The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-22
Building and Loan Trust and Guaran-
tee Association. of the U. S.
Program for First National Congress
to BE Held In Providence.

the Trust. The event was marked by
prompt business and made cheerful by
fraternal sociability.
The meeting was called for the purpose
OF preparing program of exercises of the
First Building and Loan Congress OF the
United States which Is called 10 assemble
In the City of Providence on the first
Monday OF June next.
The business OF the evening was rem
dered cheerful by vocal and instrumental
music, including, among other attractive
features, piano duet, played by Miss
Greene. Their rendition OF Gottschaik's
'Radieuse" was excellently done. A
bass solo by q. Anson Brown, Esq, en-
titled "Voices OF the Ocean," was also
given with splendid effect. Master
Jesse Stevens performed the !" Blue Bells
piano accompaniment most excellently.
Miss Hildur Kinquist sang the "Spanish
Gypsy," soprano solo; and Miss Willard
IA. Greene performed piano solos entitled,
"Bonnie Doom" and "Bonnie Dundee" by
Willie Pape.
Other ladies and gentlemen assisted in
the general program which, together with
refres hments served at 10:30 y. IN. and
supplied by Tilllng hast, made the evening,
besides being most important financial
and business occasion, to become a most
enjoyable social affair that will be long
iSheaucfcu Win pieosuTcs
President Ginner's Remarks.
In stating the objects of the meeting,
President Ginner ssid
The usefulness of the Building and
Loan Trust could not be over estimated,
nor was 1t limited In ITS operations.
There were about 5000 National building
and loan companies in active operation
in the United States, and four times
that number of local companies. These
companies would all sooner or later Join
the Trust, for the simple reason that all
OF those companies that would Join would
be able to sell more stock than those
banks are organized into districts for
their mutual protection, and why not the
loan companies? And how better than by
taking membership in the Trustf
The possibilities of the Trust are un-
Limited; suppose-in the first place-that
only 1000 OF the loan companies join the
Trust. They will subscribe sl0O per an
mum for their mem bership. This will
give the Trust revenue sufficient to de-
fray the working expenses and also to pay
interest on money invested in the Trust.
1t would at the same time combine 1000
companies. For this annual revenue the
subscribing loan companies would receive
yellow certificates for each Of their share
holders--and thus q su bstantial guarantee
Will be given to each company as corpo-
ration, and to each member of corpora
tion as an individual, resulting in busi-
ness Improvement not heretofore antici-
pated. The loan companies who become
members OF the combine will begin to
issue more stock and the public con-
fidence, being strengthened, membership
will increase In num bers and money will
flow into their care for investment. We
know that prosperity Is wealth,
patronage Is success. No matter
what business you may be engaged in, II
the public patronize you then you
are successful-and the public will
always select the best article at its most
conservative price. For this course the
members OF the combine will easier sell
their stock, becaus. they are mem bsrs OF
the combine, and the public at large will
buy stock from them because they
are members of the combine,
and thus the liability of the Trust
will become limited; because the
business outlook of the members of the
combine will have very much improved
since they became members Of the Trust,
and therefore as the business improves.
amongst its members, losses will be-
come almost unknown and commercial
fail, failures impossible. ,hsl should, how how.
ne bine through t"'ea some cirSum.tsnce 1s uu%s
over which they have no control,
become insolvent, the Trust will make
call upon the remaining nine hundred and
ninety-nine companies for sum of money
sufficient to re-estab ablish the defaulting
member, and this would be done privately,
SO that the outside world would know
nothing of what had taken place. The
Trust would advance the money as loan
Ito be repaid after term OF years.
In other respects the building and Loan
Trust and Guarantee Association of the
United States will also lend money to
building and loan companies who require
money for investment in mortgages to
their instalment shareholders and thus aid
young companies-and benefit old COM
panies. In whatever ight the operations
OF the combine may be looked upon,
the work of usefulness stands clear
before the eye OF the observer, and q
brilliant future is before us-and now,
gentlemen, before i conclude, desire to
invite through you all of the building
and loan companies and associations and
societies to mem bersbip in our Trust, and
] guarantee that whatever business may
be done between the Trust and its MEM
bers will be strictly private and confiden-
tial between the Trust and the members
any knowledge that the trust may enjoy
of the business or financial conditions of
its various members will be held pro-
found secret, and will In no case be ex-
posed, or revealed, or confessed, either
privately or In open court. When the
local companies who become memb bers OF
the combine want money, the combine
will find it for them, and thus secure
future of prosperity TO which the
business in which we are engaged
is entitled TO receive. desire
to say that there are about two hundred
and forty-five millions invested In New
York State and altogether not less than
nine hundred millions OF money invested
In this business in the United States. 1
now desire to state that when a call Is
made by the Trust for money TO aid or
help one OF its mem bers, that the money
advanced by the members will be accepted
by the Trust on interest somewhat less
than actually charged the borrowing
member, and in this manner
no hardship will be experienced by any OF
the members OF the com bine, but, on he
contrary, n general uplifting and better
ment in the social ana financial condi-
tions OF ali parties interested.
1 also desire to bring before you the
way and manner in which the First
Building and Loan Congress In the United
states will be called together, and to ask
your kind assistance in preparing a pro-
gram for that event, which IL TO begin on
the frat Monday In June--whi will fall