The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-29
to help the wage Garner in saving money
and purchasing homes
THE SECRETARY'S REPORT.

anu pui CAdslHB MONIES
THE SECRETARY'S REPORT.
The committee on credentials reported
ifty-six delegates entitled 20 participate in
the convention. Ohio, Illinois and Pennsyl-
vania are the States most heavily repre-
sented. The secretary, H. F. Cellarius, of
Cincinnati, presented comprehensive an
nual report. 1t showed that the total as
sets of the local building and loan associa-
tions of the United States now amount to
$685., 1888, 695, an increase of SIS 700 $50 during
the past year. The total number of local
associations in the several States is 4,I6:
their membership numbers 10000, an in
crease or 651n members over last year.
The highest proporuonate gains were made
in the Eastern and Central States, where
building association interests are greatest
and the States showing loss in assets
are all located west of the Mississippi
river excepting the States of Illinois and
Tennessee.
The secretary submitted a summary of
laws enacted in the various States affect
ing building and loan associations which
indicated more enactments favorable TO
pulidlng associations the past year than
during any previous year. In Michigan
however, bills authorizing associations 10
borrow up TO per cent. of their assets
and issue prepaid and dividend-bearing
stock although passed by both houses, did
not become laws by reason of their failure
to receive Governor Pingree's approval In
New York nearly all the bills which were
pending before the Legislature affecting
including number antagonistic TO their in
terests, except one requiring associations to
deposit at the discretion of the banking
superintendent, sums ranging from So to
5000, to be applicable to the payment of any
| assessment made on them by the banking
department, which was passed. Illinois,
Indiana, Wisconsin, Pennsylvania, Con-
nectcut, Colorado, California, MaSsa-
chusetts, Alabama and Tennessee passed
laws favorable to the progress and per-
manence of building societies.
The report commended Senator Foraker
for securing exemption for building asso-
cations from the provision of the new
tariff bill which proposed a federal tax
OF cents on each $100 share of stock is
sued by any corporation, with an addi-
tlonal tax of cents for each share trans
terred, and in conclusion said: although
the entire paragraph taxing corporations
was nnaIly stricken from the bill yet by
It's action the Senate plainly indicated its
favorable tendency toward building and
loan associations" "
EDITOR BARKER'S ADDRESS.
The report of the treasurer George H.
Eddy, Of Fall River, Mass, was largely a.
repetition Of Secretary Celiarius's financial
report. 1t showed a small balance on hand
and nothing owing
Addison B. Burke, of Philadelphia, read
brief address on Security Found in Lo-
cal Building Societies." He said in part:
Local building societies, as distinguished
from national societies, have remarkably
good record for honest management and
even where dishonesty brings about a fail
ure the losses are generally small The To-
cal societies find part Of their security
IN the fact that they do not offer tempta-
tons to the dishonest to obtain office in
them. They have been brought together by
nigh moral purpose and are actuated less
by the desire of gain than by a noble
impulse to cooperate and help one another
In this particular the local society presents
a strong contrast to the national society
| the latter being a business undertaking.
| with no sentiment back of it, and with the
| ftlVaff Co., -I.-
ment that exist in banking institutions,
| which they very much resemble The sim
pie method Of doing business in a local So
clety is also conducive to honest manage
ment. The foundation of the business is
| the individual account, and audit is
| complete which does not provide in some
| way for finding out what has been paid
| on ldlYldual accounts. We all pray to the
Lord to deliver us. from temptation In
| dealing with out fellow-men we should ap-
| ply this prayer to our own conduct and do
| what we can to keep temptation. out of the
way of others. 1t is because local building
| societies offer no temptation to dishonesty
| that security is found in them. The sim
| pIlcity of their methods should therefore
| De maintained and special care should be
| taken TO have such auditing of accounts as
Will prevent misappropriation of funds"
marks from United States Senator Foraker.
| of Ohio, who was escorted into the hall and
introduced as an able friend of building
! associations in the Senate, where he sue
| ceeded in having building associations ex-
empted from the proposition for a stamp
tax on stock of corporations Senator For
aker spoke of building associations as
prominent factors in bringing about the
prosperity that everybody is expecting.
| than any other factor. in their effort to
save. He closed with q prediction of the
speedy. return of prosperity under the
operation of the new tariff bill. Senator
Foraker was heartily applauded.
SYSTEMATIC SAVING.
An address on THE Moral Effect Upon
the Community of Systematic Saving" pre-
pared by j. Warren Bailey of Somerville,
Mass. was read by w. G. Hayes, of Massa-
chusetts. The address commended the
methods and purposes of cooperative
banks and similar institutions, which, it
was said, elevate the man, guide the mind
and establish purpose in life as well as
pointing the way to wealth" The cooper
ative bank ranked high IN the way of fur
nishing opportunity for the constantly in
creasng Heterogeneous mass of foreigners
who were to be asSimilated into the life
of this country. Mr. Bailey emphasized the
truth that crime is caused largely by lack
of purpose in life and urged furtherance
of the idea that constant and systematic
saving is of almost equal Importance to in
diVidual progress as steady, honest toll. An
institution which is educating men to save
regularly should rank second TO no other.
Compulsory saving was the leading feature
of the cooperative bank. The benefits of
! it's moral as well as temporal service would
extend into future generations
At the afternoon session Judge J. H. G.
Royce, of Terre Haute, Ind, read a paper
on The value of permanence and stability
in building and loan association principles"
which, he said, find illustration in all lines
! of human activity, while the transient man
and institution is regarded with suspicion.
He deprecated organizing building associa-
tionS on the running out" plan which as
sociations lose the benefit of accumulation
of business which come from reputation for
successful methods The permanent plan
| he advocated even better than the serial
| plan, on account of it's permanence. Econ
| omy in management, mutually in profit
sharing and promotion of home building,
said the speaker. are thus most safely
| guarded and no burdens are put on mem
| bers that not required by them.
| of paper read by E. 3. Linsley, of Three
Rivers. Mich, the first treasurer of the
! United States League. He spoke of the
| building association and it's influence on
! citizens and claimed it to be one of the
most helpful factors in forming intelligent.
useful members of a community. when
| thrift supplants improvidence" he said,
''and the home drives out the saloon
great part of the social problem will have
| tion we commend the building association.
| BY it the rioter is transformed into the
| builder of a home and law-abding citizen.
| Any one who saves something steadily is
| prosperous and will be ultimately success
! full The building association is the best
possible help in this direction"
FRUITS OF NATIONAL METHODS.
Thomas J. Fitzmorris of the Omaha Bee,
read an interesting paper on "The Fruits
| of National Methods" The paper was a
/