Building Association News A MONTHLY MAGAZINE. OFFICIAL ORGAN UNITED STATES LEAQUE, OFFICES: 15 WEST SIXTH ST., CINCINNATI. 314 S. CANAL ST., CHICAGO. SUBSCRIPTION, $2.00 PER ANNUM. CANADIAN AND FOREIGN, $2.25. 25 CENTS A COPY. Entered as Second Class Matter at the Post Office at Cincinnati, O.. SINCE 1880 THE RECOGNIZED AUTHORITY ON BUILDING ASSOCIATION MATTERS. Vol. XXXIV. JANUARY, 1914. No. 1. Income Tax Affidavit. THE AMERICAN BUILDING ASSOCIATION NEWS has been requested to furnish an affidavit for the use of building associations of the United States in connection with the new Income Tax Law, and herewith submits the following: each for himself deposes and says that the aforesaid association is a domestic building and loan association, organized and operated exclusively for the mutual benefit of its members, that it distributes its profits equitably among all its members, regardless of the kind of stock which such members hold, that it loans its funds to members only, and is strictly mutual, and therefore under the provisions of Section 2, Paragraph G of the Federal Income Tax Law of October 3, 1913, is exempt from the Income Tax imposed by said act. President day of... Sworn to and subscribed before me this.. .191... Notary Public in and for ...County CALL FOR INTERNATIONAL CONGRESS Of Building Societies, Building and Loan Associations, COLUMBUS, OHIO, U. S. A., January 1, 1914. By virtue of action on the part of the United States League of Local Building and Loan Associations, the undersigned committee hereby issue a call for an International Congress of Building and Loan Associations, Building Societies, Co-operative Banks, Homestead Associations, Housing Companies and kindred organizations the world over, to meet at Hotel Metropole, London, England, on August 11 and 12, 1914. So far as now known representatives from the United States, England, Germany, Canada, Norway, France, Switzerland, South Africa, Wales, New Zealand, Ireland, Turkey, Australia, and British Guiana, are expected to be present. The central thought of this first Congress will be a symposium on such home-building institutions, the methods of their operation and their treatment by their respective govern ments. It is proposed that the Congress shall meet again at San Francisco in 1915 during the Panama Exposition, and thereafter every five years. We believe that much good will come to these organizations from an exchange of ideas as to the best methods of their operation. We invite officials of these institutions in every land to attend this Congress and take part in its organization and in its deliberations. We trust that they will see the value of such attendance. L. L. RANKIN, Columbus, Ohio. GEORGE F. GILMORE, Omaha, Neb. C. A. ROYSE, Terre Haute, Ind. CHARLES O'CONNOR HENNESSY, 38 Park Row, New York City, N. Y. EDWIN F. HOWELL, 253 Broadway, New York City, N. Y. CHARLES EUGENE CLARK, Covington, Ky. HENRY S. ROSENTHAL, 15 W. Sixth St., Cincinnati, Ohio. Prepare for Floods and Tornadoes. NOT long ago a section of the State of Nebraska was swept by an unprecedented tornado that destroyed hundreds of human lives. and millions of dollars worth of property. Hundreds of small dwelling houses in the path of the tornado were entirely destroyed or seriously damaged. The damage was particularly great in Omaha, where two of the largest savings and loan associations of the country are located. Not a dollar was lost, however, by the depositors in these institutions, because of the existence of substantial reserve funds, together with a proper blanket Tornado Policy in the old reliable Insurance Company of North America. This company, through its general agent, Wm. N. Johnson, at Chicago, promptly paid losses over $80,000. In Ohio, about the same time, tremendous loss was caused in Dayton and other cities by extraordinary floods, and there also the wisdom of contingent loss funds was splendidly vindicated, for if it had not been for their existence the depositors of many of the building and loan associations would have suffered serious losses. As it is, despite the tremendous property destruction, distributed over a wide area, not a single building and loan association in Ohio is in trouble; and where, as in many cases, securities have been destroyed or damaged, the losses have been easily met out of the reserve fund. Ohio League Proceedings. SECRETARY CHARLES H. BROWN, of the Ohio Building Association League, has forwarded the proceedings of the Marietta meeting to all members of this organization. It comprises a highly interesting volume of 180 pages. Every association in the state should be a member of this progressive league in order to obtain the latest information of the results of the important labor performed. Applications for membership should be