The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1910-02-28
BUILDING AND LOAN.

BUILDING AND LOAN.
Mr.. 6. Witkow sky, cf Charlotte,
Talks to Business Men-The
Benefits Derived from B. 81.
Associations-Row ANA nWho
Earns only ST a Day May Own
a Home.
Mr.. S. Wittkowsky, president
of the Mechanics & Perpetual
Building & Loan Association of
Charlotte, also president of the
State League of Building & Loan
Assoc ations, can to Lumberton
Thursday at the request of the
Robson Building & Loan Asso-
citation to address a meeting Of
citizens OF the town Thursday
evening, but owing to the eX-
tremely disagreeable weather it
was necessary, as stated in
Thursdays Robesonian. to call
the meeting off and Mr.. Witt
kowsky addressed a small gath
ering of business men in the
Bank of Lumbertsn at 3 O'Clock
in the afternoon, returning to
Charlotte that night.
1t is very much to be regret
ted that all the citizens of the
town did not have the opportu-
nifty of hearing Mr.. Wittkowsky.
His experience in building and
loan matters extends over more
than quarter of a century, and
out of the fullness of that expe-
rience he talks most interesting
Iy, earnestly, and instructively.
1t is good to hear him, good as a
sermon on righteousness. No
one can hear him without becom-
ing firmly convinced that a build
ing and loan association is the
very best thing a town can have.
Mr. Wlttowsky started by max.
ing plain the fact that the pro-
no.e.s of a building and loan asso-
,iation should not go into it with
the idea of making money, be-
cause it is not a money-making
scheme, but money-saving
scheme. 1t teaches people te
save who have never formed the
habit, and in that way makes
better citizens of them.
The first building and loan as
sociation was started in England
in 1881. Several mill operative:
decided to help each other tt
build homes, all contributing ;
small amount every week until {
home was built for one, keeping
that up until each had a home
that he could not otherwise have
built. The association plan wa:
brought to America by some op
eratives from England who came
to Pennsylvania, and there ar
today more than 100, 900 home'
in Philadelphia built through
building and loan associations
There are $500 associations il
this country, with assets Of $500
600, only $4,000, 900 les
than the paid-in capital of all tn
National banks in the Unite'
States. He thinks the asset
will amount to a billion dollars il
the near future. During tn
panic of 1907 only one 3. & L. as
sociation in this State wen
into the hands of a receiv
er. Seven years ago ther
were only 7 B. & L. associa
tons in North Carolina, with 81
750, 900; now there are 10, wit
s2O,OOO,OOO.
Mr.. Wittkowsky showed hoy
a man working for 81 a day ma
build a home costing $500 wit
the money he pays for rent. A
the end of the time during whic
ne would pay for the home h
would have actually paid out les
than $50 more than he woul
have paid out for rents. N
other plan has ever been devise
whereby man working for sue
small wages may support h
family and build a home. II
also showed the wondeful rersult
that may be obtained if thos
who take stock allow it to renal
In the assc citation at the expir;
ton of the loan periods.
Mr.. Wiitkowsky emphasize
especially the sacredness of tt
trust reposed in the officers (
the institution. For q years /
has been president of B. and
association, and during that tin
ne has never received a penny ;
compensation for his service