New-York tribune., 1897-07-29
FLOrRIsHIyG DESPITE HARD TINES.
BUILDING AND LOAN ASSOCIATIONS HAVE IN
CREASED THEIR MEMBERS HIP 6517l
IN THE LAST YEAR.

CREASED THEIR MEMBERS HIP G517l
IN THE LAST YEAR.
Detroit July 2s-The United States League OF
Building and Loan Associations opened its fifth
annual meeting to-day in the City Council chamber,
with fair attendance representing all the States.
about twenty in number, which have State leagues
Of local building associations. President Michael J.
Brown OF Philadelphia, called the delegates 10
order and introduced Mayor Maybury who vel
coined the League to the city. President Brown
then delivered mis- annual address. He gave re-
view OF the salient features connected with the
progress OF building and loan associations from
their inception and OF the mutual benefits derived
from their operations. Referring to the question
Of A central bureau OF Information. discussed at
the last annual meeting in Philadelphia, he said
that the difficulty Of securing necessary financial
support would render the scheme impractcable. He
said that the last year had not been home-buid-
ing but rather mortgage-creating period in which
nearly all the people had had hard struggle Wage
earners OF the land had sacrificed during the last
few years 5000 100000. times much the
assets OF all the building societies OF the United
States
The Committee Credentials reported ffty-six
delegates entitled TO participate in the convention.
Ohio Illinois and Pennsylvania are the States most
lrgely represented.
Secretary II. F. Celarius. in his annual report,
said: 1t is a remarkable fact that there has been
"A substantial growth both in membership and
assets The assets are $j9s 3ss 695 which is in
of sls76093O during the last year The total
number OF local associations in the several States
is 4776 while their membership numbers 10000
an increase OF s. members during the year The
figures attest In no uncertain way the gro" irs
popularity and strength OF these associations FL
nancial institutions which have been able to
weather the storm of the last few years and come
through IL all unscathed have been the exception
and the rule. The fact that local building as
socatOns have. during these times ana under uI-
favorable conditions. developed such healthy
state. with Increased resources. gives conciuslEe
evidence that the cooperative idea Is correct IN
principle. and that 1t commands in a very high
degree the confidence OF the people. The highest
proportfonate gains were made In the Eastern and
Central States where building association interests
are greatest. and. singuarly the states shoWlng
loss in assets are all located west OF the Mlsss,
sinni River excepting the States of Illinois and
Tennessee. Pennsylvania shows an Increase n
nearly 100000 Indiana. nearly $4,000; Massa-
chusetts little over S,2OUc. ana New-f YORK, a
little over sl5Oo.O0." , ,, .
Fall River Mass. largely repetition OF Sec
retary Cellarus's financial report. It showed a
Addison B. Burk OF Philadelphia. read brief
address on Security Found in Local Building So
cieties' The delegates then listened TO few re-
Ohio who was escorted into the hall and intro
duted as an able friend OF building and loan in
ily applauded. An address The Moral Efect
Ipon' the Community OF Systematic Saving, pre-
pareq was read 9 by " G. Hayes, Of Massachusetts
Politics tonight cast ripple OF discord over the
convention 1t grew out OF pTasden wnai w' Rrown ad
dresr m Glow, tariffs and free trade as an injury
70 the countrys business. Shortly after the even
ing session had begun resolution was offered de,
nlsring that IL is the sense of this League that all
matter relating TO either religion or politics be
eliminated from consideration. either In debate or
iowed and after considerable wrangling the reso-
luton was tabled.