The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-28
ASSETS OVER $500, 900, 900
MUCH MONEY INVESTED IN BUILDING
AND LOAN ASSOCIATIONS.
Figures from Reports Submitted by
Officers of the United States
League-President's Address.

OMAHA, Neb.,3 July 927.-When President
L. w. Sanborn to-day called the annual ses-
sion of the United States League of Build
ing and Loan Associations to order there
were present delegates representing a scope
of country from Louisiana to Massa-
chusetts. The indications are the attend
ance will equal, if it does not excel, any
former gathering. Mayor Moores delivered
the address of welcome to the delegates He
referred to the Anglo-SaXon as home
builder and congratulated the league on it's
motto, The American Home, the Safe
guard of American Liberties President
Sanborn responded briefly to the welcome
and then read his annual address. The
president appointed H. G. Vason, of Illi-
nois, Fred Bader, of Ohio, and D. H.
Christie, Of Nebraska, as committee on
credentials. While this committee was at
work Secretary Cellarius made his annual
financial and statistical report.
President Sanborn said in his annual adj
dress: 1--WE are not antagonistic to other
financial institutions While we are not
bankers, We are in manner helpers of the
banks and every other business institution
in the community. The secretary's report
at the Bankers National Association meet
ing, held at Detroit in 1897, stated that the
chartered banks Of this country had a capt.
tai and surplus of $900,00O,O00 The building
.
1897, showed over 5000 eco of assets, which
includes stocks and surplus Also And If
you will stop and think you will find that
the building associations are comparatively
new in our country, and that, if they in
crease in the same ratio in the next ten
years as they have in the past twenty-five
years, we. will no doubt be able to show as
much capital as dg'-the bankers.
with the retufn of prosperity and the
consequent employment of the labor of our
country, greater progress will be attained,
and we shall be able to produce better re-
suits. This is shown by the payments due
from members who have been in arrears as
in the past twelve months hundreds of bor-
rowers have been able to settle up, showing
conclusiyely that one of the first institutions
to feel the aquickening pulse of returning
prosperity AID better Times is the building
and loan association s-e
After alluding to successful efforts to have
from the war tax bill, he said that hundreds
of thousands of dollars We're thus saved to
the association. which would otherwise have
had to be paid by the laboring men, who
are the largest owners of the stock and the
only borrowers of the funds. If such double
taxation, s-can be avoided in our national
Congress, why should the legislatures of
some of our States continue to levy an I'M
just tax upon their associations
The report Of Secretary Herman F. Gel
larius, OF Cincinnati contained the follow
ing: THE aggregate assets of the local
building and loan associations of the several
States now amount to $6O1, 13O, OPT, which is an
increase of ST. ,342 over the amount shown
last year. Pennsylvania, on official figures,
increased ST. 7O6, III during the year, although.
according to the estimated figures given in
my last annual report, the Increase is
$6,714S71; Ohio increased $2,S60O00 Massa-
chusettS 81. 690,000 and Connecticut $3.50, coo.
Illinois and Missouri associations showed
the heaviest decreases in assets on account
of peculiar conditions in Chicago and st.
Louis Chicago associations, in their last
annual report showed $7,74O,249 less assets
than the year before, and st. Louis aSSccia-
tions during the same period decreased
SO. 292 706 In Cincinnati a net loss of 81 345,-
391 in assets was sustained last year. and yet
Ohio is able to show in the aggregate net
of the previous year.
1.-THE decrease in assets in the three cities
referred to was over $13 100000 last year. 1t
is but fair to say that these losses were due
entirely to local causes in the cities IN
question. The tendency of the year has
been to lower rates of interest. Money has
been accommodating in vast sums, not only
in building associations, but in all other
financial Institutions. and the demand for
loans has been remarkably light. The queS-
ton of how to adVantageously dispose or
and invest these accumulative funds has
been a serious problem with many associa-
tons, and one which some have not yet
been able to solve to their entire satisfac-
ton Rates of interest on desirable loans
have of necessity been lowered for the in
vestment of these surplus funds, and re-
duction in the rate per cent. OF dividend is
sure to follow. The war has had but little
effect upon building associations. during
the first scare there were some Withdrawals
by a class of depositors who are easily
frightened yet it has had no appreciate
effect upon the volume of business.
Following are the figures for the several
States showing the number of local assocla-
TONS membership assets, ETC., in 1898: