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THE UNITED STATES COMMISSION

TO THE
INTERNATIONAL CONGRESS OF BUILDING ASSOCIATIONS
TO BE HELD IN LONDON, ENGLAND, AUGUST 11, 12, 1914

Building Association News

A MONTHLY MAGAZINE.
OPPICIAL ORQAN UNITED STATES LEAQUE.

OFFICES:
16 WEST SIXTH ST., CINCINNATI. 314 S. CANAL ST., CHICAGO.

SUBSCRIPTION, $2.00 PER ANNUM.

CANADIAN AND FOREIGN, $2.26.

26 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.

APRIL, 1914.

No. 4

Health Statistics Show Improvement. A VERY satisfactory condition of the public health in 1913 is indicated by the general death rate of 13.8 per 1,000 of estimated population in the registration states and cities, statistics for which the census bureau has announced. The rate for the same territory in 1912 was 13.6, and in 1911 was 13.9 per 1,000.

Of the eighteen registeration states, Maryland, with 16.3 per 1,000, showed the highest rate; Minnesota, with 10.7, the lowest. Other states' rates were: California, 13.4; Colorado, 11.9; Connecticut, 14.4; Indiana, 12.6; Kentucky, 13.4; Massachusetts, 14.7; Michigan, 13.1; Missouri, 12.4; Montana, 13.0; New Hampshire, 14.1; New Jersey, 14.7; New York, 15.2; Ohio, 13.1; Utah, 11.6; Vermont, 12.6; Wisconsin, 10.9.

Of the forty-five registration cities, Portland, Ore., with 11.0 per 1,000, showed the lowest rate; Memphis, with 22.9, the highest.

The large increase in home ownership, due to the building associations, are to a great measure responsible for the large improvement in the health of the people.

Ohio League Meeting. The annual meeting takes place at Cedar Point, near Sandusky, on August 11, 12 and 13, 1914.

Directors, officers and secretaries are invited to be present with their families.

An interesting program is being arranged which will be announced shortly.

Proposed Rural Credit Legislation.
By PROF. HOMER C. PRICE, Dean College of Agriculture,

Ohio State University. SEVERAL bills have been introduced into Congress providing for improving the credit facilities of the American farmers. The most important of these, and by far the most comprehensive, is the Moss-Fletcher bill which has been introduced in the House by Hon. R. W. Moss, of Indiana, and in the Senate by Hon. D. U. Fletcher, of Florida.

Both men were members of the commission appointed by President Wilson last year to go to Europe to study rural credit legislation. The bill embodies the recommendations of the commission for legislation, and is distinctly an administration measure.

The bill only attempts to provide credit in farm real estate, and the commission says that “after a careful and thorough study of the two problems, the commission decided to draft a bill dealing exclusively with mortgage credit, and that the requirements of personal credit could be more suitably met by a separate measure.” This doubtless is a wise conclusion, and is in accord with the plan followed in the European Countries. The Moss-Fletcher bill embodies to a remarkable degree the good features of the European credit institutions and adapts them to American conditions.

The bill provides for the establishment of two types of banks -a “National Farm-land Bank,” a joint stock company, and a “National Farm-land Bank Co-operative," a co-operative organization. Both types of banks are established on charters granted by the Federal Government, and are under the supervision of the commissioner of farm land banks, an office to be established in the Department of the Treasury.

The banks are permitted to organize on a minimum capital of $10,000, and to issue national land-bank bonds not to exceed fifteen times their capital stock and surplus. The amount of bonds outstanding at no time to exceed the amount of farm mortgages or deeds of trust held by the bank as security for the bonds. A bank with a capital stock of $10,000 could make loans and issue bonds to $150,000, or fifteen times the capital stock.

Loans are limited to fifty per cent of the value of improved property and forty per cent of unimproved, and must be made within the state in which the bank is located for the following purposes and no others.

(1) "To complete the purchase of the agricultural lands mort

gaged."

(2) "To improve and equip such lands for agricultural pur

poses."

Loans may be made for a period not exceeding thirty-five years, and if for over five years, they must be amortized with payments made with the interest at a rate that will repay them in thirty-five years. But at any time after the loan has continued five years it may be repaid in part or in whole at any regular interest paying period.

A limitation on the interest rate that may be charged to the borrower is fixed at one per centum above the rate borne by the national land-bank bonds. The one per centum to cover all costs of administration. The success of the system will depend upon whether credit can be furnished at a lower rate of interest than is now afforded by any of the existing institutions, to accomplish this the bill proposes the following tax exemption provision :

“Sec. 18. That every national farm land bank incorporated under the terms of this act, and the capital stock and surplus therein and the income derived therefrom and the mortgages and deeds of trust (and the notes and bonds secured thereby) held by said bank and the national land-bank bonds issued by the same shall be exempt from federal, state and local taxation, except in respect to taxes upon real estate.”

If the above provision is enacted into law there is no doubt that national farm-land banks will at once become popular and the national land-bank bonds a favorite investment and will find a ready sale at a low rate of interest and the limitation that the farmer shall not be charged interest more than one per centum in excess of the rate borne by the bonds would insure farmers getting credit at a much lower rate than is now possible.

In addition to the land mortgage business national farm-land banks are permitted to carry on a general banking business, and there seems to be no reason why a large number of the small national banks that are now doing principally a rural business should not change their charter and become “national farm-land banks."

Doubtless there will be some modifications and amendments of the bill before it is finally adopted, but in its present form it presents a comprehensively drawn piece of constructive legislation that if passed will have a far-reaching effect on American agriculture.

IN MEMORIAM. GEN. C. W. TILDEN, OF HALLOWELL, ME. In the death of Gen. Tilden the building associations of Maine have lost an active member. Gen. Tilden had been president of the Maine League of Building Associations for several years; also president of the Hallowell Loan and Building Association, and was highly respected throughout the state of Maine.

Sixty-first Annual Report of the Halifax Permanent

Benefit Building Society. The assets of this association now represent the total of £3,505,737 ; undivided profits of £140,589. The number of open accounts represent 44,230, having increased 28,279 in the past ten years.

Reference is made to the Home Safes as follows: "The small savings department has enjoyed increased popularity and there were in the hands of depositors on the 31st of January, 1914 3,358 of the special steel safes issued by the society for home use. The amount received during the year in this department was £44,210 19s. 8d., and the amount of capital now accumulated is £89,447 10s. 6d.

Messrs. Whiteley and Hill are pleasantly remembered by their many American friends who are looking forward to meeting them again at the coming International Convention, with a great deal of pleasure.

It will be noticed under the items of disbursements this progressive association for the matter of advertising and printing, etc., spent the sum of £13,227.

How Omaha Rebuilt the Tornado District in One Year.

We are indebted to the Conservative Savings and Loan Association of Omaha, Nebraska, for a beautiful illustrated booklet showing the destruction wrought by the tornado on Easter Sunday, 1913, together with views one year later.

The wonderful reconstruction in such a short space of time was doubtless due to the fact of the prompt settlement of the Insurane Company of North America, of which Mr. W. N. Johnson is general agent at Chicago. This company promptly paid the “Conservative," of which Mr. Geo. F. Gilmore is president, $80,000 to adjust tornado policies, which made it possible to promptly handle the losses sustained by its membership to their entire satisfaction.

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