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... Chicago Galesburg

.. Chicago .. Galesburg

Quincy

LAW COMMITTEE. Chas. WERNO, Chairman....... Chicago E. D. McCULLOCH....

...Peoria JULIUS STERN.

Chicago E. L. CHAPIN.

Springfield M. E, VASEN.....

... Quincy PUBLICITY COMMITTEE. TERRY SIMMONS, Chairman... Marseilles F. M. BROWN....

.Champaign NEIL LYKKE...

... Chicago E. R. PARTLOW.

..Danville C. F. BILHORN..

.. Chicago

of Illinois.

Secretary's Office, Quincy, Ill.

OFFICERS.
Mark D. RIDER, President......
O. W. WALKUP, Vice-president....
AĐOLPH-MACAL, Second Vice-president.
Lake W. SANBORN, Treasurer.
B. G. VASEN, Secretary.

EXECUTIVE COMMITTEE.
SAMUEL OWINGS, Chairman.... Mattoon
F. J. HAJICEK.

Chicago PAUL KRAEMER,

Chicago KONRAD RICKER.

..Chicago E. B. KREIS...

Rock Island H. J. MAGNER.

.Taylorville

FINANCE COMMITTEE.
John L. Novak, Chairman.....Chicago
ALBERT SCHNEIDER..

.Kankakee
WARD REID....

Greenville

ADVISORY COMMITTEE.

District No.
1 Oscar Kuehne, John N. Jacobson.. Chicago
2 John Czekala, A. J. Wlodarski..... Chicago
3 Jos. L. Voborsky, J. J. Janda.

.....Chicago Niel Lykke, W. C. McClain........ Chicago 5 John Wetzel....

..Sterling 6 F. W. Pohl..

...Joliet 7 F. A. Hathaway..

..Ottawa 8 T. G. Peacock.

Monmouth 9 C. H. Mead..

. Augusta 10 J. F. Culp...

Mason City 11 C. L. Farrington.

.East Peoria 12 A. Schneider..

.Kankakee 13 A, H. Cline..

... Paris A, W. Shera.

Charleston

District No. 14 J. D. Crammond.. 15 Ona L, Cline... 16 W. J. Aurelius. 17 H. J. Magner.

John W. Rea.. 18 Isaiah Stewart.. 19 Ward Reid.. 20 C. R. Hissrich.. 21 F. B. Stephenson. 22 W. R. Strawn.... 23 C. E. Joyner.. 24 C. M. Bradley.

Gibson City ..Monticello .Springfield . Taylorville .. Litchfield ... Newton

.Greenville East St. Louis

...Sparta

...Albion .Harrisburg Murphysboro

ciations are doing for Illinois.

What Building Associations are doing in the Commonwealth of Illinois, with 610 Associations in Operation now and with upwards of a half million residents interested. Statistics taken from the State Auditor's

Report covering the operation of about 591 Associations.

T

HE greatest good accomplished by building associaitons is the providing of homes. If there is an aspiration that all humanity is endowed with, it is the

aspiration or instinct to provide a home. There is certainly no worthier object. It not only gives comfort, but also contentment. The home owners are the best class of our people. Men will hesitate on committing an act of foolishness or extravagance if their family shelter is thereby jeopardized.

“That building, loan and homestead associations have been of great economic value to the people of our state is recognized by all who are conversant with the subject. The benefit derived through increasing the number of home owners and by enlarging the opportunities of the provident to accumulate savings cannot be measured in figures. Ownership of property, be it much or little, tends to quicken an interest in public affairs and thus to diminish opportunities for doing evil by the miseducated, indolent and depraved. The fact that one is on the assessment roll tends to that conservatism and independence so essentially necessary to the well-being of the government, and especially is this true to a government whose citizens are so vested with such wide powers in matters of legislation and administration."

With machinery for successful co-operation; with its beneficient influence in the respective communities; by accumulating its working capital exclusively from its membership; by adhering faithfully to the gospel of home building,—the building, loan and homestead association has gained for itself a peculiarly and enviable position. That in no less degree it has captured the good will of the public is evidenced by the recent action of the National Congress in exempting the domestic building and loan associations from the war tax. This position, influence and good will should not be lost through an unwise departure from fundamental principles.”

