Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1924-02-14
BUILDING & LOAN ASSOCIATIONS


one of the best officials ever hold
ing that position, made speech in
Cleveland. 1t was at the annual
banquet of the Cuyahoga County
League of Building & Loan asso-
Citations of that city, So Impressed
were they with his address that they
had it printed in pamphlet form and
distributed. One of them fell into
our hands. While much of the ad
dress dwe1t with the Cuyahoga
County Building &c Loan associa-
tions, it also contained many other
worthy features.
Here are some of them:
I feel highly honored in being
the state superintendent of the great
est institution for thrift in the
Buckeye state. 1t is my pleasure to
report to you that the building and
loan associations of Ohio have had
the most remarkable growth the
past year that has ever occurred in
the states history. On June 80,
1923, with S22 associations report
ing, the total assets were $64S, ,006,-
G33.62, an increase of $S3.658,116.-
30 in one year. This is not only the
largest increase ever made in Ohio
in one year, but the record has
never been equalled by the associa-
tions Of any other state in the un-
ion.
There We're on June so, 1928, in
the 822 associations making re-
ports, 749 ,456 stockholders, G25,-
$50 depositors and 246.270 borrow
ers. Today, over half the families
in Ohio are financially interested in
building and loan associations. No
other business in the state ap-
proaches this amazing record.
Building and loan associations
are largely the financial institutions
of the poor For that reason they
must have extremely rigid state su-
pervision and are entitled to the
most liberal consideration on the
part of our General Assembly. Ex-
perience has shown that invest
ments in building and loan stock
are safer than in any other financial
institutions. 1T is the purpose of
your present Superintendent, by ev-
cry legitimate means possible. TO
maintain this remarkable record.
Ohio investors have certainly suf-
lered sufficiently from the infamv
OF designing promoters of dishonest
stock speculations in recent months
to justify the resort by the Superin-
tendent of Building and loan asso-
Citations to the most extreme meas
ure to keep one business in the
Buckeye state free from all uues-
tionable methods and dishonest
practices.
The building and loan business is
the greatest instru1uentality that
the human mind has devised to aid
men and women to secure homes.
Let's conduct it in manner befit-
ting the high purpose for which il
has been instituted. You are not
loanlng your money to spectators.
you are in no way associated with
the Napoleons Of finance who seek
vast fortunes through the manipu-
lation of railroad stocks. Your
loans are secured by MORTGAGES on
real estate. The home owner is the
bulwark of your stability. When
he fails the government fails with
him and all property becomes value
less. A building and loan company
with honest, capable men in charge
is as solid as the Rock of Gibraltar.
The only relief from high rents
possible is for a much larger pro-
portion Of our citizens to become
home owners. This can be made
possible if those hoping to soon en-
JOY this great privilege will become
patrons of building and loan asso-
Citations and by systematic savings
accumulate funds for this worthy
purpose. The best possible wav for
Il laborer or person of small income
TO become home-owner is through
the assistance Of building and loan
association.
There are one million families in
ONO and half of these are. stock
holders and depositors in building
and loan associations and these half
~ llion families have placed an av-
erage of $1,25O per family in the
associations Of the state
In my recent address before the
national convention of building
and loan associations at Tacoma
Washington, | made the prediction
that by 1926 the total assets of Ohio
associations will exceed one billion
dollars. If the one thousand asso-
Citations in Ohio are all true to the
lofty ideals that are the foundation
principles of every reputable insti-
tuition and seek to be community
Inuafa ana Fo.