“The work of the societies is done gratuitously by the directors, and in no other way could they be maintained, the profits resulting from the services of men who, though they have never posed as philanthropists, are engaged in the best kind of charity, helping men and women who help themselves.”
Joseph H. Paist, a prominent Philadelphia building association expert, has been president of the league since it was organized.
Other States have leagues, and they are all combined as a National League, whose motto is “The American Home is the Safeguard of American Liberty.”
At certain intervals the national government, States, cities, and hundreds of industrial enterprises distribute earnings and accrued interest to those entitled to the same. The vast sums of money drawn out of thousands of banks and banking institutions represent millions of dollars of canceled debts. Within a few days after these distributions take place, at least nine tenths of this money finds its way back into the strong boxes that parted with it. One tenth of the money is, perhaps, held in the pockets of the people, to be gradually disbursed for current needs until the next pay arrives. I do not remember having received a statement or statistical report referring to the building association share in these distributions.
True, there are no set dates for building societies to part with money, but in Pennsylvania alone these coöperative companies distribute $20,000,000 annually in matured shares and withdrawals. This is no insignificant sum. To-day their accumulated wealth (mostly savings of people in the humbler ranks of life) is over $107,000,000, and in the United States fully $600,000,000. The annual outgo for canceled shares is about $100,000,000, or fully $8,000,000 every month.
Since these associations were organized, quite one thousand five hundred million dollars have been returned to the members in the value of homes clear of debt and in cash for withdrawn and matured shares. Despite these vast disbursements, there has been a gradual increase in their assets from year to year.
Beginning with one association in 1831, their number increased in a small way until probably not over two hundred societies existed in 1800. From that date until the present moment it is estimated that over 8000 have been organized throughout the land, increasing at a rapid rate every year, and leaving at present, after closing out a great number, nearly 5000 active associations distributed among the States as follows:—
| States. | No. of Societies. | Membership. | Assets. |
|---|---|---|---|
| Pennsylvania | 1200 | 300,000 | $111,714,871 |
| Ohio | 761 | 297,787 | 99,770,161 |
| Illinois | 682 | 180,000 | 73,309,192 |
| New Jersey | 300 | 116,739 | 41,038,934 |
| Indiana | 492 | 137,510 | 37,624,418 |
| New York | 317 | 102,902 | 37,385,642 |
| Massachusetts | 123 | 65,419 | 24,507,843 |
| Missouri | 255 | 49,462 | 22,497,700 |
| California | 138 | 19,153 | 17,938,100 |
| Iowa | 87 | 25,000 | 6,594,778 |
| Michigan | 70 | 20,497 | 6,495,307 |
| Minnesota | 69 | 9,000 | 4,260,666 |
| Tennessee | 34 | 6,166 | 3,771,354 |
| Nebraska | 68 | 11,821 | 3,554,788 |
| Connecticut | 15 | 11,208 | 3,243,935 |
| Maine | 33 | 8,230 | 2,912,963 |
| Other States | 228 | 281,284 | 104,320,367 |
| Totals | 4872 | 1,642,178 | $600,941,019 |
It is estimated that of the above named membership over 325,000 are women. Of the $600,000,000 of assets, at least $100,000,000 is a gain credit to the sharer. It is believed that an average of at least three members of a family contribute toward the payment of the dues and interest, and although seventeen hundred thousand names are on the books, nearly five million persons actually contribute.