The American Home, the Safeguard of American Liberties.”

East Liverpool | H. F. CELLARIUS.

OFFICERS.
President-JAMES M. McKay...

Youngstown
First Vice-President-WM. R. CREER.

..Cleveland
Second Vice-President-K. V. HAYMAKER.

....Defiance
Secretary-CHARLES H. Brown...

.46 E. Gay St., Columbus Treasurer-CHARLES J. PARRISH.

...Hamilton EXECUTIVE COMMITTEE, JOHN J. PURINTON.. .East Liverpool F. H. VORJOHAN..

.Reading CHAS. H. BROWN. ...Columbus L. M. STUDEVANT..

.Sidney JAMES M. McKay. .Youngstown W. G. MCCLAIN...

.Bellaire WILLIAM R. CREER. .Cleveland S. RUFUS JONES...

...Dayton EMERY R. HIETT.. ... Toledo H. C. CLIPPINGER..

Delaware JULIUS WHITING, JR. ..Canton F. L. WELLS..

.Wellsville K. V. HAYMAKER.. .Defiance W. D. TREMPER..

Portsmouth H. F. CELLARIUS.

... Cincinnati
L. L. RANKIN...

..Columbus FRED W. TORNER. ...Marietta C. J. McKee.

...Dayton J. J. STODDART.

... Columbus

LEGISLATIVE COMMITTEE. JOHN J. PURINTON. .....

L. M. STUDEVANT...

.Sidney Chas. H. BROWN.

...Cincinnati JAMES M. McKAY.......... Youngstown

PUBLICITY COMMITTEE.
FRANK R. SCHWARTZ... ....Columbus CHARLES E. LYNCH..

..Lima
F. M. COOKE....

...Akron
MEMBERS OF OHIO BUILDING ASSOCIATION LEAGUE

JOHN J. PURINTON, President, East Liverpool, Ohio.
Ado-
Caldwell-
Cincinnati Contd.

Circlevillo-
Home S., B. & L.
Caldwell B. & L. Co. Eagle S. & L. Ano'n.

New Home B. &L CA Akron

Cambridge

East End L. Ass'n Co.
Akron S. & L.

Cambridge
L. & B.
East Walnut Hills B. &

Cleveland
Home S. & L.
Guernsey B. & L. Co.

L Co.

Cech B. & L. Aus'a. W. H. Evans B. & L

Camden

Elberon B. & L. Ass'a. Cleveland S. &L Co. Permanent S. &L

The Camden L. & B. Ass'ı Ernst Sta. L. & B. Ase'n Westside S. & L. Co. Alliance

Canal Dover

Evanston B. & L. Co. Cuyahoga B. &L Co. Alliance B. & S. Dover B. &L Co.

Extension L & B. Co. Economy B. &L Co. Industrial B. &L

Canton,

First Ward B. & L Ass's Eguity S. & L Co.
Ashland-

Co.
Citizens B. & L. Co.

Mravenec B. & L Ast'e Ashland B. & L.

Fortschritt Ben Verein Mutual B. & Invest. Ca. S. & L. Co. Ashtabula

Fundamental B. &L Co. Ohio Mutual S. & L. Co.

Cordington
Ashtabula Co. B. &L

Germania L. & B. No. 2, Ohio S. & L. Co.
Morrow Co, B. & L. Ca.
Harbor B. & L.

Germania Bldg. Ass'n Co. Provident B. & L. A'.
Carthage-

No. S.

South Side Germu Peoples B. & L Carthage S. & L. Ass'n

Gest Street B. Ass'a No. 1. Ass'a,
Barnesvillo

Cedarville
Gloria L. & B. Co.

Union S. & L. Co.
People's B. & L.

Cedarville B. & L. As'n.
The Home B. & L. Co.

Hewitt Ave. L. & B. CO.
Celina
Highland Ave, L. & B. Co.

Clyde
Bellaire

Mercer Co. B. & L. Are'l June St. B., S. & L. Co. Citizens B. & L. Co. Buckeye S. & L.

Centerburg

Kindel Ave. L. & B. Co.
The Belmont S. & L. Co.

