Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-04
BUILDING AND LOAN
HISTORY RECALLED
Hoover. Sends Greetings to
Group Observing Tooth An
niverSary at Banquet.

The Importance of the work of build
ing and loan associations of the coun-
try in facilitating the ownership of
homes was cited by President Hoover in
a message read last night before 300
members and guests of the Building
and Loan Council of Washington at a
dinner meeting at the Shoreham Hotel
in celebration of the Tooth anniversary
of the establishment of the movement.
At this celebration, one of thousand
centennial dinners staged throughout
the country, centering public attention
on thrift and the position the oulld-
ing and loan institution has in Amer
lean economic affairs, messages also
were received from national leaders
praising the directors of such associa-
tions during the past century and the
influence of the financial development
on the American home.
Fluctuations we're extended to the
gathering by Representative Robert
Luce of Massachusetts,, member of the
Banking and Currency Committee OF
the House; Representative Roy G. Fitz-
gerald of Ohio, Representative Earl
Cory Kitchener of Michigan, member of
the House Judiciary Committee, and
r. M. Estes, deputy commissioner OF
internal revenue.
Local Pioneer HOnOred.
JONI Joy EQSOL1g 4OulluCt VI OAAC VA
the first building and loan associations
in the District, was honored as q
Washington pioneer of the building and
loan movement.
A welcome was extended to the
guests by Edward c. Baltz, president
OF the Building and Loan Council OF
the District, who was assisted in the
meeting by William S. Quinter,
secretary.
cation was founded January 8, 1881.
in frankfort, Pa, now a suburb of
Philadelphia, by Isaac Whitelock, Isaac
Shallcross, Samuel Pilling and Jere-
miah Horrocks and others. Facsimilies
of the minutes of this organization
were given to guests at the local
In a letter to c, Clinton James of
Washington, past president OF the
United States Building and Loan League,
the sponsor for the nationwide celebra-
ton observances, President Hoover said:
IT will be obliged if you will express
my cordial greetings to the Building
Loan Council at their dinner on Janu-
airy 3D. and my deep sense of the i'm
portance of the work of the building
loan associations in facilitating the
ownership OF homes"
League President Speaks.
r. Hobby Myers, president Of the
United States League, in message read
at the banquet, said it was proper that
respect be paid to the memory Of the
millions of men who had served as
directors and employees Of building and
loan institutions, through and by which,
it Is estimated, more than 100000
families have been brought into the
enobling influence of home ownership"
Millions of other families, Mr.. Myers
added, have been encouraged to follow
policies of thrift and systematic saving
by adopting the building and loan plan
Philip Liebsr national chairman OF
the group in charge OF the centennial
anniversary program, in a wire to the
local group, expressed appreciation for
the recognition of and encouragement
to the work of the building and loan
bodies given by Federal administra-
tions of the past 40 years and ex-
tended a wish that the observance of
the centennial would succeed in touch
ing a responsive chord among people
so that our national, patriotic -making
business of thrift and home ownership
carry on with renewed vigor and i'm
petus and service throughout the
future"
Recounting the history of the building
and loan movement in this country,
growth from the initial institution,
which started with assets of $244, to the
present day, when the system handles
business totaling approximately $1,000
100000
Thirty-six years ago, he pointed out,
there were but few associations in this
country whose assets reached million
dollars: Today, he added, there are
about 100 associations with assets over
$4,000, 900, the largest institution hav-
ing assets Of more than s70,0o0,00. Six
associations have assets of more than
$4,000, 900 and about 80 of these 100
largest associations have assets Of more
chan so, 900, 600.
Assets Gain Through Depression.
Notwithstanding the general bust
ness depression and the crash in the
stock market last October, entailing
heavy Withdrawals from many building
and loan associations" he said, "the
building and loan associations of the
United States showed a gain in assets
Of more than 10000, 000."
The associations have stood the
storm and stress of 100 years of bust
ness life with credit to themselves and
with profit to their patrons and their
4ecord in the more recent financial
panics Of 1893, 1907, 1916 and 1929, IS
especially creditable," Mr.. James de-
Rlared
The building and loan associations
and savings and loan associations stand
closer TO the common people than any
other form Of financial institution. It
does not centralize wealth, promote
trusts, nor create combinations in re-
Btraint of trade. Its field is local and
Its mission is to the plain people. 1t
gathers the savings of the thrifty and
uses them TO build up its own COM
nunity by the creation of that most
valuable asset Of this Republic, the
American home"