Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-03

Increase in Whole Country.
These figures, made public a
day in advance Of the anniversary
celebrations being staged here
and in hundreds of other cities
throughout the country, will ado
to the occasions, since informa-
ton furnished Controller Pole by
H. r. CellariuS, secretary of the
United States League of Building
and Loan Associations, shows that
the assets of all associations of
the country increased $679, 119 1893
in the past fiscal year. Total as
sets were listed at $8,695, 154, 220,
with total memberships at 49,
111,20o.
Three hundred guests are expected
to attend the centennial celebration to
be staged here this evening at the New
Shoreham Hotel by the local Building
and Loan Council, of which Edward G.
BeltZ Is president and William S. Quin-
ter Is secretary. Speakers win include
G. Clinton James, past president of the
National League; Representatives Luce
Of Massachusetts,, Fitzgerald Of Ohio
and Kitchener of Michigan, and r. NJ.
Estes, deputy commissioner of internal
revenue.
A manufacturer of calico in Frank
ford, Pa, dreamed a hundred years ago
OF the pleasure Of owning a frame house
without bath room or telephone. This
was in 1881, when, contrary to popular
belief. men in knee breeches figured by
the light OF oil lamps how to get the
down payment together. The home
loving manufacturer, thinking of his
townSmen as wen as himself, consulted
several Of the other enterprising citizens
and they organized Americas first build
ing and loan association.
Organizers Of Company.
The calico manufacturer was English
born jeremiah Horrocks, and the men
were Samuel Ptllfng, in the dyeing busi-
ness; DR.. Henry Taylor; Isaac Shall
cross, school teacher; Jesse Castor, an
attorney, and Isaac Whiteiock, who
made carriage wheels, and was elected
president Of the first building and loan
association hundred years ago tonight.
That f1rst association was named the
Oxford Provident Building and Loan
Association Of Philadelphia County. Set
up to provide the first medium for sys-
tematic saving that the young country
thrift and advanced loans to responsible
folks who wanted to own their own
domiciles.
The $4,000 building and loan associa-
tons that today have about S., 00O, OOO.-
900 Of the savings Of small wage earn
erS have not changed these two purposes
set down on sheets of parchment by
Jesse Castor, who drew up the first min
utes, that are now locked in a vault in
the rooms Of the Historical Society Of
FrankfOrd.
And high-powered financiers who now
guide the destinies of ten, twenty and
nifty million dollar associations along the
very same lines on which the Oxford
ProV1dent started life with $244 win see
copies OF these documents for the first
time tonight. Taken from the Historical
Society vaults by the United State
Building and Loan League, the organi-
zation in charge Of the national affairs
OF the association, replicas of the dog
cared treasurer'S report of century age
VIII De at each place as a souvenir OF
the 500 centennial dinners.
Second Organized in 1886.
The second building and loan associa.
ton was organized in Brooklyn, N, Y.
IN 1885. In 1855 there were 100 asso-
cations In New York State. The first
one 70 appear In the West was organized
IN Chicago in 1849. From then on their
growth Throughout the country was
rapid.
State supervision, which Is now In
eject In almost every State, began IN
New Jersey in 1047. At present slIper.
vlsors paid by the State, with powers
similar to the hank examiners, person.
ally visit the building and loan associa.