complement of sixteen, several withdrew, being unable to attend. It was with difficulty and after I had visited several state associations without success to secure delegates, that the vacancies were filled with two more Chicago representatives. As there seems to have been some comment and feeling expressed in regard to the distribution or selection of delegates, I would suggest that the delegates to the 1915 convention be selected by recommendations from the advisory committee to the executive committee for selection of the required number at the meeting of the said committee to be held in April, 1915; also regarding the payment of traveling expenses by the League, that a specific amount be allowed each delegate towards them, to be used in discretion. I wish to sincerely thank the gentlemen who so kindly accepted places on the program to make this convention a success, and assure them that the sacrifice of time and the work of preparing papers, etc., are fully appreciated. To our genial Secretary, Mr. B. G. Vasen, who has rounded out 35 years with the League and to whom words cannot express the kind regard we have for him for the faithful, efficient and successful manner in which he has conducted his office, regardless of time, expense and health, to the members of the executive committee and other committees, especially the Publicity Committee, the chairman of which, Mr. Terry Simmons, has been untiring and always ready to act on the numerous requests of my office for his editorial skill and advice, I tender my own, as well as the thanks of the associations of the League, for the many courtesies shown during my term and for their timely assistance in furthering the interests of the League as well as the building and loan cause generally. Secretary B. G. Vasen then read his annual report. SECRETARY'S REPORT We have again assembled in the performance of our duties and to receive the reports of the officers, accounting to you for the work during the past year. While I can only give this briefly and meagerly, I can say that this was a very active year, and while the results may not be immediately observed the foundation is laid for the future and we believe will largely benefit the building and loan movement. The work in this sphere is like all other great bodies, it takes time, sometimes longer than anticipated, to bring about the changes desired. The conditions of affairs of mankind are in a constant state of evolution, some of these are so slow that they are not perceptible at the first glance and a generation passes until they are fully observed. The building and loan movement is really of recent origin, the law for their creation in this state dating only from 1872. This law having been repealed two years later was reenacted in 1879. The law was then only in a crude state but has subsequently been amended and re-amended at numerous times, as the exigency and experience dictated; all of which was succssfully brought about through the work and influence of this League. While all of this is now history and the achievements so gained by this League have firmly established building and loan associations throughout the state; thus giving the people in every town and hamlet an opportunity to safely organize an association for the purpose of creating and inculcating thrift and home-owning, the real work of this League has begun. For, with the increase in the number of associations and capital, numerous questions are constantly being evolved, the difference of plans, the wide divulgence of opinions in their management and legal points constantly cropping out, give a wide latitude for reasoning, which is the best and most beneficial method to be pursued for the greater success of this movement. All this and much more is to be solved by this League; as it is, and should be, the central body, to whom the unit, or local building and loan association can turn for the desired information and advice. The experiences of all its units should be gathered by this body for dissemination among all and in this, the League as a central body will be of paramount usefulness, extending success to the movement. It is not with the eye of selfish design or aggrandizement that we should look upon the building and loan association, but with a philanthropic feeling, as the interests in these associations are cooperative, and being so, mutuality should exist among its members, as well as its kindred associations and co-workers. The success of this movement lies in that feeling, the history of the past has proven this and the future will demand not alone its continuance, but its enlargement. To do this successfully we must obtain the assistance and cooperation of all who are interested and none such should hold back for any reason, as their and our interests are identical. Our efforts should always be to forward this movement of teaching and of inculcating thrift and home-owning; that the building and loan associations are the banks of the people, in which they become a part thereof. Co-operative in this way to serve others and in this wise bring about more thoroughly the plan adopted by which the people will be served for their own good and by doing so will make them better citizens and patriots. MEMBERSHIP. It is pleasing to report a slight increase of membership, although a great deal of work has been done in the efforts of securing members. We believe that the work already done will result in a better showing in the future. The fact is, all of the better class of associations are members of the League, the exceptions to the rule are those associations which are practically not managed, but run by themselves and there is not sufficient interest being taken in these associations to warrant them remaining in business. An instance of this has come to the notice of your secretary very recently, wherein the secretary refused to accept the mail of the notices, etc., that were sent to him. I suppose it was too much exertion on his part to read our printed or typewritten matter. I would recommend that our efforts to secure members be kept up until we have brought every legitimate association into the League. Number of association members, October 1, 1913. Number of associations resigned. Number of associations dropped. 