The Coconino sun., 1922-05-12
BUILDING AND LOAN ASSOCIATION URGED AT
 ROTARY MEETIN C
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they were able to borrow additional funds to be used for remodeling or en- larging their property, which in time enabled them to have homes such as they and all of us dream of owning some day.
 "We all know, and this is only nat ural, that man takes more pride in and shows more interest when living in home of his own, than he does while living in rented property. He usually keeps the house in better con dition and repair, is interested in de- veloping beautiful lawns, planting trees and flowers. At least, this is the way it worked out in my town. Big Rapids was called the city of beautiful trees. For blocks and blocks in the residence section were straight lines of beautiful elm and maple shade trees and long stretches of cool and inviting lawns.
 There was always sort of friend- ly rivalry between the residents of different streets in the matter of beautifying their homes and sur roundings. This interest would not have existed among these people had it not been for the natural pride they took in their own homes and their de- sire to cooperate with their neigh bors in making the streets they lived on the most beautiful
 Needless to say, this spirit of CO., operation was of great benefit to the town, because those citizens took as great an interest in the welfare of the place in which they lived as they did in the improvement of their homes.
 Building and loan associations have existed in England for over one hundred years and the first associa- tions in the United States were or ganized about ninety years ago. At first the banks were hostile to these associations same as they later were toward the postal savings banks. They are now taking a broader view, however, as they have discovered that these institutions in the end make customers for the banks and increase the prosperity of their localities.
 ''The total number of associations doing business in the United States in 1903 was 5,350 with membership of 1,500,000. This number did not in- crease much for few years there after on account of financial depres- sions but for the past ten years they have enjoyed an enormous growth and there is every reason to predict steady growth in the future. I was unable to find any figures, giving &C., curately the number of associations in existence in the United States today, but to give you an idea of the enor- nous amount of business they are do- ing at this time, in Ohio alone the as- sets of the building and loan associa- tions are $460,000,000, and over $50,- 100000 more than that in California. In the entire United States these as- sociations have assets of about $2,- 750,000,000.
 Membership in building and loan association promotes home building and solves the housing difficulty. 1t seems to me that is of as great inn portance to us just at this time if Flagstaff is to grow, as the water ana paving program. We need more houses and these will come if an as- sociation is organized here"
 Joe C. Dolan, general manager of the Flagstaff Lumber Co.,, next called on, said many benefits would be de- rived from a local building and loan association. There are many workers here drawing regular monthly pay, who, if they were induced to save systematically by paying on homes, would soon own their own homes, thereby assuring themselves and their families greater prosperity and fi- nancial independence than if as now, they save neither systematically nor for any such object and fritter their money away.
 Our two lumber companies, he said, have an average and assured future monthly payroll of between $50,000 and $75,000, so that an employe buy ing a home here is protected in that direction. He said he believes any thing that will encourage and make it easier for working men to own their own homes will work incalculable ben eft to Flagstaff. His desire to see something worked out along that line is not because he has lumber to sell, but because he believes the result would be financially profitable to the home buyers, give them greater in- terest in Flagstaff, and make them better citizens.
 It is wonderful what the average working man can accomplish in get ting ahead financially, Mir. Dolan said, if he can be induced to save system atically, and he believes there are many men here who would accept ownership of their homes as means for saving if an opportunity is given them for buying on an easy, long, term plan.
 John c. Brown called attention to the assertion many thoughtlessly make that it is cheaper to rent a home in Flagstaff than to own one, and said the real facts should be pub lished. It is much cheaper and in every way more profitable to the family to own their own home than to rent one, Mir. Brown declared, as he has learned from experience. And others present, also knowing from ex- perience, agreed with him.
 Dr. L. B. McMullen called attention to the Normal summer school and it's 1 700 prospective students, 120 of whom are former soldiers, 115 teachers in Indian schools and the rest state uni