St. Paul recorder. [volume] (St. Paul, Minn.) 1934-2000, 1948-11-19
Building & Loan
Assn. Delegates
Meet in D. G..

Meet IN ~. u.
WASHINGTON - Representa-
tives from seven OF the % build
ing, savings and loan associations
owned and operated by Negroes,
with aggregate assets Of close to
IS million, founded the American
Savings and Loan League during
a two-day conference held here on
Friday and Saturday. H. A. How
ard, president and general man.
ager for the Broadway Federal
Savings and Loan Association Of
Los Angeles, was unanimously
elected president Of the new Or
ganization.
Emmer Martin Lancaster, spe-
cial adviser on Negro affairs for
the U. S. Department of Com
merce, initiated the conference.
Sessions were held at the Com
merce Department.
The purposes of the League are:
/. To promote thrift and home
ownership among minority
groups; 2. To assist in the forma-
ton Of new associations and their
afiiliation with the thrift and
home financing agencies Of the
Federal government; 3. To cooper
ate with Federal, state and local
agencies administering housing
functions, and other associations
with common purposes and objec-
tives; 4. To conduct research and
direct plans for the financing of
dwellings and projects for minor
ity groups in joint arrangement
with banks, insurance companies
and other leading institutions,
aided by the insurance facilities
Of the Federal Housing Admins
tration and the Veterans Admins
tration.
Formation OF the League fol-
lows the impetus being given to
the organization of new business
associations among Negroes by
both the real estate brokers, who
met in Atlantic City last summer,
and the builders and contractors,
who met more recently in Allan
Ia. Each of these three new
groups, in one respect or another,
is vital in the effort to provide
housing for Negroes.
Commerce Secretary Charles
Sawyer addressed the conference
on Friday and gave the project
his official blessing. DR.. Frank
Horne and DR.. Booker McGraw,
assistants to the Administrator
for the Housing and Home FL
nance Administration, told the
group also Of the special need
they can meet through their joint
effort.
c. c. Spaulding, dean Of Negro
finance and president Of the Mu-
tual Building and Loan Associa-
ton Of Durham, q participant in
the sessions, 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 companies to provide insur-
ance, bonding and other financial
services TO Negroes which led to
the establishment OF his Arms. He
Landed the effort Of Negro savings
and loan association people to set
up the American League, and he
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 Signals Bigger and
Better Business" project.
Other officers elected were:
Vice presidents, William X. Hudg-
ms, Carver Savings and Loan,
New York City; Arthur M. Sim
mons, Home Federal Savings and
Loan, Detroit; ]. Henry Smith,
Tuskegee Savings and Loan, Tus-
kegee; secretary-treaSurer, Maur-
ice Z. Collette, Berkeley Citizens
Mutual Building and Loan, Nor
folk; and the assistant secretary
treasurer, Wilbur Halyard, Col
umbla Savings and Loan, Mil
Waukee.
Members OF the executive COM
mittee are Howard, Collette, Sim
mons, Walter Miller Of Carver
Savings, and J. S. Stewart, Mutual
Building and Loan Association,
Durham. Hope r. Stevens, New
York attorney, was designated
general counsel for the new or
ganization, and Ernest E. johnson,
also Of New York, was named
public relations counsel by the
executive committee.