The Washington times., 1924-01-26
BUILDING LOAN
HERE SHOWS
GROWTH
Capital Organizations Gain
Nearly Three Million in De-
posts in One Year.

The annual report Of the Comp
troller Of the Currency shows that
the total assets Of the twenty
three building associations under
his supervision in the District Of
Columbia were at the close Of
business June 80, 1928, $S7, $780,
600, compared with $S4,879,000 as
of June 80, 1922, showing an In
crease for the year in assets Of
nearly 100000.
The associations by their reports
to the Comptroller az Of June 80.
1929, show that they have $4,000
borrowing and 1886 nonborrow-
ing members or depositors. This
report also shows that the operat-
ing expenses for the year were
only $13S,40S, which IL ono-haR Of
1 per cent Of the total assets,
which shows the conservative and
economical manner in which these
associations are managed. And 1t
Is on account of this feature that
rates Of interest to depoSitors-
most Of the associations paying 6
per cent interest on matured shares,
and only slightly less on amounts
withdrawn before the maturing OF
the share.
That the building association is
coming into it's own not only In
Washington but throughout the en-
tire country is shown by the re-
ports Of the secretary Of the Uni
ted States League Of Local Build
ing and Loan Associations, which
show that during the year 1929
the gain In membership surpassed
the record Of all previous years and
amounted to more than Dne million
members, and that the assets were
increased nearly une-half a billion
dollars. The increase in member
ship for the year was 1,054,2 56, or
about Is per cent, and the increase
in assets about 16 per cent, amount.
ing to $451 ,766, 1892.
Building and loan associations
have been brought prominently be-
fore the public by reason Of the
increasing demand for funds for
home-bullding, thus enabling these
associations to render to the ger.
eral public q service for which
they were organized primarily, there
by increasing the scope Of their
usefulness.
Many people have the thought
that building associations are mere
ly for those who wish to build
homes, but this is not the full
usefulness of a building and loan
association. Building associations
must first accumulate the depos-
its in order to loan money for
the purpose Of building or &C.
quiring homes; and they offer for
the investing public, as well as
those who look for q systematic
method Of saving, ideal conditions.
Operating az they do on such a
small percentage for expenses. they
are enabled to pay much higher
rates Of interest on deposits or shares
than other financial institutions,
and their assets are further safe.
guarded by the fact that they are,
in Washington. under the direct
supervision Of the Treasury De.
partment. Furthermore, the assets
Of the building and loan associa-
tons are all invested in first mort.
cages secured on improved real
estate in the District of Columbia
and no safer investment is known
than this class of security.
Building associations are growing
rapidly as the reports show, both
in membership and assets. But
with the educational campaign,
which they are putting forward,
they will grow in the future
at even a faster pace, as the gen.
eral public becomes acquainted with
the advantages they offer to both
the depositor and the borrower,
Statistics show that the build
ing associations for the whole coun-
try had on June 30, 1929. total
assets Of 2.530,953, and that
the total membership was 1884,
IA, which shows the enormous
proportions to which the building
associations have grown, and is
the best proof Of their real worth
to the communities in which they
operate. f'.