Show MUCH MONEY IN IT the building and loan associations THEY ARE ABE increasing representatives meet in annual convention the secretary reports ICe ports on their corli DETROIT mich july 23 28 special six hundred millions of dollars every dollar of it the savious of the thrift wage workers of the united states were represented in the council cham chain bar of the city hall at 10 this morning when the fifth annual convention of the united states league of local and loan associations was called to order by the national president hon michael J brown cf philadelphia it is ie the larceal conven tion in the history of the league every commonwealth has its state del gation while in addition a large number of 0 cities of the first and second clees are specially represented A majority of the delegates are ara men prominent in the municipal or political affairs of their respective lo localities cities mayor W 0 C maybury mabury gave the convention a cardial welcome in behalf of the city and president brown combined a response rss with his annual address the feature of the morning Bee seE sion however was the address and report of hon hermen F Cellar Callari iea ais of cincinnati the secretary and which was waa lirt listened ened to with profound attention in part mr Cel cellarius Gellar laries iea said the representatives of tha local building and loan associations here as may well corar tolate themselves on the r showing which the local building association interests teresta of the several states present tor for the past year notwithstanding the depressing pre asing influences which have affected nearly every other branch of burnees bu Anees it is a remarkable fact that there has haa been a substantial growth both in membership and assets Ps es the statistics which accompany this report will fu ly shw the total assets of the local building and loan associations of the united states now amount to nearly eix hundred millions of dollars dollar or in exact figures which is an increase of 18 daring the past year the total number of local ass ci actions in the several states is while their membership numbers 1 an increase of members during the year the figures attest in no uncertain way the growing popularity lanty and strength of these associations financial in which have been able to weather veather the storm of the past few years and come through it all ail unscathed have been the tha exception and not the rule the act that local building associations haye during this time and under unfavorable conditions condi tiona developed anch a healthy state with increased resources give eive conclusive evidence that the co operative idea to Is correct in pr and that it commands in a very high degree the confidence of the are ha haye hafe fe been some failures and a few states from local causes causee haye have made little or no progress but bat on the whole the mo movement vemont shows a satisfactory gail gain where rather the reverse Waa was expected the highest proportionate proportion ats gains were made in ane eastern and central stats where building association interests are greatest and singularly the states showing a loas loaa in assets are all located west of the mississippi Missie sippi river excepting septine es the states of illinois and tennessee pennsylvania shows an increase in as sets for the past year of about fiva and a half million do dollars llara ohio nearly five millions indiana nearly four millions and new york a little litile oyer over one and one half millions 17 the speaker proceeded to review at length the lecie legislation lation concerning building associations enacted durins during the tha past year in indiana illinois wisconsin pennsylvania Penn sylvanis connecticut colorado massachusetts Califor california Dla alabama tennessee stew ew york and michigan and conc concluded laded hia bis address amid applause with the following zeler leier once ence to federal legislation the tariff bill as amended by the senate finance committee provided for a federal tax of five cents on each share of stock issued by bv any corporation horation po ration and an addi additional tonal tax of two cents per share for ea each ch share transferred to lion hon fred bader of ohio a member of the executive committee of this league to senator J B foraker who promptly took up the matter and obtained from the finance commit tee the exemption lor building associations afterward incorporated into the bill are due dua the thanks of the league for protecting and gaar guarding dint the interests of the building and loan assoria although the entire paragraph taxing corporations was fl fi ally stricken from the bill yer yc bv its action the senate of 0 the united states plainly irilli indicated its favorable tendency tend eniy toward but bui iding and loan boari I 1 |