Evening journal., 1923-01-16

Philadelphia is known throughout
the civilized world as "The City OF
Homes" It is probably no exagger-
alton 20 ascribe this fame, In part at
least. TO its building and loan asso-
: Citations, almost twenty-five hundred
IN number.
Philadelphia's home building has
at most times kept pace with its in
duetrial growth. In seeking a city
IN which TO locate an Industrial
plant, a selection is made in which
the advantages of the city selected
outweigh the advantages of other
cities available. In this considera-
ton. a city in which home building
IS well up with industrial growth is
"a factor of such Importance that in
many, II not most, cases II deter
mines the choice. Philadelphia
many builing and loan associations
have made Il possible for a compar-
atively large part OF its industrial
workers to own and live in their own
homes, the factor that attracts in
dustry very generally. and a factor in
the rapid growth OF Philadelphia.
Wilmington has been backward in
the matter OF building and loan as
sociations and without inquiring
whether or not this lack OF such as
sociations has tended to retard the
growth OF the city up to this time. its
growth IN the future will to some
extent at least. go hand in hand with
the healthy growth Of building and
loan associations. This fact was
recognized more than a year ago by
the Wilmington Chamber OF Com
merce and II was this recognition by
this organization that gave Whining
ton the Building and Loan Informa-
ton Bureau. 514 Ford Building, and
later the Delaware Building and
Loan Association League. within
the short space OF a year the Infor-
nation Bureau has been instrumental
in increasing the number Of building
loan associations in the city and its
suburban territory. perhaps. six-fold.
today there being an active, we'll
managed association in almost every
ward in tho city, TO say nothing OF
the great impetus given to this work
In rural Delaware. These many new
associations in getting established on
a sound basis are under the guidance
or the Building and Loan Informa-
ton Bureau of which Charles War
ner Is the head. and ali are operated
under the regulations thai govern
the thousands OF successful. locally
conducted associations of this coun-
try.
The neighborhood and industrial
plant association covers a field that
that in no way IS covered BY or con-
hlcts with any other financial in
sutution. II is a feeder TO the
banks rather than a competitor OF
the banks and is helpful to them in
a number OF ways. First. il relieves
the bank Of line OF business that
while important Is comparatively
petty and cannot at all times be
handled by the bank.
Banking is purely a business en-
terprise. free from sentiment. and
as such their officers are filling their
places successfully only when the
banks invested funds are earning
the highest possible return consist
ent with absolute safety. Home
builders and home buyers are not
warranted IN paying a rate Of inter-
est that Industrial or other enter
prises. whose existence for any
length Of time. IS dependent upon
profits. are warranted in paying.
This means that in boom times when !
there Is competitive bidding for in
vestment funds. home building and |
home buying Is greatly curtailed |
n not suspended. while the |
savings and other available funds |
OF a community or city are d. |
verified to the big financial centers. |