Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-01-25

should prove 4 great boon to the In
divitlual who desires to acquire home
with the outlay Of small capital and
gradually pay for II by the mcana Of
systematic savings from hia monthly
wage. Ibelievc It 10 conceded by stu
dents OF sociology that the home own
err 10 comparatively snfc from bccom-
Ing imbued with the ideas OF social
Ism, bolshevism and other "isms" that
are threatening the body polite OF
this great nation. Consequently, any
institution which encourages and
facilitates our wage earners to be-
como home owners II rendering a SER
vice that will aid In strengthening the
foundations Of good citizenship.
At this time there are twenty-four
building and loan associations actively
engaged In business within the state,
showing combined resources OF $3.-
s46,622. OF which $3,7s7, S5S.71 In. in
vested In loans to members. They
are geographically located az follows;
No. Resources
Wilmington ....,.... 6 31.777,49S51
Rural New Castle
county ..,,....... 3 1,312.10777
Kent county ........ 46.065.b9
Sussex county ....... 09,s56.1s
From these figures It would seem
that Wilmington. with Its large popu-
lation OF wage earners. and. conse-
quently, the demand for large num-
bers OF moderate -prjccd houses, Is
delinquent In Its use OF building md
loan associations. 1t is encouraging
to note, however, that recently there
has been organized there an associa-
ton OF progressive citizens, known
as tho Building and Loan Informa-
ton Bureau" with the object OF bring
ing about the more extensive use OF
we'll managed building and loan as
| sociations for meeting tho needs OF
real estate bargaining and to supply
funds for homo buying and home
building. The Central Building and
Loan Association has been recently
| organized. but has not yet started
active business. This department hat
endeavored to impress upon those
| planning to organize such institutions
that while 1t should be the duty, ans
tho desire OF supervising authorIt,
to encourage all well meaning ans
properly managed associations, yet I,
| caution them in their zeal to multipl,
the number OF such associations (
must be kept In mind that their poll
| cies must be within the bounds q
safety, and that this department vii
frown upon all attempts to organiz
any associations that do not ~rhav
the prospect OF being managed In sucl
a manner as to properly safeguard tn
interests OF the many prospective
small investors
A new building and loan association
code was enacted by the Legislatur
during the session of 1921. This lax
was enacted upon the suggestion 0
this department and was designed 10
tho purpose OF providing proper su
pervision and regulation OF such In
situations, and 20 encourage an
strengthen the activities OF such do
nestle institutions In the State, an
to bar from operating In the Stat
foreign companies with their variou
schemes OF obtaining money frou
the public. These laws should civ
domestic building and loan associa
tons moro stability and a large on
Joymcnt of public confidence.
During this year the affairs OF .eac
building and loan association hav
been carefully examined. and there
embodied In this report a stAtemen
Of the resources and liabilities Of a.
Of the associations actively engage
IN business ~ OF the end Of their re
spective fiscal year.
All OF the State banking fnstitu