forwarded to Mr. Chas. H. Brown, Secretary, 46 E. Gay St., Columbus, Ohio. Loans for Church Purposes. AT a meeting of the Southern Church of Presbyterians, held at Statesville, N. C., a committee was appointed of prominent laymen from all over the South to consider the building and loan system. for loans for church purposes. Charles Weidner, Jr., President-Elect Hamilton Mr. Charles W. Weidner, president-elect of the Hamilton County League of Building Associations, was born in Cincinnati in 1856. He has been president of the Ringgold Building and Loan Company of Mt. Auburn for the past twenty-six years, and was a former member of the Board of Trustees of the Hamilton County League of Building Associations. He has represented his association for the past twenty years as delegate. He has held the position as Clerk of the Courts of Hamilton county for two terms, and served on the Board of Education for fifteen years, being its president for several terms. Mr. Weidner is at present manager and assistant secretary of the Title Guarantee and Trust Company. Illinois League Proceedings. THE joint proceedings of the Illinois League of the 1912 and 1913 meetings have just been published by Secretary B. G. Vasen, of Quincy, Ill. These form a valuable addition to the building and loan literature. A careful reading of these minutes will be of the greatest benefit to each association in the state of Illinois. It shows the value of co-operation and the importance of every association in the state having membership in this league. North Carolina. In 1904 there were 41 building and loan associations in North Carolina, with assets of $2,542,988.51. In 1913 there were 131 associations, with assets of $9,581,773.39. This is an increase in nine years of seven millions of dollars, which is remarkable when it is remembered that the business is a continual receiving and paying out of funds. Nothing so aids in building up your town and providing homes for your workingmen and their families. "The saving of money usually means the saving of a man. It means cutting off indulgences or avoiding vicious habits. The little difference between what you earn and what you spend is power. It often measures the difference between success and failure."-Orison Swett Marden. Breslau's Innovation. A cablegram from Breslau, Germany, under date of November 25, reports that the Municipal Council of that city has approved of an issue of bonds of the municipality to the amount of 25,000,000 marks ($6,250,000), the money so raised to be loaned to realty owners in the city on long-time first mortgage security, to enable them to build upon their holdings. The high rates for money prevalent in Germany for the last two years, and still operating there against new construction and other forms of business, has induced the authorities of the city of Breslau to adopt this plan of aiding in the building up of the city, and at the same time giving employment to thousands of persons. Some advanced thinkers have for years contended that when states, counties and municipalities unite in rating real estate at values which the tax boards deem reasonable and fair, and insist upon the owners paying taxes upon such established valuations, the states, counties and municipalities should be required to loan the owners, if the owners so desire, a fixed percentage of that value at low rates of interest, such loans to be first liens upon the properties. While this proposition has been discussed for years, it would seem that Breslau has taken the initiative in the putting of it into practical operation, and the results of this innovation in municipal government will be watched with keen interest not only in Germany, but in other countries and other continents. This action of the city authorities was based upon the view that the municipality would be able to obtain the money at lower rates than the individual owners could, and while the realty owners were willing to improve their realty, the high cost and early maturity of money on private loans prohibited going on with the work. With the cheaper rates of interest offered them by the city it is thought now work on new construction will begin promptly when funds become available.-Cincinnati Enquirer. The building and loan associations of the United States have furnished their members loans at low rates of interest, usually 6 per cent. In some cases loans have been made for less. There has been no necessity for municipalities entering the loan field in our country. MR. E. NAYLOR, of the Equitable Building Society, of Bradford, England, is touring America and visiting building and loan officials. Mr. Naylor has been identified with the above named association for over forty years, and is one of the leaders of the building and loan movement in England. |