Evening journal., 1923-01-19
TALKS THRIFT
TO CITY MAS0NS
Mr.. Herring Says Associa-
tions Are Helping Wage
Farmers
IDEA FOSTERS
HOME BUILDING

The value OF building and loar
associations and what they are do
ing for the wage earners OF Della
ware was explained by George c
Herring, Jr.. before the members oi
the Consistory Club today Mr.
Herings address was in connection
with the observance OF Thrift Week
running from January II to 25
which IL being observed throughout
Delaware.
He said in part:
Thrift Week marks the end OF
a years intensive work toward the
formation. development and ad-
vancement OF more well regulated
building and loan associations
throughout the State and city OF
Wilmington In particular. During
this period the number or building
and loan associations in the city
have been more than doubled and
the number OF shares in building and
loan associations have been in
creased by more than GO per cent.
The Building and Loan Informa-
ton Bureau. formed by a number OF
public-spirited citizens. who are In
terested in the civic development or
Wilmington. will close operation
after this week. a building and loaE
association once formed is prsc-
ticslly free from further expense.
and from that time serves the pub
lie by fostering home building and
encouraging thrift and regular saw
ing. II IL impossible 10 predict
what these building and loan ssso-
Citations can and will do. One OF the
new associations alone has S43.5
in mortgage loans. most OF this be-
ing loaned To people who would not
have seen their way clear 10 finance
"a home in any other maner.
Il am told Of a laboring man. who
was influences by the treasurer Of
one n the new associations. 10 apply
for loan and buy his home through
the building and loan association.
This man had no business experience
in real estate deals and had always
been backward TO 20 n banks or
other financial institutions tn ne
rotiate a loan. but he had confidence /
in his friend. the treasurer. To /
make a long story short. this man /
deposited about $500 being, the .
savings OF his lifetime. and obtained I
a loan sufficient to buy a modesto
home. Today ne is living in his
own home. the carrying charges OF
which arc less than the rent which ,
he was paving previously and he
told me that he has never had an
opportunity 10 own his home before
md never would have owned a
home had 81 not been for the build
ug and loan association.
Some business men In the city
Interested IN building and loan as
.ociat'ons have recommended 10
heir employees that they carry
ertain mum her of building and loan
80 ck month and these same en-
1loyers repost tha. their men the
,sst year have saved more money
han ever befora because OF this
means OF systematic saving.
All business men OF Wilmington
.hould realize that by making de- Z
losits in building and loan associa- s
D ons ana urE.nE tnelr employees 10
10 likewise. they are promoting the {
Of wage earners I'm their s
'wn employ and in the employ OF
'thors md are promoting peace. :
omfort and happiness IN the homes I
y all. thereby creating a happier q
nd better city and NJ more content '
Il population.
Statistics compiled throughout
no United States show that build {
nc and loans since their origin
ave financed more than 10000 I
ZONES p
The motto or tho National As q
ociation or Building and Loan As
ociations is The American Home. q
he Safeguard OF American L.ber- E
'as.'" &