The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-08-20
Are Building anu Loan Asso-
cations
SAYS EMINENT AUTHORITY
MIR. W. Y. M tSooerrsor Writes an
Open Letter Concerning His
Investigations in
Ohio

Association of this city, recently made
special trip to Ohio to personally investi-
gate the building and loan associations OF
that state Mr.. Robertson, who has had
eight years experience, as manager of the
Alabama Home Is the most eminent au-
thority on building and loan associations
in the south, and as these institutions
stand on the topmost round of the Buck
eye state, the deductions made by Mr.
Robertson, and set out in the open
letter below will be read with I'M
usual interest. The saving of money
and the accumulation of property are
matters of concern to every one,
and Mr.. Robertson treats of the SUBJ
ject in his letter so ably and so lucidly
that its perusal will be exceedingly pleas
ant and instructive.
To All the People Living In Cities of Alabama
The general manager of 1.-THE Alabama
Home has recently returned from the
state of Ohio. where he has been making
a personal investigation of the building
and loan associations of that state. The
paid in capital of the associations of
Ohio. as per their reports to the governor
of that state, he found to be $99, no, 161.07.
or an amount greater than the combined
capital of the banks of Texas, Louisiana.
Arkansas, Mississippi Alabama. Georgia,
North Carolina and South Carolina.
This shows that the business can be
made a great success. In Dayton, o., he
found that tho plans of the associations
there were so adjusted to fill the real want
of the borrower, that the straight mort
gage companies and the private money
lenders had but little show of getting good
loans. There Is no doubt but at this time
the people of Alabama are enjoying pros
porous times. and as the building and loan
business has been made a factor of use
fulness and great benefit to the older Sec
tons OF the Union, Is there any reason
why 1t should not be made a factor of
great good to the people of Alabama? Are
not the people as intelligent and progress
sive as the people of Ohio? 1t would seem
to the writer of this article that the citi-
zens of Alabama should have as good and
useful financial institutions as the people
of Ohio.
The nature of the business is that of CO.
operative money lending, and the security
is first mortgage on improved city prop
erty (mainly to aid its members in building
business to be success, and to become more
popular in the future than it has ever been
in the past. Two things alone are needed.
viz: the proper plan, and experienced
men to manage 1t.
Cooperation, in its various forms, Is the
magician of the century. and as in nature
we see the rays of the sun draw up water
from the ocean where it Is more than
plentiful, and carry it to the desert where
1t is needed so should the benefcent work.
ings of good building and loan company
be to any COMMUNICATING the savings
of those who wish to save, and lending 1t
to those who need home.
And now a few words about the Ala
bama Home. in which SO many of the good
people of the state are directly interested:
The record of the Alabama Home proves
that the business can be made a great sue
cess in Alabama During the past eight
years we have issued stock to the amount
OF over s., 500, 900, and have redeemed our
stock to the amount of over $1,OoO,OO0. and
no certificate of stock within all that time
has ever sold for less than the withdrawal
value as prescribed by the bylaws, and we
have aided our borrowing members in
towns and cities of Alabama.
Eight Years. Record
In the eight years that the Alabama
Home has been in business not share
of its stock has ever sold below its stated
withdrawal value. How many other
things in the city of Birmingham do you
know of that can show so good a record?
I dare say there are very few. For in
stance, what has been the experience OF
those who have invested in other stocks,
real estate, ETC.? Has not the time been
and often, when you could not realize so
cents on the dollar, and again when you
could not get anything for it at all? Cannot
each and every building and loan associa-
ton in this city show a much better
record than this?
The Alabama Home has been and will
continue to be of special benefit to the
wage Garner. who, by toll. produce and
self-denial is enabled to lay aside few
dollars per month to make preparations
for the time to come when his toiling
hands are weak with age. The inspector
of building and loan associations oil the
state of Ohio. in his last annual report.
said: "They foster habits of economy and
thrift and steadily increase the wealth of
the locality in which they operate. A we'll
managed building and loan association Is
one of the greatest blessings any commu-
nifty can have, and should receive every
reasonable encouragement"
Let Us Consider
Having heard of considerable complaint
against the building and loan business in
the state of Alabama, and feeling assured
that 1t was greatly exaggerated by inter-
ested parties, who had some form of in
vestment to offer the public. We have felt
called upon to make careful investigation
of the Home" building and loan associa-
tions in the state OF Alabama, and We have
found that during the past twenty years
they have been subjected to less loss, and
have returned their members (who have
been in good standing, and complied with
the rules of the company their money with
better average profit than any other
form of investment in this state. Again,
all of us we'll remember that ten, fifteen