The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-08-02
ACKNOWLEDGEMENTS
Building Associations in the State Make
Many Thousands of People Well Off,
They offer Better and Safer Investment Than
the Old Savings SOcieties-Notes of What
Is Done by Local Organizations

stranger in the city and State recently
remarked upon the small number of saw
ings banks in operation In Indiana in COM
parison TO other States. The inference he
drew was that the people were not as prov
ident as were those of other localities.
When told that there were over six hum
dred saving and loan associations In IN
diana. with a combined capital OF at least
100000 OO0 each society averaging at least
Sper cent. per annum upon its invested as
sets. and all of them run with more safety
and with as little if not less. expense than
the average savings bank, he was sur
prised. In no other Western State has
the building association idea become
as thoroughly understood or its work
a. in Indiana. All the central States have
associstions; Ohio moro than the others
perhaps. But Indiana. 1t is safe to say.
supports more local building societies In
proportion to population than Ohio. There
has never been a failure of a society in this
State, nor defalcation upon the part OF
An officer, far known. Hundreds of
citizens Who are serving as officers and die
rectors are giving their efforts without pay.
No movement ever undertaken by the mass
OF the people has been more unselfish In
character, or successful in business train
ing and IN actual accumulation of money
IMAM the society uOVcmcub, WHO'LL
finds it's highest fruition and success in In
diana.
II am surprised at one thing" said the
secretary of a large down-tow association
recently. land that is that more capitalists
do not take advantage of the paid-up stock
features of the building societies Our
society takes deposits of this kind and al
lows per cent. interest per annu m
- - - -. -. - <ha
end of every six months. There are very
few ways of investing money In small or
large amounts so that they Will net 8 per
cent Another thing In our favor
Is that In the usual form of in
vestment. such as real estate or mortgage
loans, one cannot realize et once should
they wish to draw money ont But in the
case of paid-up stock one can get his money
atonce If we have it in bank. and If not,
upon the briefest possible notice"
al am skeptical," said bystander," as to
whether the societies have any authority
to issue paid-up stock. The statute under
which they work does not contemplate any
thing or the kind. and there is In reality no
authority whatever for the step. At the
time the bill was passed permitting the
organization of associations the idea was
simple and no side issues were contem-
plated. There certainly ought to be some
action taken by the next General Assembly
giving societies the right to do certain acts
which they are now assuming to do with
out authority. lQuestlOn, however, whether
the banking interests of the State would
permit associations to give or per cent.
interest on deposits without q struggle.
The effect upon the deposits in banks every
where would be extremely serious"
The Monument Saving and Loan Asso-
citation Is now fully organized. and has be-
gunoperations. It's plan of loaning money 10
modelled after those societies which loan
upon long time with small payments. Its
shares of stock are $500 each. with weekly
dues of so cents per share. Persons may
enter and procure loans at any time. The
90 cents per week paid upon each share in
cludes principal, premium and interest. so
that the total cost of carrying Q loan of
$1,000 would be but $3.50 per week. Upon
this plan it takes from fourteen to seven
teen years TO pay out. but the borrower has
the privilege of making larger payments.
and termin ating his loan at any time. The
directors of the association are ID. Nj. Parry,
r. G.. Kelsey, ID. II. Jenkins. Chris. Z. Lich.
tenburg, William III. Langsdale. NJ. +. Cox.
w. b. Akin, Z. 5. r. Seguin, ID. M. Elliott
and Frank Kessing. ID. NJ. Parry is presi-
dent. and DR.. X. T.. Kelsey secretary of the
society. Its place of meeting 10 No. %
East Market street.