The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1895-10-06
pu1LpINa AND LOAN sooIETIEs

Only within the last fifty years have
building aud loan associations had an
existence. So popular has been this
plan of investment that the report OF
the latest census is that there are now
nearly 5000 in this country. Benefit
building societies, as they were called,
were established in England during
the reign Of William ", but IT was
not until four years later that any
thing OF the kind was established in
this country. The first city in which
the building and loan experiment was
made was Philadelphia, AMI because
OF the associations thus planned that
city has become, and is so designated,
the city OF homes, while the great pro.
portions TO which these associations
have reached everywhere is matter
Of surprise.
The report on building and loan as
sociations, which includes cooperative
banks and loan and saving assoeia-
tions, shows that those of the United
Stotes have net assets OF over $3.50,
900, 900, have made total profit Of
more than $50, OOO 900. and have helped
TO secure over 400. 600 homes
When II is remembered that these
large sums represent TO large extent
the savings of those persons who
could never hope to saye enough to
have bank account 1t is readily seen
what boon they have been TO the
small wage Garner In addition there
is perhaps no one agency that has
taught people economy in small things
as has tho monthly payment of dues
Then, too. the associations taught
lessons in finance and it is TO the
credit Of the men who have had then
in charge that so few losses have been
met with.
In this city the local building and
loan association has recruited its mem
bership from every walk OF life, tho
majority OF the stockholders, however
being wage.earners, who are thus en-
abled TO lay by each week small
amount which is always availabl,
when n rainy day comes, and in th'
meantime draws interest and div
dends compounded semi-annually. /
Is the roor mans bank, where ever
man is depositor and stoelSholder com
bjned, and where the man who save
but 25 cents per week has an equa
vote with the one who puts in fft!
times as much.
The Guthrie association during tn,
1--WE years OF its existence has loane,
an aggregate OF forty two thousan'
dollars, divided into eighty-one differ
ent loans, ranging in amount from
500 to 81, 900, and every ore Of th
eighty-one loans represents hom
bought or built. This money is al
.he savings Of the stockholders, pai'
in in small amounts, that otherwis
would oftentmes have been spen
foolishly, and, as result, several hun
dred psople have nice little deposit
Of cash TO fall back on and many more
homes have been added TO our city.
As the agent which induces the cree
tien OF these homes, the association
an important factor in the building n
Of the city, and when one consider
that most Of this money would hav
been borrowed from outside com
panies had IL not been for the exist
ence OF the local association, and tn
fifteen thousand or more dollars inter
est sent out OF the city and territoi.
instead OF being divided up as div
dends ana credited TO the stock o
each member OF the association in pre-
portion to the amount paid in, he 5C