Omaha daily bee., 1896-05-31
COOPERATIVE HOME BUILDING.
Preparations Tor the Annual Meeting
Of the National League.

preparation tor the Annual Meeting
OF the National League.
The fourth annual meeting of the National
League Of Local Loan and Building associa-
tions will be held in Philadelphia, begin
ming July %, at 10 a. m. The prospects
arr for the largest attendance in the his
tory of the league. Very wisely the date
of the meeting has been placed in the vaca-
ton season. The delegates appointed from
the different states will combine business
with pleasure, making their attendance upon
the league an incident of their summer visit
to the seaside or other resorts.
A number of new state leagues Will be
represented for the first time. Kentucky,
Wisconsin, Maryland and Texas will be in
line. Organization is pending in other states,
and it is evident that by the time the an
nual meeting of 1897 rolls round nearly
every state in the union will have fallen
into the procession.
One of the most interesting features of
the program will be the report of the
committee on promotion and education, APP
pointed last year, consisting of Hon. Fred
Bader of Cincinnati, chairman, and Messrs.
Bergfeld of Missouri, Eldredge of Massachu-
sets. Dexter of New York and Vasen of
Illinois. The most prominent leaders in the
association movement are on the program
for papers on a variety of important sub
jects.
President Julius Stern of Chicago and Sec
rotary w. l.. Finch of Cincinnati have given
much time and thought to the preparation
of the program. Its principal features are
as follows: Report of Committee on Edu-
cation" Fred Bader, Cincinnati; "The
School System of Savings, It's Development
and Growth" d. Eldredge, Boston; THE
Building Society as a Permanent Savings
Fund" G.. B. Vasen, Quincy, H.. THE Rate
Per Cent 1t Actually Costs the Borrower
by the Several Plans, all the Factors in the
Question Rping KnOwn ~ n " kpr
Defiance, o.; c. X. Clark, San Francisco,
Cal; E. e. Cove, Springfield, ILL.,; Penn
sylvania Local Building Assoc ations," M.
j. Brown. Philadelphia; Development of Co
etc." e. w. II. Williams, New Orleans;
The Voluntary Liquidation of Blu lding As
social ons," G. f. Bentley, Grand Island,
Neb..; Building Associations in the South
f. H. Westover, W~illiamstown, Ky; THE
Real Estate Depression of the Past Three
Years and Its Effect on Building Societies."
III. 4. McClung, st. Paul; The Best Methods
of Paying Matured Stock Seymour Dexter,
Elmira, N. T.; THE Merits or Advantages of
the Phi ladelphia Plan and the Dayton Plan
Building Societies Compa red" Joseph H..
Paist, Philadelphia, and S. Rufus Jones, Day
ton, o.; The Effect of Building Societies on
the Growth of Chicago W.. r. Smith, Chi
cage; 1.-THE Relation of the Cooperative
Banks to the Commun ty;" Legislation and
Judicial Construction, etc." j. III. c. Royce,
"a Ildltt, lius y iCpOi VI lIlS
in each state by the respective delegations.
Discussion will follow the reading of each
pape:. clan
The Pennsylvania league, through its presi-
dent. Joseph II. iPaist, and its secretary, NJ.
j. Brown, assisted by the executive commit
tee, are making complete arrangements for
the accommodation for the league sessions
and the entertainment Of the delegates.
THE IOWA LAW.
Iowa association managers are somewhat
perplexed as to-what will be expected of
them under thecIlew law requiring them to
conform to certain fixed standards, make
reports to the auditor of state and submit to
examination. The law. is a pretty strong
one, and 1t Will require every association
organized in the state to change it's plan of
business. Nearly all will have to reincorpo-
rate, and there is scarcely one but has some
Objectionable or weak feature that will be
weeded out. The law goes into effect July
4, and the associations have sixty days after
then to comply with it. The law expressly
prohibits all manner of wildcat or risky bust
ness and brings everything out where the
stockho,der can see what is going on. The
associations will not be allowed to loan
money on anything but real estate or stock
CT the association making the loan. Foreign
associations will have to put up 100000 in
securities with the auditor of state to pro-
tect the Iowa stockholders before they will
be allowed to do business in Iowa. No as
sociation will be allowed to do a banking
business, or to receive deposits and pay in
terest thereon. State Auditor c. G. Nc
Carthy is president of the largest building
and loan association in the state and he is
giving his personal attention to preparing
for the enforcement of the law. Charles e.
Walters, a Council Bluffs banker, has been
appointed examiner and is now engaged in
preparing the blanks.
ASSOCIATION NOTES.
It is quite an ordinary matter in these
days for a man or woman who has been
foolish enough to pay a high premium In an
association to transfer the mortgage soon
afterward to some association where pre-
MUM paying is not so much of a burden.
The prospective home-owner learns very
quickly, as some boards of management
know, and many home-seekers prefer the
low rate, even If the association with a high
premium is showing a larger percentage of
profit.
Mr.. Seymour Dexter of Elmira, a we'll
known authority on building and loan asso-
citation matters, and the author of the build
ing society motto, The American Home, the
Safeguard of American Liberties" proposes
that a picture be designed which could be
hung on the walls in the homes of those
who secure their homes through local build
ing associations. illustrating his motto. He
has enlisted a prominent firm of artists in
the work and has several sketches before
him which come near his idea,
The annual report of the building and loan
associations by the state auditor of public
accounts of Illinois shows that thirty new as
sociations were chartered during the year,
twenty surrendered charters and two went
into the hands of receivers. Seven hun
dred and forty-two are doing business. Re
ceipts of these during the last year aggre-
gated SAG, 306, 1853. SO; miscellaneous disburse-
ments, 81 ,412, 045.0 3; total assets, 1872, &c.,
25S. "a; total surplus, or profit, SIT, $50, 1921 "a.
Five hundred and eighty two thousand five
hundred and twenty-five shares were issued,
SO, 1888 matured. -535, 445 withdrawn, 1875, 34S
loaned on, and 2,,230,435 are in force at the
present date, cog >
The question Of how long a borrowing
member, who through perhaps unfortunate
circumstances is behind In his payments,
shall be allowed to- continue in possession
of the property Is q vexed one among the
boards of directors of some cooperative
building and loan associations. 1t is the
consensus of opIhioiI among several direc-
tors that no hard and fast rule can be laid
down in regard to fthe time of beginning
foreclosure proceedings; that each case
should be considered independently on its
merits. These men, contended that a little
sentiment can be wisely exercised in some
instances, and that the association will be
the gamer in the end. On the other hand,
officers Of not a few associations believe that
b,sipass mathods. Dure and gimDle. should