Evening star., 1939-01-14
Thrift Of franklin
Dramatized 10 Foster
Home Ownership
Pioneer Americans
Character Serves as
Example for 1889
Special Dispatch to The Star.


WINSTON-SALEM, N. c., Jan. IA.
Calling attention to the country
wide observance of national thrift
week, planned for January 1924,
o. K. La Rogue, president of the
Federal Home Loan Bank of Win
ston-Salem, today made public fig
ures showing the increasing activity
of this reserve institution in en-
couragmg savings and economical
home ownership in the States of
Maryland, Virginia. North Carolina.
South Carolina. Georgia. Florida,
Alabama, and District of Columbia,
which area it serves.
For years savings banks, life in
surance companies and savings,
building and loan associations have
celebrated this period, beginning
with the birthday anniversary of
Benjamin Franklin, regarded as the
apostle of thrift in this country"
Mr.. La Rogue said. Franklin was
born on January II, 1706.
Apostle of Wise Spending.
'1t is particularly fitting that
thrift institutions should honor the
memory of Benjamin Franklin" de-
clared Mr.. La Rogue HE contrib
uted much to the foundation stones
of Americans scientist, philoso-
pher, statesman and envoy to France
during the Revolution. Yet his most
enduring influence was perhaps in
the stimulus he gave to American
character, urging people to live
within their means and to form
habits of saving during their youth
He made the practice of thrift at
tractive and taught folk to spend
wisely. He is responsible for much
of the independent spirit of our
people
This Franklin accomplished, as
most people know, by his publication
for a quarter of century of Poor
Richards Almanac, with its homely
sayings which quickly became house
hold words throughout the Colonies.
National Thrift Week has been
observed over the past several years
by financial institutions, churches,
schools, parent-teacher groups and
service clubs" said Mr. La Rogue
This year emphasis is being laid
on the necessity of systematic saw
Ing and wise investment for the
person who desires debt-free own
. ership of his home.
Member Institutions Grow.
"On January l there were 416
member thrift and home financing
institutions in the bank. as COM
pared with 226 five years ago, at
the end of the first full year Of
operation of the Federal Home Loan
Bank System. Their assets total ap-
proximately s530,OO0 900, in contrast
to only 90,000,O0O at the beginning
of 1894.
THE membership in this district
consists of 1877 State-chartered build
Ing and loan associations, 2O5 Fed
eral savings and loan associations
and IA insurance companies.
Since the Winston-Salem bank
was organized, it is estimated that
its member institutions have made
a total of s5OO.O0O00O in loans for
the construction, repair, purchase
e1AlSi AC1iAlolISIl1S VI IIOlllCo oul1llS
1888 these loans, largely on the long
term, monthly payment basis,
reached an aggregate of about s125,-
100000. At present nearly 100000
families are acquiring debt-free
homes through loans from these
member institutions. Individual in
vestors and savers whose funds are
in the member institutions of the
fourth district total approximately
100000 persons.
S61,034,2 ,265 Advanced.
During its six years of existence
the Winston-Salem bank has ad-
vanced SCI, ,O34 ,265 to its member in
stitutions and received SAL ,334,792 in
, repayments, leaving S19699,473 as
outstanding credits to enable men,
bers to meet their seasonal liquidity
needs and to expand their volume
of home loans. The member insti-
tutionS of the Winston Salem bank
have combined borrowing capacity
of about $192 100000 through the
system" he said.
Referring to the Federal Home
Loan Bank of Winston-Salem itself
Mr.. La Rogue reported that its re-
j.. sources now total $24 ,116 ,832.31, the
highest figure in its history.