The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1903-09-17

may think that the sub ject under dis
cussiOn is a new and untried specula-
tive scheme will, before proceeding
further, give you a succinct state
ment OF the origin, scope and aims of
Building and Loan Associations.
1t is not easy to assign a given
date when and where these societies
| originated, but some writer's assert
that they existed in a crude form as
far back as the Greeks, during their
Republican form of government,
and also later among the Anglo-Sax-
Ons OF Great. Britain; but the earliest
| authentic information that we have
Is that when a society for the pur-
chasing OF dwellings, was formed in
Birmingham, England, in 1871, and
SO beneficial and in such favor have
they become that England has today
perhaps no less than $4,000 such in
stitutions, with a capital perhaps OF
a billion dollars, and a membership
| OF two million stockholders.
| In this country Pennsylvania was
the original home for them The
| first OF these societies was organized
, in what is now suburb of Philadel-
| phia, called Frankfort, in 1881, and
today over 100000 homes in Phila-
delphia and suburbs is the result in
that State.
In this country there were in exist
ence in the year of 1902 in the 21
States forming the National League
of Building and Loan Associations
|
ship of $50. .39.', ana the matnred
value OF the shares was $565, ,OOO,-
| 600; and if the value of the shares of
all OF the associations in the United
States be considered they will exceed
| in amount by far the paid up capital
of all of the National Banks in the
United States (Which according to
the Comptroller's report up to Sep
tember Is, 1902, amounted to $685.
OOO,OOOD
The State of Ohio alone increased
$44, 100000; Pennsylvania, $685.
100000; New Jersey and Massachu-
setts each SIT 100000 and l night
go on and name many other States
throughout this Union, but will de-
sist for fear of firing you; but l pre-
sumo | have said sufficient to show
the Importance and magnitude of
these institutions.
We now come to our own State
North Carolina has over 40 such in
stltutiOns, and as most of them are
new, | will assume they average only
1900 shares each, making an aggre-
gate OF $4,000 shares, equal in par
value to $S,OOO,OOO, Which is one
fourth more than all of the banking
capital of the State. And as stats
tics show that about one-third of the
amount of the par value of the stock
is generally paid in and loaned out,
it follows that in North Carolina to-
day there must be loaned out nearly
$3, 100000, and it is further shown
by statistics that the average loan
in the South is about 5000 each, it
follow; that nearly $4,000 heads OF
families in this State alone are at
this time obtaining homes through
the Building and Loan Associations,
and as the average American home
consists of five persons to the family
it follows that there are at this time
165,5OO people in North Carolina
made happier and are benefited
through the instrumentality of these
institutions, to say nothing OF the
thousands of others which derive
} benefits from them in an indirect
way.
The great aim of Building anG
. Loan Associations is one which chal
| | ~f
philanthropic Their aim is to enable
men of moderate means to acquire
l and who, by no other system vet
devised, can SO readily, SO cheaply
/ and so surely, acquire-their owl
homes. Nay, more; it teaches, an(
: to some extent, forces him to save
his hard earnings little by little. Ses
J the tOiling workman as he goes will
? resOlute step and proud mien to th'
: secretary's office and there witt
: hands begrimed with SCOT Ia fa
more honorable covering than th'
! gloved hand of the spendthrift) an(
: his tin bucket on his arm "a shielt
} entitled to far more respect than tn
5 coatof-arms of idle nobility" deposi
l his honestly earned money on tn
e counter, it's metallic ring maxim:
e sweet music to his ears, for he know
t it has nailed more planks on to wha
will soon be his own home.
e Now, my friends, once again folio,
e me to the secretary's office at tn
Y end of q matured series and see tn
2 stockholder, (as | have repeated.
e seen him. in the knowledge that hi
J. home is all paid for and is all hi
e own, and see him with proud an
b happy feelings carrying the cancelle
V mortgage to his wife with the, t
a them, ever memorable sentence
0 'This is now our own home" an
+ your hearts would swell in unisor
l. as does mine swell with pleasure a
V the sight.
:, What word painter could fittingl
e give expression to the hallowing, ell
It waiting and ennobling feeling whic
g must pervade that home on such a
e occasion?
But this is not all the good that
u accomplished by these institution