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CO-OPERATIVE HOME BUILDING
RctUw of the Tnth Annual ConTgntion of
the Nebraska State League.
CONDITIONS IN LOCAL ASSOCIATION CIRCLES
An Abuudnnce of Money ForcliiB a He
luctlou of IlntiM to llurrunetk
UulcU Artt l.t'Knl ucn
tlona mill Other Mutter.
The tenth annual meeting of the Ne
braska League of Local Uultdlng and Loan
associations, held at Llncolu last week.
furnished an Instructive showing of the
financial condition of the. state. Delegates
were present from a dozen cities and the
common plaint of all was un abundance of
money and limited demand. Keen competi
tion prevails among loaning agencies, res
pective borrowers are eagerly sought, and
Interest rates have been cut to figures
heretofore unheard of west of the Missouri.
This plethoric condition of the money mar
ket, and the rivalry it provokes, affect build
ing and loan associations because of the
lack of flexibility In their loaning rate, and
their inability to reduce rates to new
borrowers without llko reduction on existing
contracts. Some associations strive to
Eolvo the problem by restricting the Issue
of now shares, others by refusing share
to Investors; still others keep their bal
ances down by forced withdrawals of free
shares. All seemed averse to taking the
bull by the horns and reducing Interest
rates.
The meeting of the league was the mo3t
Interesting of its history because pros
perous times brought home to association
managers Important questions requiring
extended discussion, explanation, and Inter
change of experiences. Only four formal
papers were read, the remainder of the ses
sion being devoted to discussion of local
conditions. These discussions arc exceed
ingly valuablo to association wen. They
bring new ideas to the fore; remove ob
stacles In the path of new associations;
solve many questions that perplex indi
viduals, and serve to educate participants
In the sound principle governing co-opera
tive associations. "It is not merely In
dollars and cents," said President Bentley,
"nor in statistics or any kind whatever
that the highest and best work of the
league Is to be measured. Far more to the
credit of this league than mere material
prosperity Is tho success that has resulted
from its efforts in the clarification of our
Ideas In regard to bulldlug associations, In
the search for and study of equltahlo
methods of organization and advantageous
methods of conducting business. Besides
the educational advantages that we our
selves have derived from tho membership
of the league, wo have had the satisfaction
of disseminating, with no small degree of
uccess, correct views on these topics that '
wo hold to be to essential, not only to
the welfare of building associations, but to
the welfare of the communities In which
th'cy aro located."
lu If U Aurli,
The question of "quick assets," which Is
being widely discussed In the east, called
out, n variety ct opinion. In his report of
the proceedings of the United States
league, held at New Orleans last Feb
ruary, T. J. Fltztnorrls detailed the senti
ments expressed at that convention, which
were strongly averse to the proposed inno
vation. I3y qulqk assets is meant the in
vestment of the surplus moneys of associ
ations In bonds, warrants and like securi
ties of high character, which could be
converted Into cash as soon as the demand
for loans Increased, "In considering the
question of quick assets in its broader
phase." said Mr Kltzmorrls. "the fact must .
not bo forgotten that building and loan I
associations are favored and fostered by j
law to assist their members in procuring
homes. For that purpose they were
founded; for that reason they were given
privileges and exemptions by the state.
When they are converted Into mere money
making societies for investors by obliging
borrowers to pay all the trafllc will bear,
they become Instruments of oppression to
those they were designed to benefit, and
grossly violate the beneficent Intent of
fostering laws. If we add to the systems
now in vogue the purchase and sale of
bonds, warrants or like securities under the
mistaken belief that such Investment will
keep up the profits of Investors, it does
not require the gifts of a prophet to fore
see more losses than gains."
President Bentley expressed the opinion
that an amendment to the state law would
be necessary before associations could In
dulge In quick assets, and If such an
amendment was sought there is no telling
how far the wedge would be driven. Still
he favored continued effort to secure con
servative modification of tho law to allow
associations more freedom. P. L. Hall,
former secretary of tho State Banking
board, now a Uncoln banker, and C. F.
Gllmore of Omaha, regarded quick assets
as a desirable feature of association busi
ness, as such investment would absorb
surplus cash during those periods of ea.h
year when building operations are slack.
The legal obnaclen to Its adoption In Ne
braska, however, rendered the discussion
somewhat futile, but it served to show the
trend of association thought.
Trend nt tlic Time.
