The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-04-03

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really worth. Sellers have learned this,
and after they ave learned it we'll they
generally take down their fancy prices and
put their property on the market at Its true
value. The good judgment used in selling
and buying greatly facilitates matters and
closes deals to the profit of both parties.
Building Associations.
The Hartford Saving and Investment
Company, which meets at No. So East Mar
mortgage security. The approaching build
ing season promises to be the most prosper
Gus one for the society.
The Hoosier Saving and Loan Associa-
tiOn will start a series tomorrow evening.
No society In the city does a larger business
in the northeastern part of town than the
Hoosier. Its shares are always in demand,
and there IS a constant call for loans.
The Railroadmen's Building and Loan
Association still continues to do one Of the
largest businesses in the city. Its funds
are loaned on long time and easy payments.
Since it's organization there has never been
q time when it's funds were idle. This is O
splendid record.
The sun Building and Loan Association
islOne of the societies that has funds on
hand to loan just now. During the past
winter 1T has succeeded in keeping all its
money ont. and it is expected that the pres
emit building season Will witness an IN
precedented call for money.
The Bluff Road Saving and Loan Associa-
ton. one of the most progressive and ener-
getic of the many SOuth-side societies. an
nounces that 1t Will start O new series to-
morrow evening. The shares are 5000. with
weekly dues of 80 cents. The meetings are
held at No. 57S South Meridian street, on
each Monday evening. The secretary Is j..
L. Fesler. p
The earliest known building association
was organized In Greenwich. England, in
1909. but for centuries previous to this the
cooperative idea upon which the building
association is founded, 1.-The Burial Socie-
ty." had tiourished upon the same plan.
Poor people, residents of the same town,
each paid q uniform assessment at the
death of a member out of which the ex-
peDses of burial were paid; the balance
went to The family of the deceased. Out OF
this lowly beginning has come the present
perfection of the building association plan.
People who do not realize what an i'm
mense amount of business Is being done
annually by the building associations of
the country will be surprised to know that
IN New York alone the amount of annual
receipts OF the savings and loan societies
equal the deposits during the same
time of the savings banks of the
upon bond and mortgage by the building
associations is nearly equal to the whole
amount loaned OH such securities by all the
mortgage and trust companies of the State
put lOK6LuCTs Nutu III Is tdk6u III cOnSlu-
GRAFTON that New York city is the financial
center of the country, and that scores Of
enormous trust companies make their head
quarters there and loan a large portion of
their funds in the State, 1t will be seen
what q tremendous business is being done
by these societies of the people.
There seems to be a general and wide
spread desire to coin some shorter term for
the building and loan associations. All
through the country the complaint is gen.
eral that the cumbrous titles under which
the building and loan societies are forced
to them. Some of the Eastern societies
a as many as five prefixes tackled on to
the lengthy term building and loan asso-
ciation," and by the time that all of this
name Is printed 1t makes an appalling
array of titles. A project is on foot to cut
off the words building and saving" and
call all societies simply loan associations"
or loan companies" The idea has the
probable that. at the first meeting of the
United States Building Association League,
which occurs this month, at the Grand
Pacific Hotel, Chicago, steps will be taken
to reform lengthy
Complaint is general that there has been
q tremendous falling off in the deposits in
the savings banks throughout the East.
The building association seems to be
crowdinR the older methods of accumuIat-
ing money to the wall. The savings bank
is bound to furnish small depositors the
chance TO lay up their accumulations and
receive a fair amount of profit upOn them.
Some years agO 1t was not uncommon for
savings banks to declare 6 TO Z per cent.
dividends annauliy. This time. however.
is gone by, and 314 and 4 per cent. diyi-
dsnds are now the rule. The consequence
has been that with the rise of the building
association idea and the tremendous de-
velopment of these societies all over the
n small depositOrs have deserted the
al. ~~1 1000. -
alive enterprises whore dividends of from
8 to IL per cent. are the rule. The future
is said to look very dark for the smaller
savings banks in the Eastern and Middle
States.
The Royal Saving and Loan Association
of Indiana is the latest ASSOCIATION to enter
the arena for new business. The society is
organized upon a somewhat new plan, q
life insurance feature being connected
with it. All member are guaranteed that
in case OF death par value of the stock is
paid In full. and in case of q borrower the
mortgage is released. Dividends will be
declared every six months. and the society
will issue paid-up stock guaranteeing
cash dividends. The directors n Off
GERS are: President, T. II. Walker, with X,
S. Mckee g. Son, lO4 South Meridian street:
vice-president. A. X. White. 100 South
Meridian street; treasurer, Vim. III. Smythe,
Masonic Temple; secretary, Howard Kim
ball: 80 East Market street; J. 7: MeCune.
VI NhOSuho CCnuiiuidps W. M. GlraTu,
ticket agent MopOn railroad: Jacob w.
Smith. secretary Board of Trade; X. T..
Bates. with W.. q. WATSON 81 Co.; James l..
Barnitt, Ii Virginia venue No entrance
fee will be charged for shares subscribed
thiE week. The place of meeting Is at No..
50 East Market street.
The recent d~efalcation of q trusted off Ger
of q building association in ST. Louis has
led to q reform in the method of banking
funds intrusted to societies in that city. It
has evidently been the custom heretofore
TO permit the custodian of the funds of the
societies TO deposit them in his own name
and su bject TO his own check. This is SIM
ply an invitation to q weak man to use
moneys not belonging to him, expecting. of
course. TO repay them at some subsequ emit
time. The board of directors is manifestly
at a disadvantage where the funds are de-
posted In this manner. for they are unable
to tell at any given time how they stand
financially. Their only means of knowing
the amount OF hand is by asking the Gus
todian of the money. Ohio has been wise
enough TO pass q law which renders the
embeZzlement of funds belonging to q
building association practically i'm possib BILE.
Under this law all funds paid into the So
city are handed directly to the finance
committee, who enter the credits on the
pass books of the members. The secretary
In the meantime enters the amount in the
dues book. The finance committee turn
the money over to the treasurer of the as
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