The Secretary's annual report was followed by that of the Treasurer.

The program was then carried out as follows:

Address, "The Land Bank of the State of New York, Its Scope and Effect on the Building and Loan Movement," by Edwin F. Howell, New York City.

Discussion, "Rural Credits and Farm Loans," opened by K. V. Haymaker, Defiance, O.

Address, "Joint and Survivor Accounts," by Chas. F. Benjamin, Washington, D. C.

Address, "The American Building and Loan Association: Its Birth, History and Evolution," by Jas. M. McKay, Youngstown, O. Address, "The Commonwealth's Method of Auditing," by Oreb M. Tucker, Chief of Co-operative Bank Division, Boston, Mass..

Address: "Examination," by Mr. Thompson, of the Insurance and Banking Department of New Jersey.

Address, "A Building and Loan Clearing House,” by Leon Martin, Berkeley, Cal.

Address, "Education of the Public to the Building and Loan Plan of Thrift," by Mark D. Rider, Chicago, Ill.

Address, "Building and Loan Associations in the United States; Practical Co-operation for Home-owning and Saving," by Archibald W. McEwan, New York.

Address, "The Attitude of the American Government and That of the States Toward Building and Loan Associations," by Henry S. Rosenthal, Cincinnati, O.

Address, "Sentiment: Not to be Overlooked in the Conduct of Our Institution," by G. Cullen Sullivan, Anderson, S. C.

San Francisco, Cal., was selected as the place for the next meeting, the time to be designated by the officers of the League. Mr. Leon Martin, of California, was elected as representative to the Insurance Congress of the Panama-Pacific Exposition.

The election of officers for the ensuing year resulted as follows:
President-Charles Eugene Clark, Covington, Ky.
First Vice-President-Herbert W. Pinkham, Quincy, Mass.
Second Vice-President-George F. Gilmore, Omaha, Neb.
Third Vice-President-L. L. Rankin, Columbus, Ohio.
Treasurer-Joseph K. Gamble, Philadelphia, Pa.
Secretary-H. F. Cellarius, Cincinnati, Ohio.
Assistant Secretary-E. L. Keesler, Charlotte, N. C.

EXECUTIVE COMMITTEE.

Lake W. Sanborn, Galesburg, Ill.
L. M. Studevant, Sidney, Ohio.
W. G. Hayes, Fitchburg, Mass.

Frank B. Kingsbury, Corning, N. Y.
Joseph H. Paist, Philadelphia, Pa.
Irving B. Rich, Jackson, Mich.

A. L. Gutheil, Shelbyville, Ind.
Geo. C. Walshe, New Orleans, La.
Thomas A. Barker, Louisville, Ky.
W. R. Adair, Omaha, Neb.

C. S. Hartough, Leavenworth, Kan.
F. D. Denlinger, Cedar Rapids, Iowa.
G. R. Wootten, Hickory, N. C.
Chas. F. Benjamin, Washington, D, C.
H. R. Graham, Milwaukee, Wis.
Jos. A. McNamee, Atlantic City, N. J.
B. M. Spratt, Chester, S. C.
Raymond R. Frazier, Seattle, Wash.
Leon Martin, Berkeley, Cal.
Burton McGinnis, St. Louis, Mo.
J. H. Bilheimer, Little Rock, Ark.
J. N. Standish, Bridgeport, Conn.

North Carolina League Meeting.

The eleventh annual meeting of the North Carolina Building and Loan League convened with a large attendance in the assembly hall of the Seashore Hotel at Wrightsville Beach on July 8 and 9. In his annual address, President E. L. Keesler, of Charlotte, said among other things:

"Eleven years ago, in this building, this organization had its birth. Its object then, as now, to disseminate through North Carolina and the South such knowledge as we possessed along the lines of the poor man's finance; to gather encouragement and strength from legitimate association and co-operation in devising practical ways and means of inducing the masses to become savers rather than reckless spenders, to become home-owners rather than tenants, to convert the transient, the bird of passage, so to speak, into a resident, a fixture; to stimulate thrift, economy and ambition in the youth of our land. We believed then, we believe today, that these are essential elements in real progress, individual and collective. Nor do we confine the word to its financial aspect. Surely it reaches also into the domain of education and religion. Society and citizenship generally have felt its ramifications and never to their detriment.

"Annual meetings have been held regularly and consecutively during these eleven years, and while North Carolina has not been so progressive as the Northwest in this and in other important matters, progress has been made, and today, in my judgment, no state in the Union has more steadfastly, persistently and successfully held to the true fundamentals in this great building and loan endeavor than has our own. We have not permitted, to any great extent, the introduction of fake schemes and unwise and impractical financial fads to invade our state. Our associations have not, as have some in other states, invaded the banking realm, and so long as the banks continue to take care of their clientage and to favor means of reducing rather than advancing rates of interest, it is hoped there will be no departure from this custom.

"I have no accurate data as to the building and loan strength in this state prior to the organization of this League, but I am safe in saying the growth and development have been very pronounced since that date, and that this condition is largely due to the patriotic and unselfish efforts of

the associations composing the League and of those which have not as yet affiliated with us.

