Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1902-07-26

nicipal affairs of their respective 10
calities
The feature of the opening session
was the address and report OF Hon.
Herman + Colarius. of Cincinnati. the
general secretary. which was listened
to with profound attention -ecretary
Cellarius said In part:
"A slight increase In the total mem
bership, with small decrease In the
aggregate assets. is the showing made
by the local building and loan associa.
toas of the United States during the
past year. There are now In the Unit.
ed states 5.3G1 local building associa-
tions, with a total membership of l.
539.5g3 and assets amounting to $685.
3S7 ,966. In most of ,he states these
associations have about held their
own, although the reduction OF the in
forest rate for the past few years has
had q tendency to bring back money
loaned out by them AT higher than ex-
listing rates. and associations unable
to make desirable loans have returned
some of the idle accumulated funds to
their stockholders. causing n decrease
In their assets Building and loan as
ISOLATION supervisors in q number of
states are agreed that the associations
were not sufficiently prompt In meet
Ing the reduced interest rate and that,
as result they have lost scme profit
able business This is to be accounted
for, possibly under the theory that the
associations we're desirous of ascer-
tanning II the conditions favorable to q
reduction were temporary only. and
with their usual conservatism. they
were reluctant to reduce interest
charges until there was n reasonable
assurance that cheap money had come
to stay.
The situation in Illinois and Mis-
souri, has heen materially improved. al
though these states still continue to
show rather heavy decreases IN assets,
Illinois having declined little over
$4,000 900 and Missouri about $4,000
600 during the past year In Ohio sew
eral large building associations--on
In Columbus and another in Cleveland
--reorganized as trust companies, and
thtir assets. amounting TO about $4,-
600 900. are net included In the figures
tor that state. Ohio, therefore instead
of having decreased in assets about
800. 900 as shown by the table, has. Us
q matter Of tact. increased nearly 81
100000. Substantial increases In az.
sets We're made last year In New Jer-
sey, Massachusetts and Nebraska.
The Legislative situation mas been
one OF great activity during the past
year, particularly in the states OF Penn
sylvania, Ohio and New York. Many
bills were introduced, as usual, but the
provisions of most Of them were OF
character that did not command The
support OF the state leagues in these
states, and as a result they met defeat.
The work of state and other leagues
of building associations In the several
states has again demonstrated the efsi
cheney and great usefulness OF these
organizations, besides giving further
evidence of their influence and
strength. But few changes In the
building associations laws OF the states
resulted during the past year"
Following the report of the sccre-
tary. the convention listened to ad
dresses as follows: The Future of
Building Associations: The Tendency
TO Depart From and the Necessity of
Auhering to Fundamental Principles"
Seymour Dexter. E!mlra n Y, Why
Local Building and Loan Associations
Should BE Exempt from all Taxation
Julius Stern, Chicago; The Theoret'
icai versus the Practical" w A. Whit.
ney. Lawrence. Mass