299 8 291 19 310 Number of associations admitted..... Number of associations members at this date.... I would recommend that the Golden Building and Loan Association of Chicago be dropped for non-payment of dues, as they are in arrears for more than two years, and as well the Home Mutual Savings and Loan Association of Belvidere who has retired from business. The following associations have become members since my last report: Modern Building and Loan Association. St. Patrick Mutual Loan and Building Association. FINANCIAL. .East St. Louis .Moline Sandoval Peoria Neoga Cairo .Savanna East St. Louis .Kewanee . Lovington .Atwood .Chicago .Chicago ..Chicago A detailed report of the receipts and disbursements for the past fiscal year accompanies this report, a synopsis of which is as follows: The expenses during the past year have been materially increased by reason of the work of the Committee on Publicity and the amount appropriated to the President for his valuable letters, which he each month mailed to every association throughout the state and which have served a good purpose. Also the expenses of sending our delegates to the United States League meeting are greater than any such expense heretofore paid; but we have a very satisfactory showing and I would call to your attention the receipt of interest on balances on hand in the treasury amounting to $109.34, for which the treasurer should be duly commended. EXECUTIVE COMMITTEE. During the past year there were held only two meetings of this committee, both of which were well attended and much routine work was transacted. Your executive officers met a number of times and while the meetings were un-official the results were of much interest and of value to the League. As I have heretofore recommended, I believe that the Executive Committee should meet at least four times a year, that is to say, quarterly, and believe by doing so it will be in constant touch with the work of the League and creating an activity therein. We believe that during the coming session of the Legislature this will be a necessity, as there is usually much work for this committee to look after. ADVISORY COMMITTEE. There were no meetings held of the Advisory Committee as a body; but in the Twentieth District, of which Mr. Hissrich is the committeeman, a meeting of the associations in his district was secured in East St. Louis on May 27th, which was well attended. While no set program was prepared, a number of questions came up and were discussed and a general good feeling created. One association became a member of the League at once. Efforts have been made by others to secure such district meetings, but on account of the extreme heat of the past summer or other reasons none were held. I would recommend that this matter be taken up again by this convention and urge upon the Advisory Committee the necessity of district meetings. I think this would serve much in the interest of the League. COMMITTEE ON PUBLICITY. Your Committee on Publicity will give you a report in detail of the work done during the past year and as much of their work has been initiative it has not borne the fruit that it will later on. It is with pleasure that I can commend to you the earnest and indefatigable work of this committee, of which Terry Simmons is chairman, and would bespeak for them your commendation with the request that their valuable work should be continued on the lines that they are now following. LEGISLATION. Within the last few years the League through its proper officers has looked after the legislation and the laws which are enacted at the various sessions of the Legislature at Springfield, but they now have not only that to look after, but also the legislation by Congress at Washington. The present legislation which affects us from that source is the Revenue Tax and while we have through the influence and the work of the United States League so far escaped any direct taxation of a national character, we are again. confronted with a measure to meet what is termed the "War Tax." In the House of Representatives we have secured the following exemption clause : "Provided Further, That stock and bonds issued by co-operative building and loan associations, whose capital stock does not exceed $10,000, and building and loan associations or companies that make loans only to their shareholders, shall be exempt from the tax herein provided." But the bill is now being redrafted in the Senate, efforts are being made in the "Senate" by the United States League and state leagues to retain the exemption clause as adopted by the House. We believe the bill will be reported with the exemption clause, but in the meantime we must watch and look after this matter carefully, as it means from a monetary standpoint a great deal for the building and loan associations, and I would recommend that this convention inform the honorable senators from this state that we request them to secure the retention of this exemption clause as adopted by the House of Representatives. The Legislature of this state will again be in regular session January next. The League, through its committees, will present two bills which this League has recommended and desires to have as laws. At the same time your incoming officers and committees will have a duty to perform in watching and guarding the building and loan interest at this session. Many bills will be introduced, good, bad and indifferent and many of them may in some way either directly or indirectly affect the building and loan interest, while we believe that as a general thing our law-makers will protect the interest of the building and loan associations, still there are many who are more theoretical than practical, introducing bills innocently, which would be inimical to this interest. Such bills are the most dangerous and much care and attention must be given so that they are not permitted to become laws. BY-LAWS. The by-laws of the League, which were printed in 1898 and which have been amended at different times, are now exhausted and would recommend that a revision be made and the publication of same by the Law Committee or by a special committee and would recommend that such changes be presented at this meeting and discussed, as the by-laws can only be amended at the annual meetings and by a majority vote of all the members, present; but if the members desire to have this done before next year I would further recommend that the rules be suspended and that the Committee on By-Laws present same to the Executive Committee and |