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Show THE PROVO HERALD tOPING & LOAN ASSOCIATIONS AMONG W SAFEST INVESTMENTS Operated in Utah for Forty Years and of the State. L. LARSEN. JBOBYALD (JLr Buildlnf lntTunUln Ltaa Aasadatkm. tire operated a, tstt for more than forty IrTwd our state should have Zlrtno of any of our western tort la, we are year be--fj tensed societies, H bolldlnc and loan bnaineas Thousand of people In our state bare been educatel to a systematic savings plan, and thousands of others have realized the advantages offered la repaying their mortgages on tbe monthly amortization plan. There are various types of building and loan associations and in preparing this article and setting forth the value of a building and loan association to our community I ghall refer to the form of association with which I am familiar, the kind of as- statea of and California, wton, fte tort few yean the people sociation which Is organized and emWorn Wte have reeogntaed the which are offered by a bodies the original savings and loan (JJfJL ud1 ton aaaodatlon. plan. This kind of association is m ssapored t with the Oregon, ad-Un- -- nun ii hi i in1" ii ii ii ii ii ii ii ii ii ii ii i mi j purely mutual, form.-- f.,r the pur-P- " of investing the mvuuiuUied i monthly fcavii,... .f ii-.i- -- Ult'Ulltt'l . 'ui purM UllJ bUMlM in to eu.vi.ra,: thrift ud Miumlale liouie l nyiiig u,i i.uiMiue. it t tot a busiue f,.r the profit .if lew, l.ut : earuino. an.) dividends are distributed alike to all shareholders; iu privilege of are ojien on equal term to every man. woman and child iu the community. SAFE INVESTMENT. The bonding and loan association afford the safest form of for the average person, because the securities are first mortgages on improved real estate and presents the only opportunity by which one may realize an adequate earning on small sums invested. To the great majority it offers larger earnings than any other safe financial Institution in the world. The great majority of the population in every community are people of moderate means. Now, the real difference between a rich man and a man lies la the fact that the p"r rich man has money In sums large memlK-r-shi- BEEF STEEL DAY EDITION'. BARCECUED elation. STEEL DAY FOR p Thew swMMiatiiius, while uite arrangement mere mad w hereby building an J loan is to Us .i.ine a uUftiiM-- item in the educational couraea of many school and uiiivemithn throughout the United a Nwiiiou In derive a U'tuTit tlu n froiu. are firt of all coiiiu-cof the ccoitomicul and h iul ui" The Kity of thia thrift tuovemeut. to render to tbe iuKiitute is the building mid loan movement KNine HervUf that the American Inrendstil ate of ItanWing has huig ered to tbe I liking iiiHtitutlona of the country. Orcauixed as a noneducational profit, uonrapitaliged ciirHiration, its policies are under the directions of an executive uni- mittee. including representatives of various state building and loan league. Noteworthy of things that th institute has already accomplished comes from a report from a ronfereni held ni Madison, Wis., last Novemtter, attended by deans of as far colleges and universities south oa Georgia and as far east as New York, together with representa tives from as far west as Denver and on tbe north, Minneapolis defi-In States, Iu fundamental uwfulness ha been conclusively demount rated iu many way and iuUtent rails for extended educational service have come fruia many part of the IA CASTOR xd For Infants IN USE FOR OVER AJwavs baara Children 30 YEARS 1 1 If W8 related to Plumbing, Ws kin to us, 7. Buckley & J Haws 1 If ' Am CONTRACTORS Plumbing, Heating, Sheet Metal Work. It: i WE POINT WITH PRIDE ToTh- e- GREER CAFE For Good Eats Prompt and Polite SERVICE m Open Day and Night W. L NANCE, Prop. Here's what David D. Sutton's force of bar'oecuers, carvers and waiters dished out in barbecue sandwiches to hungry Steel Day visitors. The barbecue was the donation of the Columbia Steel Corporation to Steel Day, and was under the direction of Mr. Sutton, who barbecued the beef. nizetiby congress in preparing the internal revenue uct. When the government was searching out every nook and corner for new sources of wealth which might he taxed In order to meet the staggering loan which, war had imposed upon- ns, mutual building and loan associations were siecifically exempted from its provisions. Why? Not these associations had sufficient influence in congress to secure for his industry and frugality as legislation for their special benefit but because congress recognized that enjoyed by the rich man. It Is the greatest factor in home that the safety of the nation dependbuilding that the ingenuity of men ed upon the thrift and individual has evolved. This fact was recog- - prosperity of our people and for the further reason that the money deposited with the building and loan enough to invest so that his money is working for him- - while he devotes liia ttmo tn at ntmt h! tiff olun litlt ivlth the poor man, all that he can do with his money is spend it, as he never has enough at any one time to make a cafe and profitable