Omaha daily bee., 1902-04-06
COOPERATIVE HOME BUILDING
Preparations for the Annual Meeting Of the
Nebraska State League.
PAST ACTIVITIES AND FUTURE PROSPECTS
Some of the Results of United Action
Twenty Years Life of one Assoc
oiation-LOcaI Evidence
of Prosperity.

Nebraska State League of Local Loan and
Building Associations will be held at South
Omaha April 20. Preparations for the
meeting are we'll under way. South Omaha
association men are determined to make
the meeting q memorable one both in
warmth of welcome aud In local attend
ance. The addresses and papers arranged
for insure a program Of unusual interest
not only to association men, but to home
makers generally, and for this reason II Is
proposed to transform the convention into
a general public meeting.
Elmer e.. Bryson, secretary OF the league,
In his Official call urges every association in
the state to send representatives TO the
meeting. Scarcely a third Of the local as
sociations in the state affiliate actively with
the league, consequently the labor and ex-
pense OF protecting the interests of CO.
operative home builders are borne by the
few, while the many Toll on the back seat
and garner a share Of the fruits Of agrees
Bive energy and enterprise. Associations
which are constantly on the firing line have
not grown weary OF the task undertaken
ten years ago. On the contrary they are
more closely allied and more watchful Of
the common welfare, and enter upon q
"scrap'' now with the confidence born Of
experience. New energy and lots of It
would be welcomed, to more effectively
prosecute the campaign upon which the
league has entered.
A Glance Backward.
The work of the league In fostering le-
Ultimate cooperation in home making has
been invaluable. At the time Of its organ
tzation in 1891 patrons Of building and loan
associations we're without adequate protec-
tion for their interests. The legislature Of
tina year passed the Bentley act, providing
for state supervision and defining the char
Rcter and scope of building and loan ASSOC
Citations. The measure was a new depart
ure in the state. 1t did not enforce itself.
Associations organized in other states
found Nebraska a fertile field, and their &C
tivity, stimulated with great profits, pre-
vented undue zeal in making the law ef-
fective. Local associations were at last, in
self-defense, forced to get together ana
bring the necessary pressure to bear on the
law-enforcing power. The effect Of united
effort was soon apparent. In two years
every foreign association was excluded from
the state, thereby saving the people hum
drcda OF thousands OF dollars which other
wise would have been swallowed up In the
subsequent wreck Of national associations.
The activity of the league In directing and
shaping the business methods OF associa-
lions is evident In the elimination Of catch
penny schemes, In vigilant and effective
state supervision, and In the clearly marked
oficial bounds beyond which associations
are not permitted to go. In a word, the
league has been an educational force, a
means of protection, q promoter OF safe
methods and a consistent opponent Of CO.
operative shams. The present prosperous
condition OF state associations with their
four and q quarter millions OF assets Is due
In no small degree to the energy, talent and
public spirit OF the associations constitut-
ing the state league.
some Work Ahead.
The most important question up for con-
sideration at the coming convention is
what action shall be taken with reference
to the home companies recently incor-
porated in the state. According to the
rulings Of Attorney General Prout a home
company organized in another state can
not do business In Nebraska without COM
plying with the building and loan law and
securing the sanction OF the banking de-
partment. A local corporation, doing pre-
cisely the same business, is not subject
to the building and loan law. These an
parently inconsistent rulings are not
prompted by state pride. They are due
" a. AoN No0AA AAO ~ VI WAA1h
replaced the Bentley act OF 1891. omitted
from the first section the comprehensive
definition of a local building and loan as
ISOLATION contained In the original act and
re-enacted in its entirety the original Sec
tion defining a foreign building and loan
association. The loophole in the first sec
tion is big enough for "a coach and four"
while the other section is alright. AS
ISOLATION men contend that the new home
" companies do essentially a building and
loan business. inasmuch as they collect a
fund from members to be loaned 10 mem
bers.' and, therefore. they should be sub
ject to the regulations and supervision Of
the State Banking board. 1t Is the purpose
OF the league to ask the next legislature
TO remedy the defects in the law so as to
bring all concerns collecting a fund from
members to be loaned to members under
state supervision.
RECORD of Twenty Years.
The second Oldest association In Ne
braska, the Equitable OF Grand Island.
celebrated its twentieth birthday recently
with a natterlng showing. The Equitable
Is the offspring Of the parent association
Of North Platte, and, although several years
younger, It has waxed robust and opulent
TO such a degree that its foster parent to
the west looks like a yearling beside a
eornfed steer. Both. however, are thor
Olghbreds. the difference in physique being
due TO the richer and more plentiful
Verdure In and about Grand Island.
During its twenty years OF life the
Equitable collected and disbursed S1,451,-
sS2.s2. at a total cost Of SIS, 1851, con-
shutting a notable record Of economy.
The success OF the association In promot-
ing home ownership is shown by the state
ment that 1.S46 loans were made for the
purchase, building or Improvement OF
homes in Grand Island. The aggregate
amount Of the loans was 1857. 27S.25 Be-
sides, there were earnings to the amount
OF S256, S44.62 credited TO shareholders
t265 ,ol42S was paid TO Withdrawing share
holders and siS4.6 to non-borrowers on
matured shares. The total number Of
shares issued was 14.S0S. representing. II
carried to maturity. S2.S6l 800. Secretary
Brininger modestly speaks Of the record a:
one TO be proud OF. II is one deserving Of
higher praise. Few associations in the
state can approach II. mr less equal
It. Throughout it's score OF with the
ups and down Of business I period
the association bufeted all kinds Of nnan.
eial weather without serious loss, and nov