In the five-hour discussion of Interest
rates mau Interesting opinions were ex
pressed and every phase of the question
dissected. President Bentley called atten
tion to a historic coincidence, bearing -u
present financial conditions. During tho
eighteenth century, he said, the British
government undertook to refund the public
debt at a lower rato of interest. The ru
duction amounted to 2 per cent. This ut
into the incomes of thousands of people
Immediately they sought more lucrative tn
vestments for their money, and the result
was the floating of stocks and bonds nt
wildcat character and an era of specula
tlon with the Inevitable disaster. He pro
tested against being classed as a pessimist.
I yet present conditions In the United States
closely paralleled that of Great Britain In
tho eighteenth century. There is the fund
ing of the government debt, followed by
widespread speculative fever and unex
ampled Inflation of securities. P. L. Hall
another banker, expressed a similar line tf
thought. In his opinion the present abunO
once in the money market would not long
continue. A reaction from the speculative
mania was as certain as that day followed
night, we are loaning money to foreUn
governments and contributing means to ,-e
Uevo tho financial stress in Germany and
England. Already there are signs of
tightening money market, which in time
will make Itself felt In the west. He
thought It prudent for associations to so
slow and not make radical reductions in
Interest rates.
KfTei't of Intrret lleilurtlon.
The effect of a reduction of Interest on
existing contracts was explained In Its
legal and material aspects. It was pointed
out that associations, being mutual, all
members must be on an equality, Jf a re
duction Is made It must apply to all. ThU
was admitted to be the basic principle of
a mutual association. Yet several delega'es
combated the Idee of applying a reduction
to existing contracts, but were obliged to
admit that a borrower could pay off his
loan and borrow at the new rate. It wo'iU
be far better for the asoclatlons to apply
the reduction to all contracts than to
oblige borrowers to demand their rights
under the bylaws. !
The legal phases of a change In lnterit 1
rates received considerable attention, if
new mortgages were necessary the change
involved considerable expense and labor. It
meant also a considerable reduction In is
soclatlon assets. Every mortgage rewrit
ten would be for the amount of tho prin
cipal found due at the time, and as bor
rowers pay a part of the principle weekly
or monthly, it will be seen that there would
be a material falling off in tho principal,
which, added to tho reduced interest rate.
would mako a severe cut In the earnings
and hit tho Investors below the belt. The
belief prevailed that tho chance could lio
effected by a signed agreement between
borrowers and associations, and that phase
of the question was turned over to asso
ciation lawyers. That some reduction mut
be made was generally admitted, but the
amount ann tho manner must be deter
mined by the environment of each association.
Mmnllfy tlir Method.
Mr. P. H. Hall urged the associations to
simplify their business methods so that the
people at large can readily comprehend
them. "It Is no longer necessary," he
said, "to cover up a high rate of Interest
with premiums, membership fees. etc. Pre
miums should be abolished entirely, as
should membership fees. Let the rate of
Interest to be paid by the borrower be
fairly and frankly stated. Abolish entirely
the payment of Interest on stock. Let the
principle of mutality reign supreme and
each shareholder share In the earnings of
an association according to the amount in
vested and the time which It is in
vested.
'I feel at this time." cont nutd Mr.
Hall, "like raising a warning voice to
building and loan people of this state by
calling attention to the fact that we ap
pear to be on tho eve of another era of
expansion of values, such as characterized
the period embraced between the years
1SS 7 and ISM. And it behooves the build
ing and loan reople of this state to guard
well their trust and not permit funds of
their associations to be loaned upon values
fixed by real estate speculators or the
gambler In futures. While as yet In this
state property values have not rlacn above
a normal basis, yet with continued good
crops nnd increased redundancy of money
the wild fever of speculation may sud
denly break forth. A building and loan
association, construed as It Is. can defy
drouths and panics tf It Is properly pro
tccted during periods of expansion and
speculation. Carried through the latter
periods with judgment and discretion an
association will stand like a rock when
other financial Institutions sink in despair."
Court Declnloiis.
