Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-10-23
SESSION IS ENDED,
Building and Loan League to
Meet Next Year at
Springfield.
new OFFICERS ARB ELECTED

SxldS OF tno U0ste1 STATES Lso&u0' and
Mr.. Calkins Read . Paper On ~rhs
Isessrvs OF Contingent Fand"-ssveral
Isesclasions Adopted.
The 18th annual meeting OF the
Building and Loan Association
League OF Illinois Was concluded at
IS o'clock yesterday afternoon at
Turner hall. The folio wing officers
were chosen:
President-Albert Barnes, Quincy
Vice Presidehts-A. B. Smith,
Chicago; E. H. Guyer, Rock Island.
Treasurer-J. N. c. Subway,
Taylorville.
Secretary-B. G. Vasen, Quincy.
Executive Committee - Julius
Stern. Chicago; s. H. Case, Chicago;
George F. Penfield, Rockford; J. W..
Larimer, Rockford; L. E. Emmons,
Quincy; L W. Sanborn. Galesburg.
Finance Committed. w. Sam
born. Gaiesburg; William Fries, Chi
cago; H. n. Walker. Chicago.
This makes the 13sh time Mr..
Vasen has been elected to the secre-
Tar snlp OF the league.
There was an address on 1.-The
Value Of the United States League"
by L. W. Sanhorn, Of Gales burg.
He said that the position occupied by
the delegates frsm the Illinois state
league in the national body is one Of
the highest. There is no league rep.
resented In that body that stands
higher than the league OF Illinois.
In these days of combinations aud
Capitalization Of cooperate capital;
when great eorporaticns who fur
nish the food we eat aud the clothes
we wear AT. banded together; when
great bodies Of men who furnish the
material for cur buildings and for
| our railroads and for everything es.
sentiai. in fact. to business life, all
combine for mutual advantage, II
becomes necessary for the building
and loan people to organize. a,
present the United States league il
composed OF very large number CT
| local leag 1cs. though not SO many
as are desired. We encourage asso.
Citations in the different states to
band together for mutual protection
the same ss we do in Illinois. We
encourage them 20 work for the pas.
sage Of laws thss sholl be Just, tha;
shall protect them from harm
and result in driving out OF existen
those interruptions schemers who's,
operations are FAR outside the pale
| o! legitimate business. A great ad
vantage in the United States League
is the careful watch by it giver
Legislation At the National capital
Daring the past four years measures
have been proposed a, Washington
which but for the activity of the
United States league and the 10
fluence Of its journals aud
friends would have cost tn,
associations Of Illinois and Of tht
country many Thousands OF dollars
Mr.. Sanborn said all OF sudden Ger
tain people have sprung up in all
parts Of the country seeking to be
deeply and vitality interested in pro.
viding means for poor mems savings
"They have never thought there
was safe place for suoh in
vcstments," he continued, land the,
want the government to 60 into she
banking business nad pay these Eel
lows 2 per cent for their money. 1,
may not be to the detriment Ut build
ing associations were this plan to
become operative. but am opposed
to the Law because DO not favor ths
government entering into the bank
Ing business on the plan contem
| plated. The building association i:
the ideal place for she poor msn'i
savings, because his money Is KEEP,
and used in his own immedist,
ghborhsod, and because he Ia.
an active voice and an active vote i.
its active management"
Reserve Fund.
There was paper on 1.-The Ee
serve or Contingent Fund" by c. Il
Calkins. He declared himself 8.
heartily in favor Of such fund, ar
guing that building and loan assoc;
atoms are not unlike banks, in thi.
respect, and must have something t.
fall back upon In case Of q COLLAPSE
in the price Of res! estate or any oth.
er contingency which strikes it in ,
financial way.
The report Of the bylaws commit
tee WAS submitted by Chairman Al.
bert Barnes. 1t recommended a re-
vision and slight charges in the
leagne bylaws. The repars vas
adopted. The report Of the finance
committee was presented BY L. ".
San born and adopted.
Mayor Medill presented the re
pert Of the committee on neu
business, which inelAded On ad.
verse recommendation as 10 eha
preparation and issuing O; an
itemized statement of the ex.
penses and receipts OF the league
The report was adopted.
Julius Stern submitted resolutions
all Of which were adopted. 6eplorin
| she death OF Secretaries Schaar and
Huston; hoping Tor the recovery o
ISea.etary Ogden; thanking the com
mistee on legislation; extending
vote OF thanks TO Mayor Medill ana
the arrangement COMMITTEES OF Rocl
l Island sor kintuesS and cocTkasie.