St. Paul daily globe., 1893-01-18
Minnesota Building AssOcia-
tions Are Satisfied as the
Law Stands.
Arrangements for Represent
atives at the Worlds Fair
Convention.
Gov. Nelson Turns Out 6
Batch of New Plum
Pickers,
And Promises to Keep Up the
Good Work Indef-
initely.

The Minnesota League Of Local Build
ing and Loan Societies held its annual
meeting in the building society rooms
at 29S East Seventh street last evening.
There was large attendance, every
building society of any pretentions i'll
the state having one or more represent
atives present.
f. Theodore Sanders. of st. Paul, pre-
sided, and John j. Kinnane, of Mime
apolis, acted as secretary. Chairman
Sanders read a lengthy and interesting
paper Oh the growth of building SOcie-
ties in the United States, and more es-
pecially of their growth and develop
ment in Minnesota.
L. M. EndSley. of Minneapolis, gave
review of the different systems used by
societies in conducting their business.
Chan Smith, of Duluth, also read a pa
pei OH the same subject, and gave an
account of his experience with the diff
ferent plans in vogue. State EX-
aminer Kenyon was present, and
spoke at length on the sys-
tens as to the different results
obtained by them. He condemned
what is known in building society par
lance as the Gross system, and suggest
proportionate share of interest be al
lowed free stock, or investors. Profits
in that case would be more evenly dis
tributed among the borrowers
who as rule, are poor people, anxious
to erect and pay for a home. He was,
however, opposed to the custom of
some societies of allowing loans to run
on for long time without foreclosure.
Peter Mccormack, of Minneapolis,
spoke in the same strain, and long
and animated discussion enSued, in
which all the delegates present took
part
The league does not want the present
legislature to interfere with building
society affairs, as the existing laws do
we'll enough, and, as the chairman eX-
pressed it, it is best to let well enough
alone. This was the general sentiment,
which was expressed in the form OF
resolution before adjourning and which
asked that nothing be done in the way of
new building laws in the state until
after the convention of the National
league of societies, which will be held
in Chicago during the worlds fair.
Each state will be entitled to one repre-
sentative at the convention for every
building society in the state league.
| This will give Minnesota representa-
ton OF about fifty-fve. The election of
officers resulted in the choice of Theo-
dore Sanders for president and the fol
lowing vice presidents: p. NJ. Endsley,
Chan Smith. f. }. Wilcox, c. G. Nc
Kilit l.. ID. Bard.
| II. L. McClung, of Minneapolis, was
elected secretary and A. 7. CroonquiSt.
of st. Paul, treasurer. The following
executive committee were selected:
Jacob Stoff, Peter Mccormack, p. M.
Endsley. Minneapolis; n. j. Miller, Du-
luth, and o. Kuetfer, OF st. Paul.
1t was decided to adjourn until the
evening of Feb. ID, when the delegates
to the worlds fair meeting will be Sc
lected, In the meantime the chairman
will name a committee on legislation,
whose .duty will be to see that no
laws affecting building societies are
brought up at this session of the legis-
lature.