In an exhaustive summary of court de
cisions affecting building and loan associ
ations throughout the country. C. F. Gil
more of Omaha called attention to questions
determined by Nebraska courts, and those
that are pending. In 1S59 the state supreme
court held that In an action of foreclosure
by a foreign association tho rate of Interest
which It may contract for and which It may
collect Is not regulated by the building
and loan association law of ISM. that
law being applicable only to domestic as
soclatlons. With respect to Interest, they
are governed by chapter U of the compiled
statutes, and If more than 10 per cent has
teen contracted for or received, the penal
ties Imposed by that chapter for contract
ing and re:elvlng usury should be en
forced. In a prior decision the court held
the act of 1S91 to be constitutional In ex
empting domestic associations from the
penalties of usury. What appears to be
the most Important question now before
our supreme court is from Douglas county
and which Involves mortgages made under
the original homestead act of 1673. The
holding In the lower court In that case was
HouiimoTtr tfaj Be Held Responsible far
Little Electrocution,
that the old law was unconstitutional for j n IV Ds-DVPU 1C IVVHT VP" H
the reason that the title did not embrace.il, Hi DnlulUJU J.J lllULLiU
all matters contained In the act A de
cision In this case Is expected before many
months.
Prior to tho meeting n number of dele
gates, In a body, called on members of the
State Banking departmeat and Its secre
tary, E. Royse. The latter attended both
sessions of the league and expressed his
purpose of heartily co-operating in the
work. It was the purpose of the state
board, he said, to encourage home associ
ations, to foster home building co-operation
and by strict enforcement of the law to
secure to members the protection the law
intend to give. Any foreign association
seeking to do business In Nebraska would
be required to comply with both the letter
and the spirit of the law.
COVVUMAMTIKS.
CITY PROSECUTOR SWEARS OUT COMPLAINT
Ilurnuiu, It la Aliened, la Onllty
df Violating nn Ordinance
IleliltUe to Klectrlc
Wlren.
PHnro ttonrv nf Orleans, son of the D'JC
df Chartres. who served in the civil war
on the etaff of General McClellan, Is on his
way to this country oy way oi japan aiicr
n miir in th. rnst nnd it Is current rumor
in France that his object In coming here is
to secure an American Driae.
Father Srnllv nf St. Mary's parish, UOS-
tnn in!rtnln ileen-roOted dislike for lay
bachelors and" on occasion has preached at
them. Now he has gono a utep luruier
ri mi nnnnim ihnf in future unmarried
men between 25 and 35 in his parish must ing a large two-story house along Twenty-
City Prosecutor B. F. Thomas Saturday
filed a complaint against H. W. Barnum,
housemover, charging him with negligence
of duty and violation of city ordinance.
If Barnum is found guilty of the charge
preferred against him the responsibility of
the death of Owen H. Little will be fastersd
upon him. Little was an employe of 'he
housemover. Early Friday morning he was
electrocuted while attempting to thrust
aside a live electric wire In order to permit
the moving of a house under the obstruc
tion. Little and a gang of workmen had bem
working during the night Thursday in miv
i i i i v t, nven a w w ... ' i i 'n o w
pay $23 annually to some chanty. Hetwt'en ourth street. By 4 o'clock In the xnorn'ng
&ft&VW the house to the corner of
escape, as no wom,n would care to marry
tnem tnen.
A curlou" marriage was recently cele-
urateil nt CirocholetS. in i.omnu, untie u
Twenty-fourth and Dodge streets. There !t
encountered the electric light wires uti
could be moved no farther. Little climbed
to the roof of the house, grasped hold of
was dead,
Ordlnnncp Cover Cnoe,
There Is a city ordinance which provides
urateu at iirocnoieis. m "'i,' . I to the root of tne nouse, praspcu aom o;
E0.!" J V2e JJE2 J?!.? '1, thi ssSitlM wires and called to the men that ovo.-y
guests Invited to the wedding were eleven I thing was all right. In another ln3tant Ho
sons of the bridegroom by former mar- i ur0pped nke a log and when the other
granacniwren, tnirty-nine greai k"""
dren. twenty-one children of the fourth
generation and four of the fifth.
v i V. .AcLlaa In Ml o u-nBt.
r.nr, t iL,A rnnntv. North Dakota. , that any housemover who has occasion to
was awaKenen oy a ouns cuuuio uw uum i move a structure unuerneain eieciric ngni
olS rhewlrealnwmfng
tlce nrose. and. upon examining the license, companies owning the wires In writing
found that It had been Issued In Stark twelve hours previous to the time of the
fffl?!"" li1.?.?0-. I movlnp. It is tho duty of the companies
sistent that he 'decided to drtvi to the 1 so notified to arrange the wires so they will
county line. and. while they sat In the j not be an obstruction
buggy In Stark county, tie pronounced the An lnvestlgatlon of the matter by City
marriage ceremony to them in Morton progecutQr Thoma8 revcaled lhe fact that
Rumors current In the southern colony In Barnum had given no notice to the electric
New York City have to do with the atten- ' ught company of bis Intention to move the
tlons of Lieutenant Ulchmona llobson of b fl D wlres at Twenty-fourth md
aVr streets. The ilne provided for
engagement will soon be announced. Miss . tlon of this ordinance Is from i2o to $100.
