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they be permitted to act upon the same so as to become the law of the League. .

PUBLICATION OF PROCEEDINGS. I would again recommend the publication of the proceedings of this meeting together with the addresses read and such other matter as is desired in pamphlet form and be distributed among the members in the same manner as heretofore, within sixty days from the date of this meeting. I would also recommend that 1,200 copies be so printed and distributed at the expense of the League.

AUDITOR'S TWENTY-SECOND ANNUAL REPORT. The twenty-second annual report of the Auditor of Public Accounts of Building, Loan and Homestead Associations, being the first report made by the present auditor, the contents of which are of much interest to all associations, the comparative tables and the date referring to the examinations of associations were compiled with great care and much labor, and while this work is now nearly one year old the Auditor has kindly furnished the following information: “That since his last report 26 associations have been organized, 21 of which being in Chicago and its suburbs, while four associations have retired, three of which were from Chicago. That there are now 613 associations in the state of which 237 are located in Chicago and its suburbs and 376 are scattered throughout the state. That the business of the associations has been prosperous and that a substantial gain will be shown in the next report and that the total assets of the associations will be about $90,000,000,” all of which is very gratifying.

In his report is the following statement: "That by proper management on the part of the directors and the adherence to the purpose set forth under the statute, nothing but abnormal conditions should endanger the savings of the people in this class of corporation."

And he also says: “It is my purpose to attempt supervision through the directors, either by their contact with the examiners at the time of examination or correspondence between the directors and the department."

We believe that he is carrying on the work in the proper spirit and should have your heartiest support and commendation.

UNITED STATES LEAGUE. The last meeting of this League was held in Washington, D. C., July 27th, 28th and 29th and our League was represented by a full delegation, who will render to you a full and concise report

. The next annual meeting will be held at San Francisco, Cal., during the Exposition, at which meeting this League should be fully represented.

In addition to the meeting of the United States League, there will also be held a meeting of the International League, a kindred organization, all of which will be of much interest to the student of this branch of social economics. I would recommend that the

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League pay the railroad and hotel expenses of the delegates attending

At the last meeting of this body a resolution was adopted“ That only the railroad fare of the delegates be paid.” The question came up relative to the sleeping car fare and after numerous interviews we found that railroad fare also included sleeping car fare. The highest authority on this subject is the National Government, who in all of the departments reimburse its agents for the actual railroad fare and sleeping car as traveling expenses. The delegates were paid this way. I trust this will receive your endorsement.

AMERICAN BUILDING ASSOCIATION News. It is with pleasure that I can again recommend to you the "American Building Association News," published and edited by Henry S. Rosenthal, and also can heartily commend him to you for the great work that he is doing in the interest of this movement, especially for the efforts he is making in the up-building and furthering of this interest. I would also recommend as heretofore that the members of this League should individually and for the Associations they represent subscribe for this paper and in this way assist the publishers in a financial way, so that the publishers would be enabled to enlarge same and be of still more usefulness to this interest. Under present conditions this interest cannot succeed without an official organ and we believe that we all appreciate the work that has heretofore been done by this organ.

CONCLUSION. In concluding my report, I can only say that time and space forbid me from giving you but a meager account of the work done or performed by this League, it cannot give you the individual work by its members who have unselfishly given their time and in many instances their money in the furtherance of this great movement all tending for the uplift of their fellowman.

None of us should neglect the opportunity to personally assist in this great work which we have undertaken and we should all feel that we are missionaries in developing the field, for the good that we can do and for the benefits that we can bestow upon our fellowman. There is work and much work set aside for each of you—your officers and committeemen cannot meet with success unless they have your hearty co-operation, and when we depart for our homes let it be with a feeling that we have a duty to perform and resolve that we shall do it. And when we again assemble let us compare notes and see the results. I feel that you will be satisfied and appreciate that you have made such efforts and that they have been crowned with success.

Your officers and committeemen have been tireless in their work, unselfish and efficient and their results are now before you and should receive your hearty endorsement.

Personally, I thank them most sincerely for their valued cooperation and assistance they have rendered me in lightening the

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work of my office and for the many courtesies which they have extended to me and I shall always remember with much pleasure my association with them in the performance of our labors for the common cause.

The program of the order of business was then carried out, in the course of which the following reports were made and addresses delivered:

Report of Finance Committee, by John L. Novak, Chicago.
Report of Law Committee, by Chas. Werno, Chicago.

Report of Executive Committee, by Samuel Owings, chairman, Mattoon.

Report of Committee on Publicity, by Terry Simmons, chairman, Marseilles.

Report of Members of the Advisory Committee.
Report of the United States League Meeting.

"Twenty-five Years' Experience in Building and Loan Associations," address by Hon. Wm. C. Sheppard, Grand Rapids, Mich.

"The Duties of a Building and Loan President," address by O. W. Walkup, president of Mechanics' Homestead and Loan Association," Galesburg.

"Why the United States and State Leagues Should Maintain Publicity Bureaus," address by M. D. Rider, president, Chicago.

"Progress of the Bohemian Building and Loan Associations," address by Hon. Adolph Macal, Chicago, secretary United Bohemian Building and Loan Associations.

"Progress and Advancement of the Polish Building and Loan Associations,” address by Hon. John Czekala, Chicago, president of the Pulaski Building, Loan and Improvement Association.

