The Savannah morning news., 1900-07-26
BUILDING AND LOAN MEETING.
ANNUAL CONVENTION HELD At IN
DIANAPOLIs, IND.

ing and Loan Associations Is Do
ing-statistics for the Past Year
Are Somewhat Disappointing.
Indianapolis Ind, July 25.-The United
States League OF Building and Loan AS
sociations convened in annual convention
at the state house in this city to-day.
Gov. Mount and Mayor Taggart address
ed the league at its opening session.
President Fitzmorris of Omaha deliver
ed his address. He said. in part:
Directly and indirectly. the United
States League represents an economic
movement which has enrolled one and
one-half million people. share holding
members in 5,4S5 associations, with re-
sources approximating 5000, 0O0, 900
I'VE are nearing the threshold of new
century. In every department of human
effort so great and so many have been
the developments that the addition of a
new one no longer excites establishment.
Inventions. discoveries and the applica-
ton of new principles to old methods CON
stitute part of the superb equipment of
our time. Labor-s saving appliances have
placed the Injuries OF a genera ton ago
within the reach of ALL and multiplied
opportunities for the energetic. the skill
full and the Industrious. More employ
ment and better wages, better educational
facilities, better books, music, art, litera-
ture, more of the pleasures of life, more
and better homes. are the visible aud
available results of an inventive and pro-
gressive age
To what extent have building and loan
associations contributed to these splendid
results? In every city and hamlet. in
every industrial center. are visible proofs
of association effort not only in homes
secured, but in the practical lessons of
thrift, taught to members. Every asso-
citation is a schoolhouse of thrift and the
habits of frugality there taught and CON
tinued in overwhelming circles have been
potential factors in banishing dependence
and multiplying the inspiring influence of
the family firesde. 1t is not unreason-
able. therefore. to claim for them place
among the practical, uplifting forces of
the age.
The work accomplished by building
And loan associations by and for their
members appears all the more remarkable
when account is taken of the obstacles
overcome The original system. as well
as the true system of to-day, placed all
members of an equality and made the
good of all superior 90 that of the indi-
vidual Imitators sought to reverse this
principle by placing the prosperity of the
managers above that of the members
This class of associa TONS commonly
known as nationals, demonstrated in a
short time how a savings proposition
could be made a losing investment In
some respects the epidemic of mercenary
associations was a blessing in disguise.
1T brought about a widespread study
of the principles of cooperation in home
getting, resulting in securing the support
of the public press and the general con-
demnation of national methods Last,
but not least, 1t wrought a revolution in
state laws governing building and loan
associations Most of these laws are
necessarily crude, and in many instances
oppressive, but the primary intent of all
was and is 40 eliminate speculative asso-
Citations and confine the operations of rnu-
tual associations to their Immediate
neighborhoods"
Secretary's Report.
Secretary Cellarius followed He said in
part:
Building and loan association statistics
for the past year are somewhat disappoint-
ing and the aggregate results misleading
unless proper analysis be made of the fig
ures. There are now in the United States
5.4S5 local building and loan associations,
with l,512.SS5 members, and aggregate as
sets of 1881 ,S66, 10 AS compared with last
year this IS a decrease of 81 associations
105.l12 members and $15,660 AGA net decrease
in assets. This unusually heavy shrinkage
in assets can more than be accounted for
by the figures of three states, which for
several years past have shown heavy loss
es. namely: Illinois, Missouri and Indiana
In Illinois last year there was shrinkage
of $9,347, 155 in assets Missouri showed a
decrease of "a, 1899. and Indiana $3,453,-
227 making a total of $17. 219.751, which is
considerably In excess Of the total net loss
in assets of all the states. In other words
If the results in the three states mentioned
where abnormal conditions have existed
be excluded from the calculation, the net
results would be actual increase in as
sets for the other states Within the last
three years these states have shown de-
creases in assets as follows: Illinois. $26,-
600 972; Missouri, $125l7, 1877; Indiana, $685.
$50; a total Of $45, 177, 500
The condi ion which have brought about
I. this result are attributable largely TO
causes local to these respective states, and
fortunAtely. did not similarly affect the
general building and loan business. Penn
sylvania increased In assets in the last
three years 50 657, 667; Ohio increased 81, 503.-
175; Massachusetts 1881, 955 or a net in
crease in three years in these states of
$l4. 99S, 49, The abundance of money which
began to accumulate in the treasures Of
these associations last year and for which
ready borrowers could not be obtained has
continued during the present year and has
resulted in a further lowering of both the
interest and dividend rates The associa-
lions can't have good. healthy growth
while this situation continues. In fact,
they are likely to lose in assets because
associations unable to loan their funds are
resorting to an enforced retirement OF
their stock to dispose of the surplus. So
what decrease In assets, as is
the case this year, Is not necessarily
an unfavorable showing. Building asso-
Citations are just as popular and safe as
ever they have been. but changing condi-
lions are temporarily retarding their
growth II is hoped and confdentially
believed that the ordinary and natural
conditions will soon again be resumed.
when more satisfactory results can be
obtained. The states showing an increase
in assets for the year are the following:
Ohio. g. 32O, i22; New Jersey, 81. 1872, 40; Mas
sachusetts 1851 294 Connecticut. $40, sos:
Wisconsin. $4.4s2. The following states
showed a decrease in assets a. indicated:
Pennsylvania s545. $50; Illinois. s9,347, 1856:
New York, $316 COS: Indiana, 81, 453. 227;
Maine S34. 2s2; Tennessee, SAG, 054: New
Hamps hire. S1795l.
Although there was not much new leg
islauon enacted during the past year, yet
representatives Of state leagues and
friends Of building and loan associations
in a number Of states were kept quite
busy before their respective general as