Graves Is accounted the most beautiful , .j,l3 cabe however, the fine will be an
woman In Birmingham There are those I ln .... narnum Is
enthJslastle enough to ay she Is the most inconsequential matter in case uarnum la
beautiful woman In Alabama. Others aro : found guilty. If It Is proven that through
extravagant enough to rate her the most i negligence death came to one of his em-
ueautliui woman in tne souin. ui meae me ..,. fmtnrinHnn will in laid fnr a
gallant naval constructor Is one. She is Ployes the foundation wni be laid for a
slender and not tall Her beauty Is In her i suit for damages. Little was a man of
dark eye full of the alleged poetic tiro of I family, leaving a wife and three children,
the south, her abundant hair, bright aw a . " cwnnson will hold an lnniimf
tmrni.4h.Hi rh.tm.t her rienr. n Hva com. 1 Coroner bwanson win noio. an inquest
plexlon and remarkably regulnr features. Monday ln the case of Little s death,
she is a violinist of promise and until re- 1
V. B. Conkiin, uowersvme, u., says: -j
received more benefit from Foley's Kidney
Cure than from months of treatment by
physicians.
ITS NAME IS A "HANDICAP
Ferry llomt Ovrnrra Apply for Permis
sion to Eliminate the Title,
"V. J. Ilrnn."
The owners of the ferry boat W. J
Bryan, plying between South Omaha and the
east side of the Missouri river, have ap
plied to Commodore Wing B. Allen of the
collector of customs office for permission
to change its name, giving as a reason the
fact that the cognomen has lost the signifi
cance It bad at the time it was bestowed
a year ago.
The commodore turned to the nautical
laws on the subject and found that per
mission could not be granted. Five years
must elapse, says the authority, after the
christening of a craft before the name cm
be changed. Despite this hardship the
owners will continue to operate tho boat.
JONH M. THURSTON AT HOME
Acconipnttlril h' Mra. Thornton, the
Kx-Scnntor Tnrrlea Ilrleily In
the City.
Ex-Senator John M. Thurston and wife
arrived yesterday from St. Louis, where
they have been spending several days, and
are now at the Her Grand. They will re
main In Omaha until tonight, when
they will start on their return trip to
Washington. The senator expects to be
In San Francisco by the middle of May,
where he Is to appear as counsel ln a law
suit. Senator Thurston Is one of tho govern
ment commissioners of the Louisiana Pur
chase exposition, to be held In St. Louts
ln 1S03, and is enthusiastic over Its pros
pects. "It looks as It It would be the great
est exposition ln the history of tho world."
said be. "More money Is available before
the work is commenced than was ever ap
propriated for any other exposition. The
local company has considerably more than
$5,000,000 In stock subscriptions; tho clt'y of
St. Louis has appropriated $3,000,000, and
the general government has appropriated
$5,000,000. This makes something more
than $15,000,000 as an absolute donation.
"Besides Its $3,000,000 appropriation the
government has donated an additional
$230,000 tor a government exhibit; the state
of Missouri has given a large sum for a
state exhibit: tho lower house of the Illinois
legltlaturo has appropriated $250,000, and
the Kansas legislature has advanced $100. -000.
Other states have or will mako appro
priations before their legislatures adjourn
All this Is on a much larger scale than was
done for the World's fair."
Senator and Mrs. Thurston will mako
their headquarters at the Her Grand during
their stay In the city, as their home at
Twenty-fourth and Farnam streets Is under
going repairs.
BABY TAKES STROLL BY NIGHT
cently had plans for a professional career
The bride-elect of Major General Corbln
Is the third of the five daughters of the
late Mrs. John Patten. She was born In
California, and educated In the Convent of
the Sacred Heart, In Paris, where she and
her sisters were placed on the death of her
father, who was one of the successful
pioneer gold miners of the Pacific coast.
