Newark leader. ([Newark, Ohio]) 1917-1946, 1923-07-20
1923 GROWTH
BIGGEST YET
Ohio Building and Loan Asso-
Citations Beat All Their
Former Records.
GOV. DONAHEY GETS REPORT
Showing Assets of These institutions
During Fiscal Year Ended June 80
Jumped More Than $86,OoO,0Oo.
Now Serving More Than One-haif
the Families of the Buckeye State.

NOW serving MOTc tHo' S"S-"o'
| the Families of the Buckeye State.
Columbus, O.-(Special.) building
and loan associations in Ohio during
the fiscal year ended June 80, made
the greatest gain in assets of any like
period in their history, according to
the report just filed with Governor
Vic Donahey by J. w. Tannehill, state
superintendent of building and loan
associations.
The report further shows that these
institutions are in very prosperous
condition and that not a deposltor
lost a single dollar in building and
loan company during the last year.
The number of associations in the
state increased from S75 to 1,O44 dur
ing the year, and the total assets OF
all the associations in Ohio increased
from 1854 ,34S,517.3 at the beginning
of the year to $3.50, $50, ,376.24, making
total gain of $86,21O,85S.92. This
far exceeds all former records. The
increase in 1922 was $3S,652, ,275.58
and the largest increase in any one
year in the past was in 1921, when
the gain was 1901 ,874.62. There
are at present more than 1,250,OOO
stockholders and 100000 depositors in
the Ohio associations.
Serving Many People.
Superintendent Tannehill reported
to the governor that more than one
half of the families in Ohio are now
doing business with building and
loan institutions He declared that
no other business in Ohio approached
this record. The report further states
that building and loan associations
are rendering the state great serv-
ice in helping relieve the housing sit
uation and reduce rents. Were half
billion dollars of additional funds
available to associations to assist in
the construction of homes, the rent
problem would be solved, according
to superintendent Tannehill.
The building and loan department
now has an office force of 23 exam
iners and clerks, whose duty it is to
examine each building and loan as
sociation in Ohio at least once year.
Additional examinations are ordered
when such are thought necessary.
The marvellous growth of building
and loan institutions in Ohio is shown
by the fact that One-third of their to-
tai assets has been secured in the
last three years. This record is
attributed by James A. Devine,
secretary of the Ohio Building Asso-
citation League, to the remarkable
reputation for safety that has been
built up by these institutions in the
last half century. Ohio people be-
came demoralized by the great losses
they were suffering in worthless in
vestments," declared Devine, "and
because of the fact that depositors in
building and loan associations had
not lost a penny in the last 80 years,
great masses Of people turned to
these institutions as the place for
safely keeping their savings
Growth to Continue.
Devine predicted that the growth
of these institutions would continue
uninterrupted and would be greater
this year than last, because Of the
passage of the King bill, which
throws additional safeguards around
building and loan Institutions The
new law, which has just gone into
effect, was designed to make these
institutions as loss-proof as possible,
in that it gives power to the state
superintendent of building and loan
associations similar to that held by
the state superintendent of banks.
Hereafter, no building association
may be formed without the consent
of the state superintendent Building
and loans now can only loan their
money ON first mortgage security on
real estate, their own stock, or on
government bonds. Prior to the pas
sage of this law, loans could be made
on almost any kind of security. This
feature alone should attract thou
sands of people to building and loan
declared Mr.. Devine.
More than 10000 new homes have
been financed during the first six
months of this year by Ohio building
and loan associations. 1t is now
estimated that there is still need
for 100000 more homes in Ohio to
house all families. In
other words, these institutions need
in the neighborhood Of three hundred
million of dollars to meet the demand
for home loans that will come within
the next two years
Devine pointed out that much of
the present prosperity was due to the
of dollars being put into cir
culation by building and loan instl-
tutions. He said that the people of
the various communities were realiz-
ing that money placed in these insti-
tutions was money spent in their
home communities and was money
that tended to make conditions more
by giving employment to