Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-10-21
LEAGUE IN SESSION,
Illinois Building Association
Men Meet at Turner
Hall.
WELCOMED BY MAYOR NEDILL

C0nditiop, and Two Interesting Papers
Are Read Followed By an Animated
Discussion.
The 18Th annual meeting of the
Association League of Illi-
neis convened at 10 O'Clock this
at Turner hall. There Is q
good attendance. many of the asso-
Citations throughout the state being
President G. f. PEN
geld, Of Rockford, called the gather
ing to order.
The address of welcome " made
by Mayor j. j. Medill, Jr., who said:
at certainly affords me great pleas
ure to welcome you to Rock Island.
l welcome you not only on behalf Of
the city. which l represent, but also
on behalf Of the building and loan
associations of the city. We feel
indeed, that your league
has honored Rock Island with it's
meeting this year. and l can assure
you we will do all things in our
power to make your visit here as
pleasant as possible. Building and
loan associations are very strong in
this city. We have three in number
with aggregate assets Of $3.50, 900.
Our city presents a fair representa-
ton of what may be expected Of a
place where building associations
- strong. Many Of the homes
which you may observe. have been
erected through the rAesns OF build
ing associations. By this agency.
hundreds Of mechanics. laborers aud
business men have heen enabled to
procure for themselves their homes
and thus contribute to the property
aud general prosperity Of tine city by
becoming taxpayers and property
holders. In fact know of no agency
that is so conducive to good citizen.
ship as is tina. of building and loan
associations. 1t compels the spend
thrift to save, it encourages the
homeless to have homes. 1t pro-
vIdes an opportunity for the month.
ly and weekly savings of thousands
Of people. who refrain from deposit
ing in the banks on account OF the
smallness of the amount. Building
associations are no longer al expert.
ment. Their stability and useful.
ness has been established. They
have bsen properly termed the poor
mans bank and they stand closer
to the common people than any 9th.
or financial institution, because they
are cooperative in their nature, and
every share holder has a voice and
vote in their management.
1--WE understand that the object oil
your league is to protect, foster and
care for the associations CT our state
that 1t is your province to ward Of
the cruel stabs made at our associa
tions through unfriendiy Legislation
and otherwise. II such be the case
your object is a most worthy and
commendable one. Guard the inter
ests Of the common people by pro
tecting their Institutions, and yor
will render unto mankind o lasting
benefit. trust that your meeting
here may be pleasant and profts
bic one. We hops that your sta,
will be agreeable and that when yo,
leave us you will carry with 20,
pleasant recollections OF our city ant
people,"
Reports OF Omoers.
Then followed the annual reports o
President Penfield, Treasurer ALDER
Barnes, Of Decatur; Secretary b. G.
Vasen, Of Quincy, and the finance
committee. President Pen6eld re
ferred to the general work of the as
sociation during the year and OF
fered few timely suggestions. Tn
treasurer's report showed the asso
citation to be in good financial con
dition.
In his report Secretary Vasen says
The past year has been iraugh
with great changes. both of q polit
ical and economic nature; we hav,
gone through a commercial depres
sion suoh IS this country has never
seen or felt before, but with all tina
the building and loan interest ha
come through the ordeal unscathec
and possibly in better condition thai
any other financial institution
While 1t has been q severe lesson q
these institutions, its effect will b
for their betterment. Practices which
should not have entered into a legit
innate building and loan associations,
will now be entirely eliminated To-
the safety Of those who make thes,
institutions the depository of thei
savings. A building and loan sssocia
ton is truly a poor mans bank. and Il
properly protect the hard-earned saw
ings Of its members, all proper safe
guards should be used to guard tn,
funds so accumulated. Not alone il
ability required in the proper man
agemant Of these associations, but
honesty. No speculative festure
should be entertained and no loanl
granted except by q careful examina
ton Of the security. and also int
the ability of the borrower to repay
same by monthly or weekly pay
ments. The loans that are made BY
these institutions Oh oald be to home
makers or home seekers. Bust
ness, manufacturing and unremu
nerative property should be avoided
II this 10 followed no fear need be
entertained As to the ultimate re
suits Of An association" The re
Il l.