Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-07-29
3 4 /. ASSOCIATIONS.
Ill ANNUAL MEETING OF THE
r,ivED STATES LEAGUE.
of various stnteS Affecting the
sed, In scssion-scn"'or Foraker
.pess.-, Newsrarer-M"n on Ma
..,oi Methods"


lions opened It's eth annual meet
90 .ay IN the city Council chamber.
-, fair attendance. representing all
states. about twenty in number.
ut aave State leagues Of local build
.esociatlons. President Michael j.
,..or Of Philadelphia. called the dele
..,.oa TO order. and introduced Mayor
v,yary. who welcomed the league 10
q aN.
President Brown appointed a commit
o., .- credentials. with Irving h. Rich,
~ Michigan. chairman. and "A committee
,- solutions. with Judge Seymour Dex-
,s- of New York. chairman. President
r-.ur then delivered his annual adj
cIess.
The Committee on Credentials reported
fry-six delegates entitled 20 participate
i- me convention. Ohio. Illinois. and
Pausylvania are the States most heavily
rs.resented.
The secretary. II. +. Ccllarus, Of Gin
ernau. presented comprehensive an
ral report. IL showed that the total
assets Of the local building and loan
81
amount TO $685. $50. an increase Of
g.'s93O during the past year. The total
numb r OF local associations in the seve-
r.l states IS AIS. and their membership
ts c0Ss0 an increase OF C5ln during the
var The highest proportionate gains
v,re made IN the Eastern and Central
States where building association assets
| ar. greatest. and the States showing "a
| loss u assets are all located west Of the
AIS ..ssippi river. excepting the states Of
illinois and Tennessee.
STATE LAWS
me secretary submitted q summary Of
7vs enacted in the various states. az
f..trg building and loan associations,
which indicated moro enactments favor
able 20 building associations the past
year than during any previous year. In
Michigan. however. Il bin authorizing as
s.cations 20 borrow up 10 per cent OF
their assets and issue prepaid paid-up.
ana notwithstanding stock. although
passed by both houses. did not become
lows. by reason OF its failure 10 receive
Governor Pingree's approval
% New York nearly all the bills which
we're pending before the Legislature
affecting building associations faileC OF
enactment including a number antagO-
ligic 20 their interests. except one &C.
o..rne associations TO deposit, i'm the
discretion of the Banking Superinten-
DENT sums ranging from s. TO $500. TO be
applicable 10 the payment Of any assess
msnt made on them by the banking de-
3 'ment. which was passed. Illinois,
IH.aana, Wisconsin, Pennsylvania, Con-
..ctIcut Colorado. California, NASSAU
.alsetts. Alabama, and Tennessee pass
FL. avs favorable to the establishment
and permanence Of building societies.
% Eddy. of Fall River, Mass. was
argely a repetition Of secretary Celia
lu5s financial report II showed Il
maH balance on hand and nothing
wing.
Addison b. Burk Of Philadelphia. read
3 brief address on Security Found In
local Building Societies"
SENATOR FORAKER.
The delegates then listened to a few
.,enarks from United States Senator
F03k er Of Ohio. who was escorted into
.fe hail and introduced as an able friend |
II building and loan associations In the |
Senate where he succeeded in having !
tl. building associations exempted from
tae stamp tax upon the stock Of cor
poratlous.
Senator Foraker spoke Of building as
so.auons as prominent factors in bring
Ine about prosperity TO the people. lie |
closed with a prediction of the speedy re- |
turn Of prosperity. under the operation /
o. hr new tariff bill Senator Foraker |
Was heartily applauded
An address on THE Moral Effect Upon |
the Community of Systematic Saving |
prepare. by j. Warren Bailey, OF SOM !
erUUs. Mass, was read by W. G. Hayes, |
of Massachusetts,.
SO tho afternoon session, Judge j. n. |
Royce Of Terre Haute Ind, read |
paper 0u "The Value of Permanence and !
Stability 100 Building and Loan AsSoc!a-
u.n." principles which, he said, find |
Illustration in all lines o. human activity !
while the transient man and insti-
tuition is regarded with suspicion. He |
deprecated organizing building associa-
tons ou the running out plan me
permanent plan he advocated 'as even
better than the serial plan, on account
q. le Iermanence.
THE HOME vs.. THE SALOON
"a Pointer in Civics." was the subject
Of Iaper by f. 3. Linaley of Three
Rivers Mich fIle spoke Of the building
association and its influence on citizens.
aud claimed II TO be one of the most
helpful factors in forming intelligent
us,fl. members Of a community. when
Thrift Ipplants improvidence.' ne sald'
ana Ilt home drives out tHc sdlOOh'
lr.at part OF the present social pro-
tem W.l have been solved. and as one
Step u this direction. we commend the
building association"
Thomas j. Ftzmorrs, of the Omaha
I.e read am interesting paper on Inc
Fruits Of National Methods
llo paper was a denunciation OF the
aOt-.I riotous extravaganza OF some
managers Of national building associa-
Tons Within the last twenty years, ne
estimated the people of the country nave
le.l robbed of 100000 through the me-
-..m of four grades of swindles organized
OIL 'he benevolent plan.
N.t.ui. building and loan assocla-
u',. he proceeded. differed from those
flos only in degree. They wear the
n.s. ol legitimate cooperation. Their
Promises are equally lavish, and their
performances as melancholy for share
Loori. Ihe result was that state after
'.tt aacted laws restricting their
e''acIs or prohibiting their operation.
N.aF'}ait insurance companies were
tNN fg.uectable compared with those
-a-i.'e1. national building associations.
'"' "Ue not satisfied with their har-
dollars but sought 10 fortify
themselves with state laws. after the
"''f %. Minnesota. IL was death
Boo which honesty triumphod
D' attempt 90 enlarge upon the plan OF
i asso.iauons has proved disastrous
'' years 20 come the name building ana
ISOLATION will be 10 every victim