Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1900-03-06
VINO WISH TO wi,nuraw tne,r stock.


his accumulated earnings, but is unable
to realize from the association as much
money as he has paid thereto, and this, too,
in spite of the assurances that the associa-
ton has been declaring dividends of ten
per cent. or IA per cent.
In numerous cases borrowers make
monthly payments of interest and premium
at the rate of IL per cent. or IL per cent
and payments also upon the stock, which
may be continued for four or five years. at d
the end of which time If they wish to pay
up their loan they are informed that the
sum required to pay off the mortgage is
actually more than the money borrowed.
With some associations a system of fines
and forfeitures has been adopted which
bears heavily upon the unfortunates who
are unable to continue the payments upon
their stock.
have yet to find case where the prom
ises and representations made at the time
the stock was taken have ever been full
filled, nor have l found borrower who
felt that he obtained the money to build
home a cheap rate of interest and that
his connection with a building and loan
association had been otherwise than disas-
trous. l do not say that there are no such
cases. am we'll satisfied that many do
nestle local associations. where the ex-
penses have been kept down to the mini
mum, have produced good results and
many such associations have been bene-
fetal to the community in which they do
business l have heard very few COM
plants of the domestic local associations.
The remedies proposed are:
The law should forbid any part of the
principal paid by the stakeholder to be
used for expenses, and expenses should be
limited.
Guarantee stock or preferred stock under
any and all names which receives fixed
| dividend, whether profits have been earned
or not, should be entirely eliminated.
The power to impose fines and forfeitures
upon members who fail to pay the INSTALL
ments on their stock ought to be removed.
The executive council should be given the
| power to revoke certificates of building and
| loan associations for violating the law.
Some provision should be made to en-
| able associations to go into vluntary liquid
| alton, providing for the protection of the
| borrowing members
| State Revenues.
| The ways and means committees of
the two houses have prepared an esti-
mate of the revenue and expenses of the
state government for the biennial peri
cd ending June 80, 1901, showing that
the total estimated available revenue
for that period will be $5,O1s,145. The
estimated fixed expenditures already
provided for by law or that will neces-
sarily be provided for, amount to So
T43,6s7, leaving balance of $1,275, 44s,
which is available for the extraor-
binary appropriations by the present
general assembly.
The amount of appropriations asked
for various purposes is about $780,
900, so there will have to be consider
able scaling down. This may affect
the Cherokee hospital for the insane.
An appropriation of 100000, in addi-
ton to 100000 uneXpended balance
OF previous appropriation, is asked
to complete this great hospital for
the insane. The legislature may be
compelled to reduce this amount for
the present or to extend the appro-
priation over a period of four years,
as was done when the institution was
established. The senate committee
has decided to allow $26O,OOO to finish
once. 1t is possible the members may
go on an excursion to visit the insti-
. tuition. When completed it will be the
finest hospital for the insane in the
, west. There will be money enough
available, however, to take care of all
the state institutions in good shape.
= This amount of estimated revenue is
based upon 2is mill levy after this
e gear s1sar5T The committees estimate that
Il Ssu.. 10 = -, De1duse7 4s.rs
. necessity of changing the manner OF
taxing telegraph, telephone, express
and insurance companies so that a
{ proportionate share of taxes of these
institutions shall go to the counties
y instead of being paid to the state, as
heretofore.
} Allowances.
Il Some of the allowances for state
y institutions have been made by the
s senate appropriations committee, but
l. they are not final. Among those that
e are reasonably well settled are:
For the Floyd memorial at Sioux
City. $4,000.
II For the state normal school. fol
o teachers, contingent expenses, repairs
IS library, military instruction, librarian
E. and summer school. $4,000; for new
II building. $4,000.
p For finishing and furnishing the
It historical building, $4,000.
4, The university and agricultural col
so lege appropriations have not been de
n cided upon. The first action of tn
III committee was to allow only half tn
lie additional support fund asked b
to both. but subsequent hearings hav
he been had and the committee has bt
come satisfied that the amounts aske
are reasonable and represent only NJ
is cessities So it is likely that all, c
lie nearly all. that has been asked wi
IN be granted. The agricultural colleg
d. will also get besides the tax that ha
ed been voted about $4,000 to 100000
of start the new engineering hall, $40
ct 900 to purchase improved stock. SIC
n 600 for presidents house, and SIC
N 600 for new stock barn with p
it vilion.
lp- May Get Money Back.
is Senator Lewis has introduced hi
he repeating the Junkin law passed tW
es. years ago which allows building an
,c- loan associations to charge usurio'
at interest. The bill also provides tn;
M persons who have paid such intere
he shall be permitted to recover it bat
m from the companies.
70, F. w. BIcKNELL
en-. Ra mmY@ agnAee