A general discussion of the following subjects: (a) Issue of Shares of Stock in Serial Associations-Should

the issue be limited ? (b) Issuing of Single Payment Stock. (c) Matured Stock. (d) What per cent of the profits should be paid withdrawing

shareholders before maturity.
(e) Loans.

Shall loans be confined to homes only?
Proper investigation of securities offered for loans.
What percentage shall be loaned to actual home owners-
Renting and Mercantile Properties?
Should loans be made on property used for manufac-

turing purposes ? (f) The value of a clearing house for Building and Loan

Associations. (g) Legislation-What, if any, needed ?

"Fire Prevention and Its Value to the Building and Loan Interest," address by Hon. Ernest Palmer, Chicago, Associate Counsel of the National Board of Fire Underwriters.

The following addresses were made at the evening session:

"Man's Need of Co-operation,” address by Hon. A. G. Hambrock, Chicago, Ill.

"The Governmental Attitude Towards the Building and Loan Association in the United States," address by Hon. Henry S. Rosenthal, Editor and Publisher of the AMERICAN BUILDING ASSOCIATION News, Cincinnati, Ohio.

Address by Charles Eugene Clark, President of the United States League.

The election of officers resulted as follows:
President-Mark D. Rider, Chicago.
Vice-President-0. W. Walkup, Galesburg.
Second Vice-President-Adolph Macal, Chicago.
Treasurer-Lake W. Sanborn, Galesburg.
Secretary-B. G. Vasen, Quincy.
Chairman Executive Committee-S. M. Owings, Mattoon.
Chairman Finance Committee-John L. Novak, Chicago.
Chairman Publicity Committee-Terry Simmons, Marseilles.
Chairman Law Committee-Chas. Werno, Chicago.

The next meeting place will be Champaign, Ill. There will be changes later in the personnel of the Executive and Advisory Committees other than the chairmen.

Hamilton County (Ohio) League Meeting. The quarterly meeting of the Hamilton County League was held at Cincinnati on October 16, with President Chas. Weidner in the chair. Besides transacting considerable business, the members listened to three highly instructive reports. First and foremost was the report of Mr. H. F. Cellarius on the International Congress held at London, England, at which he acted as secretary.

Mr. Vorjohan read an interesting report of the Ohio League meeting, and Mr. H. S. Rosenthal detailed the proceedings of the U. S. League meeting. The committee on securing rates from bonding companies for the bonding of officers made a report and was instructed to continue its efforts. Committees were appointed to nominate candidates and prepare for the election to be held at the next quarterly meeting in January.

New Mexico Associations Form League. Steps have been taken for the formation of a state league of the building and loan associations of New Mexico. The subject was broached recently, and arrangements were made for a meeting of secretaries of associations from all over the state in Albuquerque. The object of the proposed league will be to safeguard the interests of the building and loan organizations and to better the general conditions through active co-operation.

A temporary executive committee on organization was formed of Mayor D. H. Boatright, M. E. Hickey, of Albuquerque, and R. H. McCune, of Roswell. That committee will press the work of organization.

Iowa League Meeting. The Twenty-third annual meeting of the Iowa Building and Loan League was held in the Montrose Hotel, Cedar Rapids, Iowa, on August 21, 1914. The meeting was called to order at 10:15 A. M. by Mr. James E. Lawler, of Cedar Rapids. President Denlinger being in Éurope, Mr. Lawler was chosen chairman and in the absence of Secretary C. H. Reynolds, Mr. J. D. Ecker, of Keokuk, Iowa, was appointed to that office.

SECRETARY'S REPORT. Owing to the fact that statistics relating to building and loan associations are not published regularly by our State Auditor, I am unable to give you a statement of the combined assets or other interesting data relating to building and loan associations in Iowa. Unless a report is published this

coming year, I will ascertain as nearly as possible the combined assets of the Iowa associations and report next year.

Associations of Iowa are now in a fairly prosperous condition, due to the fact that the laws have been so changed in the last two sessions of the legislature in favor of local associations, that it is now possible to do business without handicap. We do not consider the laws relating to building and loan associations, as they now are, perfect by any means, but compared with other states, we consider them very good.

Many states are seriously handicapped by laws detrimental to their interest. No doubt many of you have noticed an article in the AMERICAN BUILDING ASSOCIATION News, quoting a recent opinion handed down by U. S. District Judge Hollister, at Cincinnati, on May 9th, 1914, on the Income Tax law, as affecting building and loan associations. In the law building and loan associations are exempt if they do not loan to non-members or borrow money. The Judge is of the opinion that even if associations do borrow money or loan to others than members they are not destroying the mutuality of their associations, and are, therefore, not liable to pay the tax.

The work of the secretary will be greatly helped by your cooperation. Send him interesting printed matter and legal decisions affecting building and loan associations, so that he may tabulate them and give them in printed form to the associations of the state. The secretary expects, this year, to send the members of the legislature and all building and loan men and especially secretaries and directors, publicity reading matter and other articles that will be of an educational nature.

It is our aim that everything pertaining to the conducting of business of building and loan associations shall be so understood by the general public and members of the legislature that they will be only too glad to co-operate with us and thus help us to accomplish our object of organization: The betterment of building and loan associations in the best state in the Union—"Iowa, our Iowa."

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