Jackson advocate. [volume] (Jackson, Miss.) 1939-current, 1948-11-27

VdSuIuSIO HopT0S0nIdClV
trom 7 of the % building, savings and
loan associations owned and operat-
ed by Negroes, with aggregate as
sets of close to S. million, founded
the American Savings and Loan
League during a two-day conference
held here on Friday and Saturday. H.
A. Howard president and general
manager for the Broadway Federal
and Savings and Loan Association
of Los Angeles, was unanimously
eelcted president of the new organ,
ization.
Emmer Martin Lancaster. special
adviser on Negro Affairs for the u.
S. Department of Commerce, initial
eed the conference. Sessions were
held in the Commerce Department.
The purposes of the League are:
l. To promote thrift and nome
ownership among minority groups;
2-To assist in the formation of new
associatins and their aMiliation with
the thrift and home financing agen-
cies of the Federal government. g.
To cooperate with Federal, state and
local agencies administering hous-
ing functions, and other associations
with common purposes and object
ives. ITO conduct research and
direct plans for the financing oi
dwellings and projects for minority
groups in OMIT arrangement with
banks, insurance companies and 9TH
er lending institutions, aided by the
Insurance facilities of the Federal
Housing Administration.
Formation of the League aollows
the impetus being given to the or
ganization of new business associ-
ations among Negroes by both the
real estate brokers who met in At
antic City last summer, and the
builders and contractors who met
more ercently in Atlanta Each of
these three new groups, in one re-
spectt or aonther, is vital in the eff
fort to provide housing for Negroes.
Proposal for the organization had
come from Mr. Howard in an address
made befoe a brusiness conference
sponsored by the Commerce Depart
ment last spring. He saw that COM
mon problems confronting establish
ed associations, and groups seeking
to organize, needed a common ap-
proach.
Commerce Secretary Charles Saw
yer addressed the conference on
Friday and gave the project his Of
ficia Blessings. Dr. Frank Horne and
DR.. Booker McGraw, assistants to
the administrator for the Housing
and Home Finance Administration,
told the group also of the special
need they can meet through their
joint effort.
c. G. Spaulding, dean of Negro
finance, and president of the Mu-
tual Building and Loan Association
of Durham, a participant in the ses-
sions, outlined the growth of the
Durham financial center and the
five corporations with $50 million
In assets which he heads. He told
OF the unwillingness of white COM
panies to provide insurance. bonding
and other financial services ito Ne
groes, which led to the establishment
of his firm. He lauded the effort of
Negro savings and loan association
people to set up the American Lea
que. and pledged his cooperation for
its success.
The president of the League is a
business and civic leader on the West
Coast. He is also director of Phi Beta
Sigma'a Bigger and Better Bust
ness" project.
Other officers elected were: vice.
presidents, William R. Hudgins, Ca
yer Savings and Loan, New York
City; Arthur M Simmons, Home
Federal Savings and Loan, Detroit;
j. Henry Smith, Tuskegee Savings
and Loan, Tuskegee; secretary-treas-
Citizens Mutual Building and Loan,
and assistant secretary-treasurer,
Wilbur Halyard, Columbia Savings
and Loan, Milwaukee.
Members of the executive commit.
tee are Howard, Collette, simmons,
Walter Miller of Carver Savings,