Evening star., 1953-10-05
New Building
Is Dedicated
By Perpetual
Its 10000 Members
Paid Tribute at
Cornerstone Fete
BY DonoId B. HodIey

BY DonoId B. HodIey
The $163 million Perpetual
Building Association paid tribute
to its 10000 members at dedi-
cation of its new building on E
street, between Eleventh and
Twelfth streets NV, today.
Special mention of this large
group of WaShingtonians, who
contributed to the growth of the
72-year-old institution was made
by President Edward C. Baltz at
the ceremonies.
Mr.. Baltz, who couldn't re-
member whether he had been
with the association As or 46
years. because lit has been a long
tlme," also received a tribute
from Government officials and
others taking part.
Uses Silver TrOwel.
Armed with a silver troWel. he
lined the opening for the corner
stone with cement and, with en-
couragement from John DAILY,
television star of whats My
Line" stood by as workmen low
cred the large block of rose
granite into place.
Mr.. DAILY served as master Of
ceremonies, and after the corner
stone was in place discussed with
Mr.. Baltz the outstanding his
tory of the association, which
ranks as the largest of it's kind
in the United States. Grouped
near the microphone were Off
GERS and directors of the associa-
ton and distinguished guests. A
crowd of several hundred guests
and members filled the nearby
sidewalks.
Mr.. Baltz said the association
members had played a contribut-
ing part in the rapid growth Of
the association and owned a
share in the business. He recalled
that while assets now total $163.5
million, they amounted to only
around $4,000 in the first year
of the associations existence.
They now are increasing at the
rate of around ST. million q
month, he said.
Version of Founding.
Representing the District Gov
ernment, Brig. Gen. Louis w.
Prentiss, Engineer Commissioner.
introduced a touch of humor by
giving his own version of how
Perpetual was founded in 1881.
He said a group of card-play-
ing EngliShmen organized a club
and met once a week. A good
sized kitty developed, and it was
finally decided to lend the money
to one of the members to buy a
house. This proved so profitable
that other loans were made and
it was decided that it was such
a good racket that they would
organize an association.
The Rev. Edward L. Elson,
pastor of the National PreSbyte-
rian Church, delivered the invo-
cation at the ceremony. Rabbi
Norman Gerstenfeld of the WASH
ington Hebrew Congregation of
fered a prayer, and MonSignor E.
Robert Arthur of st. Matthews
Cathedral gave the benediction.
Treasury Aide Attends.
The silver trowel used by Mr..
Baltz will become a treasured
possession of the association. At
the start of the ceremony it was
presented to Mr., Baltz by Ebert
WhitWorth of the Bank Building
and Equipment Corp, designers
and builders of the 7-story struc-
ture.
Assistant Secretary Of the
Treasury Andrew N. OVERLY
congratulated Mr.. Baltz and the
association on the new building,
but he said he wanted to pay
special tribute to Mr.. Baltz for
his long service as chairman of
the District Savings Bond Di-
vision.
William Divers, member of the
Federal Home Loan Bank Board
also offered congratulations and
remarked that Perpetual is the
largest member OF the banks
system and also the largest in
sured member of the Federal
Savings and Loan Insurance
Corp. Judge Edward A. Tamm
of the U. S. District Court for
the District of Columbia also
offered his concentrations.