The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-02
BUILDING AND LOAN ASSOCIA-
TIONS.


! From The Bulletin OF the Bureau Of Labor
No one class OF provident institutions in
this country. perhaps. has contributed
more largely than have building and loan
associations TO the material welfare Of that
! portion Of our citizens dependent on
daily wage for support
Including under this general title all
those institutions having for their principal
objects the encouragement of the syste-
matte saving Of small sums and the loaning
! OF money to their members for the purpose
OF building homes we have the most i'm
! portant and successful example of coopera-
ton in the United States This movement,
destined 10 obtain such enormous proper
tons and exert such a marked influence
upon the economic aud social conditions
of the workngman was begun "a early as
1881, the first association in the United
States having been organized ut Frankford,
Pa. (now a part OF Philadephia) on Jan.
?, 1881, under the name Of the Oxford Provi-
dent Building Association.
This association was Of the simplest form
and its organization was doubtless due to
the efforts OF English workmen in the fac
tories and mills located at Frankford who
had brought with them a knowledge Of
the building societies of the mother coun-
try. in which similar associations had been
in operation since 1850 The second assoc-
alton was organized in Brooklyn in 1897 and
while the movement gradually grew In
strength its present proportions were not
Appropriated until many years later.
The first authentic information published
relative TO the number and Importance
Of these institutions was the result OF
careful canvass OF the country by the United
States Department Of Labor in 1893. Pre-
vious TO this time no great body Of facts
was obtainable. although State leagues had
been organized In Arkansas, California,
Illinois. Indiana, Iowa Louisiana. Massa-
chusetts, Michigan. Minnesota, Missouri,
Montana. Nebraska, New Jersey. New
York Ohio ard Pennsylvania. For the
purpose Of bringing these associations into
closer relations and 10 afford opportunity
for the discussion OF matters OF mutual in
terest the United States League OF Local
Building and Loan Associations was formed
on April IL. 1892. since which date annual
meetings have been held in various parts
of the country.
The objects OF this national league were
10 promote tho enactment Of such laws as
would secure the just and safe management
Of these associations: 10 devise and promote
the adoption OF systematic, equitable, and
safe methods of conducting their business;
TO encourage and stimulate the building
and owning Of homes, and in a general way
TO promote the interests OF mutual or CO.
operative building and loan associations in
the United States. 1t should be said in !
this connection that the national league,
under the control and guidance Of able |
and enthusiastic officers has most fully |
justified it's existence.
Originating in a small way as a purely |
local cooperative movement for fostering |
self-hep among the wage earning classes, /
almost half century elapsed before the /
possibilities and uniform success of these |
associations we're fully demonstrated and (
they began that almost marvellous growth |
the ak tent Of which is shown by the report 1,
of the Department OF Labor made in 1898,
at what may safely be termed the end of
the period Of their most rapid numerical
Development. At the time of that report |
there ware,5, 1913 local and 2io national assoc
clHdons n existence
OF the 557s local associations in existence
in 1893 concerning which data could be
secured. but 433 we're organized prior 20
1878 and were in existence in that year.
During the next five years $50 OF these
associations were organized. making ,022
in existence in 1888, or more than double
the number in 1878. During the next five
years 2, 83 were organized. making 3,is5
in existence in 1883, or more than three
times the number in 1888 Two thousand
three hundred and ninety-four were organ
lied during the next five years. making the
number in 1893, including the nineteen
associations which did not report as 70
date Of organization, 55Os.