The family returned to Washington some
ten or twelve years ago, when Mrs. Putten
built their present home. Massachusetts
avenue. Miss Edyth Patten Is an accom
plished linguist, speaking French with more
ease than English; is a good whip nnd
horsewoman, and an nmateur golf player.
The tlrat high nuptial mass ever per
formed within the walls of a cloister ln the
United State vrna celebrated last Wednes
day on the occasion of the wedding of Mls.i
May Matilda O'ltytn of Silling, Quebec, at
the convent of thu I'rsillnes at Bedford
Park. New York. 7'he bride, a very beauti
ful brunette. Is a member of one of the
most prominent families In the province of
Quebec and an heiress in her own right.
She has for seven.l months been staying
with her sister, Mother St. Michael, at lhe
convent at Hedfovd Park, The groom Is
Dr Oustava Arthur Taschereati of St Fer
dinand, Canada. He la a nephew of the late
Cardinal Taachereau of Canada.
Trro-Yeur-Old Child Wnmlera Con-tcntedlj-
AIoiik CreeU While
.VelRliliiirhoixl In I)l(i noted.
Two little daughters of Charles Larson,
Forty-sixth street and Lafayctto avenue,
wandered awa- from home Friday even
ing about 7 o'clock. The older of the two
children was found on a neighbor's porch
an hour later. The younger, a little tot 2
years old, could not be found. All the
neighbors were enlisted ln the search for
tho missing child. With the aid of torcbos
and lanterns the search was continued far
into the night.
The parents were distracted. They
thought that the littlo one had fallen Into
Saddle creek and drowned. Shortly before
midnight sho was found walking leisurely
along the bank of the creek about a milo
north of her home. The child was not cry
ing and seemed to be enjoying her little
excursion Into strange territory.
MISS T0BITT GOES ABROAD
I'ulillo Iilltrnrlnu l.enres Today for
n Tour of Kuropeuii
Conn trim.
Mis Edith M. Tobltt left at S yesterday
afternoon for a visit of three months In
England and on tho continent. During the
absence of the public librarian tho Institu
tion will be left In charge of Mlsa Burstall,
ono of her assistants. Miss Tobitt will
reach New York by way of St. Louis and
Cincinnati and will sail on the liner New
York next Wednesday, She will spend a
month with relatives ln tho south of Eng
land, and will then proceed to Paris, where
cho will Join friends.
Uk WHEN A
B YOU fl
W FEEL DULL
Tired, nsuseited and low srliltti,
the michlntry of the tody Is cloud
up somewhere. You should take a
few doses ol
PRICKLY
ASH
BITTERS
It Is a thorough system clesnser and
will nike you feel bright, vigorous
and cheerful.
OLD AT DRUCCISTf.
Irlc, M0.
I
41 JULUS SlIOUTKtrr TU
ST. LOUIS,
TheSt Louis CannonBall
Leaves Union Etatlon dally 1: 11 p. m.
Arrives ln St. Louis 7.00 o. is
us mili;s sikihtj;st TO
UL'INCY.
TheQuincy Express
Leaves Union Station dally at 7:00 a. m
Trains leave dally for St. Louis, Kam s
City, Qulncy And all points East or So:
Tickets to all points In Europe via -lines.
Call at O. r Ct. L. city offlcs, m
Farnam Street, Paxton Ilotol Blk., or v
Harry E. Moores,
C P. T. A.. Omaha
HBBBBBBat SaaSrBIBBBBBaflnrSIBaBBBBBBBBBBBBBB,
Are You Deaf??
All m of PKAFNKSB or HAROHKARINQ
IMS as ssitivuSa &
Itosemont, Neb., Nov, B, 13.
Dear Sir: I can now bond you tho pleas
ant news of my complete euro, I havo pur
posely waltid so long In order to fu,ly con
vlnco myself that It is not merely tempi r
(try, but permanent. I was almost it .if.
und thanks to your cxre,cnt treatment I
waa cured In 9 weeks, nt.d I can racoir,.
mend your remedies hui..y to suffori.n
humanity.
I thai! tako pleasuro In rmommendlnj
you whenovcr and wherever an opnortu.
nlty presents Itself, und remain thankfully
yours,
ilEHKNO nrtAlER. IloHemont. Neb,
lyrsJIl.N.VTIO.NAI, AIIIA1, CM.MC,
CUU La bulla Ac Dopt, U10, Clileugo,
