The Washington herald., 1914-07-29
THRIFT
INFECTS BANKERS
Speaker Urges Loan Asso-
ciation to Start Campaign
Of Education.
TIME TO AWAKE PUBLIC
Mark D. Rider Says Spirit Spreading
Over Country Should Arouse
Convention to Action. ,
TIME TO AWAKE PUBLIC

NOlNSntlOn 10 HCllOu.
A yearning for thrift is spreading oveI
the land and already has struck mem
bers OF the dignified American Bankers
Association, according to an address be-
fore the United States League of Build
ing and Loan Association, at the Raleigh
yesterday, by Mark D. Rider. of Chicago
on Education OF the Public to the Build
Ing and Loan Plan of Thrift" After an
era of extravagant living, most largely
pursued by those who could least afford
ho-be extravagant, the speaker said he
saw the yearning spreading.
After commenting on the spirit among
bankers, he expressed the wish that
building and loan associations would
catch the spirit and, like the bankers.
start campaign Of education and thrift.
The time has come. he said, for them
10 wake up and tell the great public
among whom they had been quiet. and
most Of the time silent, that building
and loan association is not a complex
and mysterious agency for the benefit of
small and special class who can find
their proht in it, but a great public
utility, safe, simple, and sane
Instead of the haphazard, sporadic, and
isolated advertising by newspapers and
pamphlets now carried on by a number
Of individual associations. the speaker
advocated a bureau to be created and
controlled by the United States League
He indicated several ways of raising the
funds for the proposed bureau, showing
that a single contribution equal to cents
per member would produce $4,000 and
upward at the start.
There was next an address by Oreb NJ.
Tucker. of Boston. Mass. on The Com
monwealth's Method of Auditing This
was given mainly for the benefit Of the
official examiners of building and loan
associations attending the convention.
All bills now pending In Congress re-
lating TO farm loans are faulty, according
to statements made by +. V. Haymaker.
of Defiance, Ohio, in an address ut the
morning session. The speaker briefly re-
viewed the bills introduced, and resented
the assumption on which they proceed.
namely. that the American farmer is
either a mendicant or an ignoramus. and
needs relief from the public Treasury
or the guardianship OF a government bu-
reau in his financial affairs.
Felt by Town DweIIer.
He admitted the present system of farm
mortgages is unsatisfac ctory. because the
term is too short. the interest rate too
high, the initial charges too heavy, and
ing. and because there is no accepting
way of gradually extinguishing the
mortgage and its burden by periodical re
ductions. spread over a long period OF
time. But these hardships are equally
felt by the town dweller who borrows on
mortgage unless and until he unites
himself with a building and loan associa-
ton. and so gets the full advantage of
cooperation.
James N. Mckay, of Youngstown. Ohio.
in an address on The American Building
and Evolution said that by merely
changing the weekly or monthly pay
ments of the town borrower to quarterly
or semi-annual payments. the building
association plan could be estimated to
farm loans with an efficiency surprising
all the elaborate governmental pro-
posals.
Joint and Survivor Accounts was the
subject Of an address by Charles F. Ben
jamin. secretary of the Building Associa-
ton Council of the District Of Columbia
In proof Of the insistent desire Of saving
people OF moderate means TO have their
savings pass. on their death, to the per-
sons chosen to receive them, without the
delay and expense of probate court pro-
ceedings, the speaker mentioned that he
had found one banking institution in the
city of Washington with more than 1000
Joint savings accounts on its books; with
no loss up to the time of his investiga-
ton in transferring or paying such an
account to the survivor. and with no spe-
cial trouble in the handling Of such &C
counts.
The bauvereigners held their social ses-
sion in the big ballroom at the Raleigh
last night, when several hundred mem
bers and their wives and sweethearts
made merry at a banquet, followed by
q dance. Representative Oscar W. Cn-
derwood was present as a guest.
The affair was opened with speeches by
Albert SChulteis. of this city. and Charles
Eugene Clark, vice president of the ma
tional organization. German and Ameri-
can songs were sung during the banquet.
The following local amateur singers
to the entertainment: William
Helen Donohue De Yo. George
H. O'Connor, Glenn W. Ashley, and
James Dickinson. william Seward Shelby |
gave several readings. Among those
present were:
r. L. Adler. A. J. Applegate. Mrs. A. J. |