The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-12-30
PROTECTING THEIR INTERESTS.
The Building Associations Take Steps to Ask
Relief from Oppressive Burdens.

The convention OF building and loan aSSocla-
ton delegates met last evening" in the Civil Cir
cult courtroom. The meeting was called to or
der by w. G. Anderson, and call of the roll
showed forty-six of the forty nine associations
that had responded to the invitation to send
delegates, to be represented A Seidensticker
A. A. Heller, and W. F. A. Bernhamer were put
in nomination for chairman. The two latter
gentlemen declining, Mr.. Seidensticker was
chosen unanimously. On taking the chair, he
briefly stated the object of the meeting to be the
consideration of amendments to the pres
ent laws regulating building, loan and
saving institutions, which laid unjust
and burdensome taxes and restrictions
upon them. He thought they should, under
the law, receive the same favor and consideration
that are extended to savings banks, these asso-
Citations being also saving institutions of the
State They largely receive the investments of
persons of moderate means, and persons having
had experience with them find them preferable
because they offer more practical security than
do savings and other banks. While savings and
other banks are not required to furnish lists of
depositors so that their names may be placed
upon the tax-lists, the officers of building and
loan associations are compelled to furnish what
they have on deposit in these associations, even
though the members may have debts largely in
excess Of these savings. There are other
matters, one of which is the provision compel
ing building associations to pay to their mem
bers per cent on their loan when they with
draw, though the association has collected nut 6
per cent There are other matters to which the
attention of the Legislature should be called and
in which it should be urged to amend existing
laws. Mr.. Seidensticker said the convention
should not ask too much but should concentrate
its suggestions upon the most material and nee
essary things.
VIM. A. Rhodes was then chosen secretary
On motion of Mr.. Bernhamer an executive
committee Of seven was appointed by the chair
to which the chairman and secretary were added.
The committee was then named as follows
W. G. Anderson, W. F. A. Bernhamer, Otto N.
Frenzel Tn. Stein, NJ. Steinhauer John Schley.
A. Seidensticker, VIM. A Rhodes.
1t was moved that the delegates of the differ
ent organizations represented in this meeting be
requested to hand in their suggestions to this
committee, and that the committee be charged
with passing upon their suggestions or putting
them into form and submitting them to the ad
journed meeting of this convention. The mo
ton was adopted.
Lorenz Schmidt said that some expense would
necessarily be entailed in getting the matters
they desired legislation upon properly before the
Legislature. That there would be an outlay for
printing postage stamps etc. He moved that
each association represented pay in to the treas
urer of the organization So for these necessary
expenses.
Otto N Frenzel moved to make the assess
ment one cent on each share represented by the
different associations that had delegates in the
convention.
Another delegate thought that half a cent a
share would be sufficient. DR.. Jeffries was of
opinion that 81 from each association would be
the proper thing.
Lorenz Smith said that S. from each assoeia-
ton would not be found too much; probably
some legal talent would be required and money
would be needed to pay for it
B. F. Witt was of the opinion that 81 from
each association would be sufficient, there
was legal talent in the committee, and number
| of lawyers among the other delegates.
| Varying shades of opinion were given by
| Messrs, Potts, Butler, Frenzel, Kiefer, Sauer
\ beer and others.
Mr.. Bernhamer offered the following as a sub
! stitute, which was adopted: That each delegate
! request the association he represents to appro-
| pirate out Of the treasury u sum equal to one
cent on each share on the books of such associa-
ton, en- the LIST day of January 1885, and that
such cash sum be paid over to the treasurer of
this convention at its next meeting.
To this was added the amendment submitted
by A. F. Potts. "And that if and surplus re-
manned it should be returned pro rata to the
associations after the purpose for which the
money was raised has been effected"
| A. M. Kuhn said that as a large number of
| the associations in the State, outside of this
city, were equally interested with the associa-
tions here, it would be we'll to invite them
also to make suggestions to needed legislation,
and also to allow them to make contributions if
| they desire, in money to the treasurer of the
convention, and that they be sent circulars.
The chairman remarked that it would be
better to get some money in hand before order
ing the circulars.
The convention then adjourned to meet one
week from next Monday night at the Civil Cir
cult courtroom, at o'clock.
The executive committee will meet on next
Friday afternoon, at o'clock at A. Seden-
stickers Office.