The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-08-19
STATE LEAGUE FORMED
Oftosrs Electsd sar the Ensuing Year 90
N~oaOlutl0na AdoplUd.

Oftcsrs Eleoted Tar the T~snsstns Year aud
Resolutions Adopted.
Tho State League Or building and Loan
associations lnisAsd ~ lahoiss yesterday
and adjourned. Az ths mornina session !
constitution and bylaws wers adopted ana
the following oificafs elscted:t Psesident.
John Stedn,an, Of Helena; drst ylcs-nresi-
dent, I. Whitney. Of Billings, sscond Woe
presidsnA u. q. Stoddard, al Miseoula. asc-
,stary. \. Y. ksmpsr, q butte, trsasuser.
George II Ramssy, OF BoxaEnAu; executive
COMMITTEES. u. II, IAlcott, LivlnRstnn: \.
b. Clsmenta, Helena, A. II. Barrett Butte.
a. L. Whitney. Of billings, read i paper
on "Henehts and Organization Of the state
soula on Methods OF Retiring Full Paid
stock" after which quite . lengthy discus
sion ensled.
Al the afternoon session the following
com N itteo on legislation was appointed;
w. w. Livingston Of Bozeman, George N.
Great Falls, n. II. Irvine OF lutte, III. b.
Wiley Of Miles City, W. H. Little Of Hell
ena, @. i. Davis Of Missoula, A. II. Joy 81
LivinKton.
A resolution was adopted authorizing tho
secretary 70 tle application for msnbsrship
with the United States league.
Thu following resolutions were adopted
~ unanimous vote, and the various associ-
ations in ths state urged to give thom pub
lieity in the local papers:
Whereas. The state Of Montana 10 Infect
cd BY = great number Of National Buildiaa
and Loan associations; and. whereas, All
such organizations are organized purely for
tho purpose Of bsnettine their offoshoIders
the expense Of the stockholders and Dor
sowers; and, whereas, Their method
operation T in direct oppo-
sition 10 that Of the local
building and loan association, and.
the expense of managing the local
Montana. a. shown by reports submitted
at the meeting Of the Building aud Loan
Association LEAGUE OF Montana, 10 less
two per cent Of their annual receipts;
and. whereas, it appears from the repo,t oi
Ehs public examiner Of the STATE of Mime
sosa, snat me average expense Of The man
Of nationals ID from 10 to 100 per
gent OF the receipts; and whereas. the said
National associations and their agents are
subscriptions on the representa-
lion that their methods OF business are the
'anls 40 the methods Of local building and
loan associations, which have proved such
! phenomenal succsss in the United States;
'vsr matured = share Of stock; and, whereas,
he ci:culars Issued by the different ma
'lonal associations operating in this state
IRE false and misleading in holding out
promises Of profits wich it 10 impossible to
Therefore, The Building and Loan Asso-
nation league of Montana deems it pru-
'ent to warn all people seeking investm snts
thelr hard earnings against all such sool-
ties who extend their business outside of
heir own county; now, b. il
Resolved. That We endorse and approve
he following resolutions adopted At tue
Meeting Of tho United States League of
IN IlNInu NNH 1,o0n NEGOTIATIONS kotl -
last April:
Resolved. That this convention de-
all forms of alleged cooperative
Inancial institutions. which seek the earn
nRs OF the working GLASSES by promisin"
nornous profits. or by selling bonds based
pom no actual or valuable asseta.
Resolved. That this convention is unal-
erably opposed to tho system and methods
+ so-ca.led cooperative financial institu-
ions. operating under the name of National
n Loan associations. which
ansaot business in any and every state
here they may be able to fnd customers,
promising much larger p:otts than are
onsistent with safety.
Resolved, That this convention asserts
OF the information OF working people
tina = genuine building aesoci-
ton Is local III operation and purely CO.
IN Its character, and these in con-
rast direct from the o-oalled nationals,
'hlch operate without limit of territory,
nd are not cooperative either in spirit or
4 fact. -
"Resolved. That it is tie eense of this
that local building and loan as
every where should warn the peo-
10 against every kind of investment in
'hatever form it may appear, or BY whatso-
yer name it may be known, which offers
omething for nothing"
On motion Of the Butte delegation, Sec
ndS0 bY the RoyaJnAn Ha1arotioD and INV
led unanimously. Helena was selected al
1s next place OF meeting to be held next
r- ,
The meeting revealed the fact that local
and loan associations are becom-
az popular in the state and bid fair to be-
oms strong financial institutions. Their
asthods of doing business are purely CO.
and no one momber reaps more
aan his fair share of the profits. About
ne and ons-half million dollars is invested
! local associations and their business ia
Increasing during the past year much more
apidly than ever before.
MI T L. nnTraF1SCn