Home S., B. &L
Centerburg B. & L. Co. Livingston St. L. & B. Co.
Bellefontaine
Chillicothe
Madison Road S. &L Co.

Coldwater-
Bellefontaine B. & L.
Mutual L. & S. Co.
Mercer L. & B. Co.

Hom: BLC.
Citizens
B. & L.
The Fidelity B. & L. Co. Music Hall

L. & B. Co.
Savings B. & L. Co.
Ē. End B. &L Co.
New Buckeye L. & B. Co.

College Hal-
Bellcune

Nonpareil B. Ass'n Co.

College Hill L & B. Co.
Cincinnati-
Industrial S. & L.
Advance B. & L. Co.

North Fairmount Loc. L Columbus
Belpre
Allemania L. & B. Aso'n

& B. Co.

Allemania B. &L Co. Belpre B. & L. Co.

Co. No. 2.
Oak L & B. Co.

Buckeye State B. &L ca
Blanchester-
Blanchester L. & D.
Apollo S. & L. Co.

O'Bryonville B. & L. Co.
Argon B. & L. Co.
Ohio Mechanico B. & L

Central B., L. & S. Co.

Central Ohio B. &L ca. People's B. & L. Co. Aurora B. &L Co.

Co.

Columbian B. &L Co. Bloomdolo Bank St. B. Ass'n Co. Ohio

Valley L. & B. Co.

Dollar B. & L. Co.
Bloomdale B. & L.
Bellevue B. Ass'n.

Old Glory B. & L. Co.
Bowling
Green

Economy B. & L. Co.
Burnet Woods B. & S. Co. Pleasant B. & L. Assin Co.

Fidelity B., L&S. CA Equitable B. & L.

Business Men's B. Ass'n Quick Withdrawal Bldg. Franklin L. & S. Co. Blue Ash

& L. Co,

Ass'n Co.

Home B. & L Ans's. Blue Ash B. & L. Co.

Central Fairmount & Reading Road L. & B. Co. Lilley B. & L. Co. Bond HUL

B. Co.

Republic L. & B. Co. Midland B. & L. Ass'. Ca Bond Hill B.

Cincinnati Workingmen's San Marco B. & L. Aks'a Mutual S. & L. Ass'. Bridgeport Club B. & L. Co.

Ohio B. & L. Co. Bridgeport S., L. & B. Citizens' B. An's No. 2 Seventb Ward L & B. Co Obio State S. & L Ase's. Brookville

Clark Street L. & B. Co. Star B. Ass'o No. Co. Park S. Co. Brookville B. & S.

Cleveland B. Ass'a Co. Vendome B. & L. Ca People'. S. Ass'a Co. Bryan

Clifton Heights No. 2. Victoria B, Aso'a No. 3. Railroad Employe &L Bryan H., S., L & B. Add's L. & B. Co.

Walnut Hills S. & L. Co.

Co. Bucyrus

Columbian B. & L. Ano's Wester Hills B. & S. Co. Scioto B. & L. Co. Bucyrus L & B. Ano',

Co.

Woodburn Ave. B. & L. Co Teutonia S.L.co. People's S. &L Delta L. Ans'n Co.

Workingmen's German B. The Fireside B. & LCA Cadis Deutscher Landwehr B. & & S. Co.

Union B. & S. Co. The Cadis B. & L. A.

L. Co.

Young Men's B. &L Co. West Side B. &L Asia

[graphic]
[graphic]
[graphic]
[graphic]

Co.

Building Association News

A MONTHLY MAGAZINE,
OPPICIAL ORQAN UNITED STATES LEAQUE.

OFFICES:
10 WEST SIXTH ST., CINCINNATI. 314 8. CANAL ST., CHICAGO.

SUBSCRIPTION, $2.00 PER ANNUM.

CANADIAN AND FOREIGN, $2.86.

20 CENTS A COPY.
Entered as Second Class Matter at the Post Office at Cincinnati, O.,

under Act of Congress of March 8, 1879.
SINCE 1880 THE RECOGNIZED AUTHORITY ON BUILDING ASSOCIATION MATTERS.

Vol. XXXIV.

DECEMBER, 1914.

No. 12

Declines to Modify Ruling.

