The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1903-09-17
Special to the Charlotte News.

AsHEvILLE, N. C., Sept 1O.-At a
special meeting of business men held
in this city last night for the purpose
of organizing a home building and
loan association. Mr.. Samuel Witt
kOwsky, the we'll known capitalist
and business man Of Charlatte, ad-
dressed the meeting on the great ben
efits to be derived from properly con-
Quoted associations of this kind.
Mr.. Wittkowsy's address was pa
tiently listened to and elected inter
est and enthusiasm. He said:
1t gives me unfeigned pleasure to
meet with the good people of this fa-
nous city of the West, perched like a
beautiful setting on the heights as it
were among the many Jewels in the
untarnished diadem of the good Old
North State, and this pleasure is
greatly enhanced by the fact that [
am here in the interest of a cause
which is near and dear to my heart,
to which | have for quarter of a
century devoted my best efforts, but
for the past twenty years entirely so,
to the upbuilding of the Mechanics
Perpetual Building and Loan Asso-
citation, of which | have the honor to
be President from it's very inception
i'll March, 1888, to this date. Ihave
labOred in the cause without fee or
reward, excepting only such as is de-
rived from the consciousness of a
duty we'll performed, and of having
to some extent been helpful to my
fellow man and leaving to my pos
terlty the heritage OF the v1dict Uf
my fellow citizens, "Thou vert a
good and faithful servant
This institution is today one of
kind in the South; and it has today
in force in round numbers 1850
shares equal in value in matured
stock to $3.50, 900, and it has
$500 stockholders. 1t has handled
during this time over $3,OOO,OOO
gathered together in weekly stipends
of 25 cents per share. This vast sum
of money came chiefly from the wage
earning classes and every cent of
which was consecrated by drops of
sweat from honest toil-this vast
sum of money was handled by us
without the loss of a single cent and
at the nominal expense of about 4
of one per cent. exclusive of taxes
and OF 2 per cent. including taxes.
Now, my friends, if Charlotte can do
this, and it is but the history of
every other local Building and Loan
Association, then surely Asheville
can and ought to do the same.
We have at this time loaned out
$500, 900, of which IS per cent. is to
a class of our people whose combined
financial strength could perhaps not
have secured a loan from a bank or
source other than a Building and
Loan Association the sum of $40, 900.
Where else in the whole economic
| system of affairs can there be shown
such marvellous results? This will
give you food for thought for the
present, and later on in my remarks
| will go more into details as to the
practical working of local Building
and Loan Associations.
My friends, would that l could i'll
woke some power, if for this occasion
only, to give me the magnetic and
oratorical gift of him who was North
Cardinals 8 best beloved son, Your for
! mer citizen, the late lamented, inim-
liable Zebulon Baird Vance; then, and
then only, could hope to present to
you the subject with such force and
such hues as its Importance deserves:
then only could / hope to inspire
and enthuse you with the same zeal
in the cause which my close Observa.
ton and long experience has given
me and my directorate working with
| me.
have for over half century beer
more Or less intimately identified
with commercial, financial, benevo
lent and social Institutions, which
while each and all have their sphere
of usefulness, and in the main are
more or less beneficial to their re
spective communities, yet | have
found no institution, association
industry or plan yet devised by maj
which is so far reaching in its bene
fits, SO equitable in its dealings, sc
Just and profitable to all partie:
| concerned DIS Al local DuIIulllp dIt
; Loan Association; as there can b.
neither the dotting ofan nor th'
crossing of a 7 in its affairs but tha
every share fares alike.
In every other corporation tn
/ stockholders thereof derive all of tn
> profit and the rest of the communit,
: pay that profit, but in the Buildin:
and Loan Association every shar
receives its pro rata OF the profits
There has as yet no other schem
: been devised by man which has sue
5 immediate and direct effect, not Onl
: in the permanent upbuilding OF
e community, but also the uplifting t
h a higher plane of morals and sci
: respect and of good and loyal cit
+ zenship of that large and worth
2 class of every thriving community
. the wage earning class" l hav
d often been inclined to believe tha
= the first originators OF a Buildin
s and Loan Association must hay
o had their inspiration from above.
Now, my friends, as some of yo