Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-05-27
GAZING TO
~ BUILD HOMES


\ The United States League of Local
Building and Loan associations will meet
today in annual session at Charlotte, N.
c. This league is the national organiza-
ton representing nearly 5000 purely local
building and loan associations having a
membership of 100000 persons and total
assets of almost SOOOOO,OOO. Not only do
the local building and loan associations
have a total assets of $7S5, 900, 900, nearly
as much as the capital stock of all the
national banks in the country, but they
also represent that amount in the savings
of the people. Not only do they repre-
sent great financial power in their pres
ent status. but they have behind them a
record of work accomplished in the bet
terment of conditions or working people
which makes the city blessed with build
ing and loan activity better than the city
not so fortunate.
The meeting OF the league in Charlotte
is particularly welcome for the building
and loan association has reached a high
er development there than in any other
town of similar size In the world. 1t
has subscribed for $105 per cepita in build
ing and loan stock. and of this subscrib-
all the states and Philadelphia is the fore
most city in building and loan activity,
but Charlotte is entitled to first place
when size and all conditions are 'consid-
cred.
The building and loan association was
born in the brain of an English working
man in 1871, when the first building So
,eiety' was organized on the cooperative
plan. In 1912 this idea was developed
in England and the associations became
numerous In 1881 the idea was brought
to America by English emigrants. and the
first American building and loan associa-
ton was organized in Frankford. the
manufacturing suburb Of Philadelphia.
It's local growth was rapid and the results
were highly satisfactory. BY 1885 the ldea
had been transplanted into New England
But on account of the purely local char
acter of the associations they have not
spread rapidly and their greatest deVel-
opment has been in more or less isolated
communities.
The growth was steady and healthy,
however. until about 20 years ago. Then
a great number of so-called "nationaf
building and loan associations sprang up.
In their very essence they violated the
cardinal principle of prudence which had
been the spirit of the local associations
the concentration of all activity under
the very eyes of the cooperative share
holders. Many of the national socle-
ties were mere swindles, and most OF
those which were honest went down In
the financial storm of 1888. some rev
were successful, but not on scale TO
cornnare with the local associations. the
failure of the national associations gave
the building and loan savings devices a
black eve, but that is now passing from
the memory of man.
Pennsylvania leads all the states in the
building and loan business with Las as
sociations, having 3S9, AS members ana TO-
tai assets of $15S.510 725. Ohio comes next
With s45 associations, 327,662 members ana
.o.aI assets of S1ss $40 424. Ranking accord
ing to assets follow in order, New Jersey
Illinois Massachusetts,, New York, lnol-
ana. California, Michigan, NEBRASKA
louisiana. Missouri and North Carolina.
All of the other states are represented
hut thew have less than 100000 assets
each.
No better example of the work whlch
nroperly conducted building ana loan as
sociations can do for community Is "
he found than Charlotte, where the Unit
"a states league is meeting today. Her
two leading citizens have led the work
and encouraged it's development. Perhaps
the most prominent man in Charlotte,
and one of the leading manufacturers Oh
the south. Is d A. Tompkins. He mace
his start In life when working as me
chanic in Bethlehem. Pa. He creolts the
fact that he got out of overalls to the
building and loan association of Bethle-
hem, into which he paid small weekly
saving which became the nest-egg OF
large fortune. The head of the largest
building and loan association in Char