The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-01-10
Building Associations.

The meeting to organize local building
association league. heretofore mentioned
in this column. will occur tomorrow even
ing, ct the offices of Carson Il Thompson.
in the Boston Block. A full attendance of
building association members is desired.
The purpose of organization is to coalesce
the building society interests of the city,
and ultimately the State. and be in condi-
ton to 60 before the next Legislature and
demand, with no uncertain voice, the legis-
lation that is so imperatively needed.
Great interest is taken in the proposition
TO form permanent organization. both in
the city and State. and a successful out
come to the plan 10 confidently expected by
the promoters.
Considerable interest is shown in the
scheme of creating q building association
exchange, as noted in this column last
week. A number of the larger societies
propose to take the matter up and make q
success OF the plan. Said one of the secre-
taries to Journal representative: I'VE
borrowed $4,000 during the height of the
buIldine season last summer from one of
the banks In order to supply our borrowers
who were building and had to have money
at once. We carried this loan for three
months at cost to the assoc; alton of Just
$500. IL unquestionably paid us TO do
it for we made several hundred dollars
more in interest than we were compelled TO
pay out for the use of the money besides
keeping our members from Withdrawing
and golug to other societies for loans, as
they certainly would have done had we
not come promptly to their relief. But
the entire building association interests
could we have gotten our loan from other
societies aud let them have the benefit of
the interest we paid out. Not only that.
hnw- frsaVn ion
of being able to even up at some other
time by ourselves loaning to some society
when we had n surplus on hand. i figure
that every one of the $50 local associations
would patronize such an exchange, and
that the amount of money loaned by the
societies TO one another In the course of n
year would mount into the thousands of
dollars. while the interest earned would be
q handsome sum IN ITSELF"
A number of association members were
discussing the feasibility of establishing
an exchange in this city. "Our society
runs out in seven months" said one of the
group. land already the treasury has sew
eral thousand dollars in il. We can do
nothing with the money. unless we dis
count our shares in advance, and begin to
repay members before their shares are Ma
tured- That ID poor plan and unpopular
with our stockholders. The consequence
will be that the bank IN which we deposit
will be the garner by our surplus for quite
while 10 come. IL we could only loan this
money on fr0rS three to six months time to
-o.h5 otner society It would be a profitable
thing for US"
The association belong to is unfortu-
nate enough TO have g, 500 in the treasury,
80 the secretary informs me. said the Sec
ond member of the group. None of our
members seem to want q loan, and the
money is steadily accommodating. OF course
our profits are proportionately decreased"
I'm my building society" said the third
speaker. lit is impossible TO get a loan in
less than ninety days. 80 great is the de-
mand for funds. If we had some system of
exchange our association might with profit
borrow from either one mentioned. and
numerous withdrawing members might be
kept in our ranks"
ASSOCIATION NOTES.
The Provident association will issue it's