The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1902-07-23
Representatives Of the Saw
ings Of Wage EarnerS
at Put-in-Bay
tBy Associated Press.l


wage workers of the United States
we're represented In the assembly h7il
OF the Hotel Victory today when the
tenth annual convention Of the United
states League OF Local Building aid
Loan associations was called to orner
by the national president George Il
Kcstmayer OF New Orleans. Il was
one of the largest conventions in The
history Of the league A majority Of
the delegates are men prominent in
the municipal affairs Of their respect
i've localities.
The feature of the opening session
was the address and report Of Hon.
Herman f. Cellarius, Of Cincinnati,
The general secretary. which was list
ened to with profund attention. Sec
retary Cellarius said in part:
"A slight Increase in the total mem
bership. with a small decrease in the
aggregate assets, tha showing made
by the local builStng ard loan asso-
Citations Of the United States during
she past year There are now in the
United states 5.3O2 local building as
sociations, with total membership OF
I .439. .593 and assets amounting 20
s565. 1887 500. In most of the states
these associations have about held
.l.-ss ........ ,tth 1.,,,,h fba rod,t.ffon of
the interest rate for the past few
years has had a tendency to bring
back money loaned out by them at
higher tha neMsting rates, and asso-
Citations unable to make desirable
loans have returned some of the idle
accumulated funds to their stockhold-
ers. causing a decrease in their as
sets. Building and loan association
supervisors in a number Of states are
agreed that the associations were not
sufficiently prompt in meeting the re-
duced interest rate and that, as are
suit, they have lost some profitable
business. 1his is to be accounted for.
possibly under the theory thaf the as.
sociations were desirous OF ascertain
ing II the conditions favorable to
reduction were temporary only, and,
with their usual conservatism, they
were reluctant TO reduce interest
charges until there was a reasonable
assurance that cheap money had come
10 stay
THE situation in Illinois and Mis-
souri has been materially improved.
although these states still continue to
show rather heavy decreases in as
sets. Illinois having declined little
over four million dollars and Missouri
about two million dollars during the
past year. In Ohio several large build
associations-one in Columbus and
another in Cieveland-reorganized as
tr4c; companies and their assets
amounting TO about four million dol
lars. are not included in the figures
for that state Ohio, therefore. in
stea dof having decreased in assets
about one hundred thousand dollars
as shown by the liable, has. as a mat
ter Of fact. increased nearly four mill
lion dollars Substantial increases in
assets were made last year in New
Jersey, Massachusetts, and Nebraska
"The legislative situation has been
one OF great activity during the past
year. particularly IN the states OF
Pennsylvania. Ohio and New York.
Many bills were introduced, as usual
hut the provisions Of most of them
were Of character that did nor com
mand the support OF The ssate leagues
in these states. and as result they
met defeat The work OF the state and
ohter leagues Of building associations
in the several states has again demon
strated the efficiency and great useful.
ness of these organizations, besides
giving further evidence Of their innu-
ence and strength But few changes
IN the building associations laws OF
the states resulted during the past
year
Following the report Of the secre.
iary. the convention listened 70 al.
dresses as follows "rhe future of
nulding Associations The Tendency
H. Depart fro.u and the Necessity Of
Adhering to Fundamer'el Principles"
Seymour Dexter Elmira n. Y; why
Local Building and Loan Associations
Should BE Exempt from an Taxation,
Julius Stern, Chicago; "The Theo
retical versus the Practical" w A.