The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1906-04-07
The Homestead AssOCi.
atoms of Louisiana

Some time ago the Picayune COM
mented on upon the annual report
Of State Bank Examiner l.. z. Thorn
as. on the condition Of the State
banks, and found much in the steady
growth of the financial institutions
operating under the banking laws of
the State OF Louisiana TO commend
to the attention OF its readers. The
great growth OF the banks during
1905 IS not only a cause for gratih-
cation but an evidence of the sub
stantial commercial growth Of the
State during the the past year.
There is another branch OF the State
bank examiners report. however,
which IS deserving of quite as much
banks namely,that showing the con
dition and growth OF the building and
loan associations, commonly known
as homestead associations, operating
| in the State. These associations. like
the savings banks administer the
savings Of the people, and their con
!
masses more intimately than do the |
growth and development Of banks
/ Like savings banks they encourage
| habits of economy and thrift among
the people and provide the very best
class OF investments for their saw
ings in the shape OF homes
The report OF the State bank cx-
aminer Tor 1905 shows that there are
forty-five building and loan assocta-
tons in the State, having gross as
sets OF $8,I2o,254, an increase OF $zo2,-
30 for the year. The net profits of
these associations show an increase
Of S5z,337.
OF the forty-6ve associations, six
have gross assets exceeding half a
million dollars each. three have gross
assets exceeding 100000, and one
has gross assets in excess OF $4,000
The average dividens paid by the
companies are in excess of six per
cent. per annum
To what extent these homestead
associations have contributed to the
material prosperity OF the masses
and the real wealth of the State is |
shown by the fact that they have the
immense sum of $6o22.755 invested
in homes. AS the people living in
these homes are paying for them in
easy installments. it is safe to say
that but comparatively few of these
owners Of their own home would
have experienced such good fortune
but for the homestead associations.
While New Orleans naturally main
tains the largest number of these
homestead associations. they are scat
tered pretty we'll over the State, and
their development and success keep
even pace with the growth of the
population and the increase OF pros
perity among the masses.
Commenting on the showing OF his
report. State Bank Examiner Thorn
as says:
The building and loan associa-
tons have continued to prosper dur
ing the past year. and have increased
their assets S7o2. $50. 50 since the last
annual report was issued from this
office. The people are fast realizing
the practical benefits of such organ
izations. and he many homes erected
all over the State speak more e1o-
quently than words of what these
public benefactors are doing to de-
yelop our commonwealth. They have
have helped to beautify and adorn our
towns and cities by erecting many
modest as we'll as elegant homes for
our citizens. They are accomplish
ing as much as any single factor III
teaching our people the habit of
economy and thrift They inculcate
the idea. that it is better TO own a
home htans to pay rent. Their rates
Iof interest are reasonable. with few |
exceptions, and their plan permits |
borrower to share in the profits ac |
cruing from the. interest which he /
himself pays. |