The morning news., 1897-07-29
! 0AN ASSOCIATION LEAGUE.
,,,r,rH ANNUAL CONVENTION IN SEES
SION AT DETROIT.

Tho Total Assets of Local LOnn and
p,tIding Associations in the Uni
cod states $59S, S,3SS, ,695-The Total
Numher of Associations 4,776 aud
their Membership G1O,3OO-The
ycor.s Legislation Governing
Them.
Detroit. Mich, July &.-The United
states League of Building and Loan AS
goc.ations opened it's fifth annual meet
ing to-day in the city council chamber
,itb a fair attendance, representing all
the states, about twenty in number, which
have state leagues of local building asso-
cations.
President Michael ]. Brown of Philadel-
nbia. called the delegates to order, and
introduced Mayor Maybury, who well
comed the league to the city
President Brown appointed committee
on credentials, with Irving B. Ritch of
Michigan as chairman, and a committee
on resolutions, with Judge Seymour Dex-
FER of New York, as chairman. President
Brown then delivered his annual address
The committee on credentials reported
dfty-six delegates entitled to participate
in the convention. Ohio, Illinois and Penn
svlyania are the states most heavily rep
resented.
Secretary II. F. Collirius of Cincinnati
presented a comprehensive annual report
1t showed that the total assets of the To-
cal building and loan associations of the
United States now amount to $59S 9SS, ,695
an increase of S1S,760, $50 during the past
wear. The total number of local associa-
tions in the several states is 4,76, and
their membership 10000, an increase of
617 during the year. The highest pro-
portionate gains were made in the eastern
and central states, where building asso-
ciation interests are greatest, and the
states showing a loss in assets are all
located west of the Mississippi river, ex-
cepung the states of Illinois and Tennes-
see.
The secretary submitted a summary of
laws enacted in the various states affect
ing building and loan associations, which
Indicate more enactments favorable to
building associations the past year than
during any previous year In Michigan
however, a bill authorizing associations to
borrow up to per cent of their assets
and issue preferred paid up and dividend
bearing stock, although passed by both
houses, did not become a law by reason
Of its failure to receive Gov. Pingree's
approval
IN New York nearly all the bills which
were pending before the legislature affect
ing building associations failed of enact
meut, including a number antagonistic to
their interests, except one requiring as
sociations TO deposit in the discretion of
hankiuo s1rnarinfandaOf RANGING
from IS TO $500 to be applicable to the pay
ment Of any assessment made upon them
by the banking department. which was
passed.
Illinois, Indiana, Wisconsin, Pennsylva-
MIA, Connecticut, Colorado, California,
Massachusetts, Alabama and Tennessee
PASSED laws favorable to the progress and
permanency of building societies
The report of the treasurer George H.
Eddy of Fall River, Mass, was largely a
repetition Of the secretary's financial re-
port. 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."
The delegates then listened to a few
remarks from United States Senator For
aker of Ohio, who was escorted into the
hdll and introduced as an able friend OF
building and loan interests in the Sem
"l1' WHERE ne succeeded IN having Dulll-
ing associations exempted from the prop
oslton for stamp tax upon the stock of
corporations
Senator Foraker spoke of building AS
Soclations as prominent factors in bring
ng the prosperity that everybody is ex-
peetng. They come closer to the peo-
pie, he said, than any other factor in
their effort to save. He closed with the
prediction of a speedy return to prosper
ny under the operation of the new tariff
lllI Senator Foraker was heartily ap-
plauded
An address on THE Moral Effect Upon
the Community of Systematic Saving"
prepared by J. Warren Bailey of somer-
EiIe' Mass, was read by w. G. Hayes Of
Massachusetts.
Al the afternoon session Judge ]. II. c.
Royce Of Terre Haute. Ind, read a pa
per on The Value of Permanence and
S'dolhty IN Building and Loan Associa-
uohs' principles which, he said, find
hlusration in all lines of human activi-
~ Whiie the transient man and insttu-
uoh Is regarded with suspicion.
lie deprecated organizing building asso-
cations on. the running ou6' plan, the
permanent PLAN he advocated, as even
ats permanence.
Pointer in Civics" was the subject
~. ~. d paper read by E. b. Linsley of Three
.--ANAAsf AAAN llioA treasurer OF the
ulled States League He spoke of the
.ululng association and its influence on
ne citzens' and claimed 1t TO be one Of
,Ie most helpful factors in forming intel
..S.n nl' useful members of a community.
Hen thrift supplants improvidence," he
'lu ana the home drives out the saloon.
Spvdt part OF the present social problem
~, ~ nave been solved. and as one step in
association" 'U''''"e
aaoilas j. tttzmorris Of the Omaha Bee
., Nau an interesting paper on 'The Fruits
Nduonal Methods" The paper was "A
"uncidllon OF alleged riotous extrava-
fal"te ot some managers of national
','IiIs associations. Within the last two
als ne estimated that the people OF this
,oun1y had been robbed OF s0O.O0O
.,ousn The managers OF fraudulent or
1I'@d tlons on the benevolent plan. ma
Yudl building and loan associations" ne
as.9Deeaed differed from these frauds
iJ,{ VI degree. They bear the mask OF
.e l',.e cooperation. Their promises are
,tIlly lavish and their performances as
,'e''n 80" noly for shareholders. The result
Ian. mat state after state had enacted
49,. slrlcting their methods or prohibl-
cDe 'e lheir operation. Graveyard Insurance
paHles were highly respectable com