investment. Here is where the building and loan association renders its ereatest service to a community. It offers an incentive to 'he poor man to save and offers the same regnrd ' - j Big Boy Now, ICE CREAM SHERBETS assoclaton was employed in erecting homes, thus increasing the taxable wealth of the nation and the ultimate return in taxs would be much greater than any tax which might be imposed upon the associations. AIMS AND PURPOSES. The aim and purpose of a building association is to aid and encourage its members to learn and practice thrift by regular ways and means by which every family may procure a home. A definition of a building associa finantion is a mutual, cial institution, most usually oper ating under articles of incorporation issuel by the state and composed of members who have thus associated themselves together for their mutual benefit and financial advantage. The membership of a building association may be broadly divided into two classes, designated as saving members and borrowing members. The former use the association as a place where they may deposit from tim to time such sums as they are able to spare from their wages, salary or other income. The members use the association as a place where they can borrow funds for use in buying, building, or repairing a home, or for other useful purposes. M& ICE CREAM lion-owin- 7 I Fpjovo Utah ijj I Everything For Parties GEORGE A. HANSEN, MGR. Phone 179 Candy and Punches i -- iinimnwir1 Latest photo of Russell Thaw, on ot Evelyn Nesbit and Harry K. Thaw, The boy now sports long trousers and Is a member of th editors i kiiT of lna school paper at AtlS iC' Cay. j EARLY HISTORY For some year there was controversy over the question of when and where the first building association was organized in the United States. Several cities claimed the honor, but the finnl decision of the question has been awarded Frankford, a suburb of Philadelphia, the honor of being birthplace of the building association: movement In the United States; The following account by Thomas W. O'Brien of the Philadelphia bar gives an interesting description of the origin of the first building association In the United States : "Like Its brother, the savings bank.tlio building association prac tically owes its birth to the thrlfti- ness and foresight or the Scotch The Earl of Selkirk's financiers. association was founded in Scotland in 1815 and through correspondence with friends and relatives in the old country its progress was carefully noted on this side ofthe water. "The first building association formed in the United States was organized in Frankford, a borough having a population of about 2,000 inhabitants and located in Oxford county, township, Philadelphia Pennsylvania, which is now a part of the city of Philadelphia. On January 3, 1831, according to the call, 'a meeting of sundry inhabitants of the borough of Frankford was held at the house of Thomas for the purpose of forming an association to enable the contributors thereof to build or purchase dwelling bouses.' A constitution for the government and the name, "The Oxford Provident Building Association of Philadelphia County,' was selected. Subscription books were opened. Forty members signed the constitution, enrolled their names and subscribing for shares Warm Air Heating and Ventilating. Pipes, Valves, Fittings. 135-13- 9 Phone N. Univ. Ave. ill. Side-botha- REGARDING NAME. I going over the various names in the United States, we find they are most commonly called "Building Associations," "Building and Loan Associations," "Savings Association," "Savings and Loan Associabanks." tion." "Homestead Associations," "Mutual Other words Loan Associations." appear as "Peoples," "Citizens," "Set- "Merchants." "Mechanic" "Equitable," enrity," "Fidelity." "WorkingmenV "Wage Earners," and "Home." Although the large niimher of the associations and societies in the United States carry the name "Building Society," it is generally known that none of the associations are doing building or under consupervising buildings struction. They merely make loans on dwelllnes and advance the money as the building progresses. "The American Home, the Safe- guard of American- Liberties," is the sloean of the Building and Lonn in the United States adopted by the United States Lea ana ioan gue of Local Building Associations. The United States league repre sents a total membership of 6.804,- 144, total assets of $3,342,rao,yod. In the state of T'tah thehe are mere htan 50,000 members, with assets of nearly $20,000,000 and the Increase in assets during the p:ist year was over 4 millions. IS EDUCATIONAL. The American Savings, Building and Loan Institute, established and organized In Kansas City, Mo., was to aid the building and loan movement. The Institute is a nonprofit educatlonnl undertaking and its have been provided largely 'iv the various lumbermen's asso- - Progressive People Choose Progressive Abstractors. Utah County Abstract Co. s s i y 1 III O 8 P 6 Bill J. C. ANDERSON, Mgr. Longest Experienced Abstractors in the County. WE ARE EXPERTS Phone 120. University Ave. Provo, Utah. 24 N. |