Omaha daily bee., 1898-07-24
MEETING OF HOME BUILDERS
The United States League Of Local Loan and
Building Associations.
REPRESENTATIVE OF COOPERATIVE THRIFT
Origin and Progress of the Movement
Fostered by the Lcngue-Progrnm
and Entertainment Ne
brnska state League

The sixth annual convention Of the United
States League OF Local Loan and Building
Associations convenes in this city Wednes-
day next. On Tuesday evening the Nebraska
State league meets in the Commercial CLUB
rooms, but its proceedings VIII be limited
to routine business and the reception OF
delegates from other states. The local com
mlttee having charge of the conventions
have completed arrangements for the en-
tertainment Of delegates and visitors on a
scale that insures a pleasant and profitable
time.
The United States league was organized In
Chicago during the Worlds fair. Its aims
and purposes accord with the business Of
its members. 1t comprehends a union Of
the active forces Of cooperation for self
protection. Prior to the organization of the
league the country was overrun with specu-
lative concerns masquerading as building
and loan associations These assumed to do
business along the lines OF legitimate CO.
operation, but materially enlarged Ito meet
the development Of the country Extra
ordinary promises of profit were offered by
the promoters and returns were "guaran-
teed" surprising the dreams Of Klondike
prospectors. For ten years they thrived and
fattened. Few of them now survive. Scores
NtTe lOOleu ny IL plohioteio, ~ thCh
criminal history is part Of court records
throughout the land.
Legitimate mutual associations were
menaced by these speculative concerns. Their
existence was in the balance. The neces-
sity for concerted effort was pressing.
Gradually organizations were effected in the
eastern and middle states, but each confined
itself to state concerns. The success of
their efforts within state bounds was so
great that leading association men de-
termined to unite state organizations
into a national body. This result was
achieved in the summer OF 1893,
and Judge Seymour Dexter of FL
mira, N. Y, the foster father of the league
movement, was chosen president. He, too,
conceived the expressive motto of the league
1.-THE American home, the safeguard OF
American liberties which is blazoned on
the paper of all local associations. Subse-
quent conventions were held at Buffalo
Cleveland, Philadelphia and Detroit.
Origin of the Movement.
The United States league represents the
development Of the most remarkable eco
nomic movement Of the century. The his
tory of building and loan associations goe:
back to the threshold of the nineteenth
century-1798-when a society Of the kint
was formed in London. 1t failed. Clever
StdlS ldltl dHOlutl wac plbahiAtup III
put in operation the substance OF the princi
pies practiced by legitimate cooperative So
cieties today. Nearly half the century hat
passed away before they took root in tn,
United States. The originator of the move.
ment in this country is said to have beel
DIR. William Schmole, a German, who organ
lied an association at Philadelphia in 1876
Whether It survived the year is not known
Philadelphians claim that the parent assoCia
ton was the K~ensington, organized in tn
Quaker City, January %, 1S4T. The hand
bill announcing the meeting was signed b.
forty four persons and read as follows:
> = = ' = " . . = > .
MEETING!
The subscribers being DESTROYS of
" forming an Association for the pur..
pose OF assisting the members thereof
= in the erection of dwelling houses, or
. such other Real Estate as they shall
. deem most advantageous, have con-
. cluded to hold "a Meeting for that pur-
. On FRIDAY EVENING. 22D JULY,
At I O'Clock,
on At the s Keesi"ss spov Ensl merI bort, Gh
= street, where the objects of the asso-
. citation will be laid before the Meet
. ing. Citizens generally are invited
. to attend.
From the Quaker city they spread t
Baltimore, then to New York and Ne'
Jersey: At the outbreaks of the civil wa
they were pretty general throughout tn
north and south. The war wrecked ther
in the. south and paralyzed them in tn
north, but when peace was restored &C
operative societies resumed their place /
public confidence and multiplied rapidly.
Cooperative associations are compare
lively new in the west. Until recent year
the shifting character Of the population. th
restless and speculative spirits, mining an
real estate booms, and other money maxim
ventures characteristic OF the region, pre-
vented the application of a beneficent pTiT
ciple. Profits were too slow. 1t was I'll
stage coach Of thrift In a race with TT
overland flyer of fortune-getting But til
moment communities dispensed with IL
fictitious and settled down to realities CT
operative societies found Judgment. The
are now to be found in nearly every eli
and town in the west, contributing sui
stantially to material advancement.
Grand Island is the parent city of buildir
and loan associations in Nebraska, Il
pioneer association being organized JAM
airy 0, 1882. Omaha followed the good e!
ample April 10, 1883. 1t took eleven yea
for the movement to cross the state OF low
into Nebraska. The pioneer association
the former state was organized at Clinic
January 1, 1870. From Nebraska 1t jou
neyed to Kansas In 1888 and In the san
year took In Dakota territory at waite
town.
value of Associations.
Philadelphia, the parent city Of the NOV
ment, furnishes a striking illustration
the benefits flowing from the practical o
Grafton Of building-loan principles. 1t
estimated that 60, 900 workingmen have tn
.Il I~.AA In chat nj