The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-03-29
PLEADS FOR MORE
HOME BUILDINGS
Pawhuska Judge Declares
Tulsa Far Behind in
Loan Associations
GET FOREIGN MONEY
Oklahoma City and Muskogce
Furnish Much Of Fund
for improvements

Uuldlug and loan companies can
not bo surpassed for safe ana sound
Investments they present the most
practical method of bringing into
tho channels of trade money that
~ now fiRuratiycly nt least. con
tnipcd In rusty tcapots and wrapped
in socks. according to Judge y, ".
Grlmmoad of rawhuska. who was
thc principal speaker a. the weekly
meeting ot the kiwonis club at the
Hotel Tulsa Monday noon.
Judge Grmstead's talk dealt on
tlrrly with building and loan asso-
Citations iie cnntrasted the com
binod working capital of Tuisn's ag-
socialions with that OF Oklahoma
city associations. ana pointed out
that Tulsa cannot expect 10 build
homes ~ rapidly as they are needed
unless Tulsn people invest their
money IN local real estate securities.
~ happened that ! was ia your
courthouse this morning. looking up
some records he remarked. "aud
the very first thing ! saw was evil
dence that money ls being loaned by
oklahoma building and loan asso-
Citations 10 build homes IN Tulsa. Tho
Fhmo ~ true cf fjartloavillc compan-
les, Tor the capital of the companies
In that city II practically the hamc
az that ot All Tulsa companies, u
happens that | am connected with
u building and loan association nj
paNhuskn. 7 have sccn on my desk
numerous letters from Tulsa citizens
asking our company To loan money
with which To build homes In your
city.
building aud loan companies arc
affiliated with tho state bankers aB-
ISOLATION. They are entirely sound
they are examined by u state Of
fiCial Just Ihc same AZ state banks
are cXnminAd. Banks do not make
long time loans on real estatc--thot
- not their function. Hut building
and loan companies do that ~ their
function. Building ana loan com
panica and banks are IN harmony,
for thos companies incrcaso business
for the banks, The person who In
vests In building and loan stock pays
his monuy To the company; II is then
turned over to some bank. and from
there II goes to pay for material aud
for lnbor---into business and trade
channels. II is continually work
ing
"The safety OF building aud loan
stock is unqucstioned. Loans are
made on 60 per cent valuation. Each
month tho company's loan IN de-
creased and the security increa ~ d
because of monthly payments by Tho
borrower At the same time, III,
borrower. by making monthly pay
mcnts reduces the amount Of his loan
every 80 days"
Considering Tulsa's wealth there
should be no difficulty here In
financing hundreds Of small homes
Judge Grimatead declared. lie does
not advocate building pnlatinl man
sions with building and loan money
but rather less pretentlous homo,
such as are needed by laborlng men
Those who furnish this money not
only assist substantially in relieving
tho acute house shortage In Tulsn
but at the Same time make nm In,
NeStmcnt that pays from six To min,
per cent. This. he pointed out. 1,
moro than banks can pay because o
conditions under which they couduc
business operations.
Richard Lloyd Jones. publisher n
Tho Tribune, also spoke on IN,
building and loan situation, lie dc
Clared that unless Tulsans have con
fldcnco In their own city and inyes
IN homo securities, thoy cannot eN
poet other cities To take an interes
In local conditions.
Mondays meeting OF the klwani
club was IN charge OF Chas. w
lirewcr. local building and loan az
sociatton official and banker. who 1
chairman OF the committee to an
range for n campaign to oducat
Tulsans to the value of local real ea
tate peeuritics. Tho first meeting il
connection with this campaign whicl
~ Sponsoreds by Tho Tribune. is 4
ho held shortly 60 arrange detail
and decide upon the length OF tim
II II to consume.