Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1902-07-24
BUILDING SOCIETY.
Building and Loan Association Men
Are in Session.

W
Are in Session.
~Put-in-Bay. Ohio, July 24.-Several
hundred millions of dollars-every dol
lar OF 1t the savings of the thrifty wage
workers of the United States-were
represented in the assembly hall of the
Hotel Victory today when the tenth
annual convention of the United States
League of Local Building and Loan AS
soclations was called to order by the
national president, George II. Kost-
mayer, of New Orleans. 1t is one of
the largest conventions in the history
OF the league. A majority of the dele
gates are men prominent in the mu-
nlcipal affairs of their respective To-
calities.
The feature of the opening session
was the address and report of Hon.
Herman F. Cellarius, of Cincinnati, the
general secretary, which was listened
to with profound attention. Iecretary
Cellarius said in part:
"a slight increase in the total MEM
bership, with a small decrease in the
aggregate assets, is the showing made
by the local building and loan associa-
tons of the United States during the
past year. There are now in the Unit
ed States 5000 local building associa-
tons, with a total membership of l.
$685. 93 and assets amounting to $685.
387 1855. In most of The states these
associations have about held their
own, although the reduction of the in
terest rate for the past few years has
had a 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 a decrease
in their assets. Building and loan as
ISOLATION supervisors in a number of
states are agreed that the associations
were not sufficiently prompt in meet
ing the reduced interest rate and that,
as a result, they have lost some profit
able business. This is to be accounted
for, possibly, under the theory that the
associations were DESTROYS of ascer-
tanning If the conditions favorable to a
reduction were temporary only, and,
with their usua conservatism, they
were reluctant to reduce interest
charges until there was a reasonable
assurance that cheap money had come
to stay.
THE situation in Illinois and Mis-
souri, has been materially improved, al
though these states still continue to
show rather heavy decreases in assets,
Illinois having declined a little over
$4,000,0 900 and Missouri about $4,000
900 during the past year. In Ohio sew
eral large building associatiOns-one
in Columbus and another in Cleveland
-reorganized as trust companies. and
their assets, amounting to about $4,-
900 900, are not included in the figures
for that state. Ohio, therefore, instead
of having decreased in assets about
500, 900 as shown by the table, has, as
a matter of tact, increased nearly $4,-
O00, 900. Substantial increases in as
sets were made last year in New Jer-
sey, Massachusetts and Nebraska.
The legislative situation has 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 a
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 eff
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 secre-
tary, the convention listened to ad-
dresses as follows: "The Future of
Building Associations: The Tendency
to Depart From and the Necessity of
Aunering to ornamental Principles"
Seymour Dexter, Elmira. N. Y; why
Local Building and Loan Associations
Should Be Exempt from all Taxation"
Julius Stern, Chicago; THE Theoret-
ical versus the Practical" w. A. Whit
ney, Lawrence, Mass.