Commissioner of Internal Revenue Adheres to His Ruling

in T. D. 2044.

Further Efforts Being Madeto Secure a Proper Exemption From Tax for Mutual Building and Loan Associations.Encouraging Letter From Chairman

Underwood. The Commissioner of Internal Revenue, who was requested to review his ruling made in Treasury Decision 2044, in which he held that the exemption accorded to building and loan associations applied only to stocks and bonds, memorandum having been submitted to him by Mr. H. F. Cellarius, of the U. S. League, and Mr. Charles F. Benjamin, of the District Council of Washington, D. C., has replied as follows to said request :

TREASURY DEPARTMENT,

WASHINGTON, November 25, 1914. L-TAX ON BUILDING AND LOAN ASSOCIATIONS. H. F. Cellarius, Esq., Secretary U. S. League of Local Building and Loan

Associations :

SIR—This office is in receipt of your letter of the 16th inst., submitting a memorandum relative to the construction of Section 15 of the Act of October 22, 1914, as it applies to building and loan associations which make loans only to their shareholders. You submit a ruling made by Commissioner Scott, October 11, 1898, made in accordance with the opinion of the Attorney General, T. D. 20187.

This office has considered the matter, and adheres to its ruling in T. D. 2044, namely: that the exemption extended by the Internal Revenue Act of

October 22, 1914, to co-operative building and loan associations, etc., extends only to stocks and bonds issued by such associations or companies.

Respectfully,

(Signed) W. H. OSBORN, Commissioner. Since the Commissioner of Internal Revenue by the above ruling adhered to his previous decision and declined to give to building and loan associations the exemption which Congress intended they should enjoy, the matter was taken up with the chairman of the Ways and Means Committee of the House of Representatives and Hon. Mr. Simmons, chairman of the Finance Committee of the U. S. Senate. The following is a copy of the letter, which was forwarded to Hon. Oscar W. Underwood:

CINCINNATI, O., December 7, 1914. Hon. Oscar W. Underwood, Chairman Ways and Means Committee, House

of Representatives, Washington, D. C.:

Dear SIR-On behalf of the local building and loan associations of the United States, I desire to call to your attention a ruling of the Commissioner of Internal Revenue contained in Treasury Decision 2044, in which he holds that the exemption accorded building and loan associations, which make loans only to their shareholders, in Section 15 of the Emergency Revenue Law, extends only to their stock and bonds.

It was the evident intent of Congress to exempt this class associations from all taxes under this act. Under precisely the same language used in the War Revenue Act of 1898 these associations were held exempt from all taxes under an opinion of the Attorney General, but Commissioner of Internal Revenue now declines to follow this opinion in construing the same language in the Emergency Revenue Law, although since the decision was rendered a memorandum was submitted and a request made for a reversal of this construction.

Congress had every reason to believe that in using the identical language as that employed in the War Revenue Act that a similar ruling would be made in construing the Emergency Revenue Law, but as it was not, an appeal is made to you for relief in behalf of these associations.

Building and loan associations which make loans only to their members are organized and operated purely for the mutual benefit of their members, and have in all previous revenue acts been exempted from tax.

Under the present act as construed by the Commissioner of Internal Revenue the main tax will be on notes executed by borrowing members to the associations for their loans, a class which is striving to become home owners, and which above all others should be relieved from taxation burdens. The mortgages given by these members are specifically exempt, and it is believed that it was the intent of the law to also relieve from stamp taxes all instruments given by members to building and loan associations which make loans only to their shareholders. The report of the Conference Committee in reporting amendments Nos. 54 and 55, and amendment 56 plainly indicates that the words “stock and bonds” which were to be exempt in Section 15 of the act, applied only to co-operative building and loan associations and mutual ditch or irrigating companies, and did not apply to building and loan associations which make loans only to their shareholders referred to in the last clause of the proviso, which were to be exempt from all taxes, as had been held under the previous act, the same language being followed.

It is respectfully urged in behalf of this latter class of associations that such action be taken by the Congress as will make clear its intent with respect to these associations, and which will relieve them from a burden, not intended to be imposed.

Very truly yours,

H. F. CELLARIUS, Secretary.

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