Message to the Annual Convention of Building and Loan Associations.

[Released August 13, 1931. Dated August 4, 1931]

My dear Mr. Myers:

The Centennial Convention of the United States Building and Loan League and the International Congress of Building Societies and Building and Loan Associations in Philadelphia, August 11th to 14th, is an occasion of unusual historical and business significance. It marks a century of cooperative finance and individual self-help for home ownership initiated in this country in the village of Frankford, Pennsylvania in 1831. Helping to finance the building of over eight million American Homes in the intervening century is an achievement of financial importance, but of even more significant social implications.

Home owning is more than the provision of domiciles; it goes to the roots of family life, public morals and standards of living. The men who have shaped the Building and Loan plan have been pioneers in moulding a most important economic characteristic of New World civilization. The national administration has recognized the importance of home ownership by calling a conference on Home Building and Home Ownership this autumn, further to promote this phase of our community life in the light of a careful study of current conditions. The interest and cooperation of members of the Building and Loan Associations in this enterprise is cordially invited.

The savings accumulated by some twelve millions of investors in membership in Building and Loan associations in this country have acted as a stabilizing force and have illustrated the self reliance of our citizenry.

I am interested to note that other nations are joining with the American Association in the celebration of the Centennial. I should like to extend both to the delegates from our own land and those from other countries, my warmest congratulations on the substantial achievements of the Building and Loan movement, and my deep interest in your deliberations and continuing usefulness.

Yours faithfully,

HERBERT HOOVER

[Mr. R. Holtby Myers, Pres., The U.S. Building & Loan League, 740 S. Spring St., Los Angeles, Calif.]