions 20 900 homes
have been built in this State, principally by
laborers and mechanics who would never nave
been able to accumu ulate sufficient to live
under their own fig tree without the assistance
of these associations. The largest number of
building and loan societies are located i'll San
Francisco and Oakland; but Sacram ento, Los
Angeles, San Jose, Stockton, Santa Rosa and
many other towns in the State have their own
building and loan society.
Fremont Wood presented paper show
ing the necessity of having some one to
investigate all borrowers with view to
prevent speculation.
A. Meyer read paper on the "Past Ex-
periences of Loan Societies" in which he
dwelt at length on the matter OF equalizing
profits to shareholders.
]. Bruckman read a paper on the neces-