"Since our last meeting we have labored somewhat zealously in an effort to get relief from the blighting influences of state, county and municipal taxation, which is greatly retarding the growth and expansion of this beneficent cause in every section of the state, and especially in those localities which have been without these institutions. In addition to other work along the line of taxation, and in accord with a resolution of this League at the last meeting, a concise and strong brief was presented before the committee on constitutional amendments at Morehead City, supplemented with oral argument. The subject was later taken up before the whole committee in Raleigh, with the final result that no specific action towards the relief sought was recommended, but it was contended and pointed out by the legislative committee that certain sections and clauses, which would be recommended, would make such exemption legal if enacted into law. Such is our present tax status. I will say, just here, that if the men chosen to shape the destinies of the Old North States, to formulate its governmental policy, do not get a broader vision of things pertinent to the common weal, this and other worthy causes cannot and will not flourish as they deserve to do. The great states of New York, Pennsylvania, Massachusetts, Wisconsin, and others, encourage these institutions not only by relieving them of taxes, but in other ways of a practical character, while North Carolina, in vastly greater need of the good offices of such associations than the states above named, sits supinely calm, and lets the golden opportunity pass her by."

The report of the secretary and treasurer, A. G. Craig, was also made at the afternoon session.

The night session was devoted to a discussion of matters of particular interest to building up work of the local association. Splendid addresses were made by W. E. Webb, of Statesville: John W. Gulledge, Wadesboro; É. B. Claywell, Morganton, and R. A. Nunn, New Bern.

During the second day's session Mr. J. B. James, of Greenville, submitted reasons why every association in the state should be a member of the League, the keynote being co-operation. The importance of attending annual meetings was emphasized by John M. Cooke, of Burlington. "What Is Building and Loan," was the subject of a fine address by R. E. Cochrane, of Charlotte.

Dues to the League were fixed on a graduated scale varying from $5 to $15 a year, depending upon the number of shares in force by associations. Most of the associations of the state will pay only minimum dues.

The association endorsed the proposed state constitutional amendment relative to taxes which, it was pointed out, will serve to lighten the tax burden of individual associations. Each association in the state is to be asked to contribute $5 for a campaign fund for advocating the passage of this amendment.

Asheville was selected as the next place of meeting.

E. L. Keesler and A. C. Craig, both of Charlotte, were reelected president and secretary of the League. Other officers were named as follows: First vice-president, W. E. Sharpe, Burlington; second vice-president, John Dunn, Dunn; third vice-president, J. B. James, Greenville; executive committee, A. L. Smith, Charlotte; J. M. Cooke, Burlington; John W. Gulledge, Wadesboro; A. L. Forbes, Asheville.

Omaha Associations Prosperous.

Prosperity of building and loan associations in Omaha is bringing continued satisfaction to their stockholders, in the semi-annual disbursement of dividends, for the first half of this year. Checks were mailed for their stockholders, based on the semi-annual profits, amounting to $564,370.

The Conservative leads, with dividends of $230,000; the Omaha comes next, with $166,000, and the Occidental next, with $120,000, the Nebraska, Bankers, Commercial, Prudential and State each showing their share in the business that enables them to continue paying 6 per cent annually, contribute to the grand total of over half a million.

Omaha passed Dayton, then the largest building and loan city in the United States, some time ago, and has now over $20,000,000 in its building and loan assets. Not all of this, of course, is stock; some is reserve, some undivided profits. The Conservative and the Omaha own their buildings and there are other items in each association's business which do not go into distribution of profits each half year.

The Conservative Savings and Loan Association, rated the largest in the world, has resources of $8,655,251 and reserve of $225,000.

The Omaha Building and Loan Association has assets of $7,640,516 and reserve fund of $145,741, and the Occidental, the largest doing business all over the state, not confined to Omaha business, has assets of nearly $4,000,000 and reserve of $150,000. -News.

New Mexico.

The report of the traveling auditor of New Mexico on the building and loan companies of the state for the past six months shows total resources of $1,500,000.

The Character of Borrowers.

In making loans it is necessary to know something about the paying abilities or paying inclinations of the borrowers, as well as the value of the real estate collateral. Frequently the valuation committee is perfectly satisfied that the loan is a good one so far as the property is concerned, but afterward discover that the borrower is a poor payer. When too late it is discovered that the loan was obtained to pay off an old loan elsewhere, with considerable debts owing, and the minute such a borrower secures the new loans he falls into the same old habit of getting in arrears, and finally the association gets the house, in poor condition, with back taxes owing. It is well for the association to know something about the character of the borrower.

A Monument to Thrift.

The Home Building and Loan Association of Aurora is to be congratulated upon the successful completion of its handsome new home in Main street. The building is an architectural ornament to the city and the progressiveness of its promoters and builders is in evidence on every hand. Neither pains nor money has been spared to make the structure as attractive as possible, at the same time providing for the easy carrying on of business.

The loan and building association, is one of the greatest assets the United States has. The small savings is the backbone of every home-loving community and the city of Aurora has hundreds of homes today simply because the Home and other associations of its kind have conservatively handled the savings of the people.

Perhaps the most commendable feature of the building and loan association in Illinois and other states is that they are conducted upon an economic plan. Under the Illinois law no director of such an association can serve for pay. And yet there are always able and conscientious men in the community who are willing to give their time to the upbuilding of an association because it is a mutual concern. During the thirty-two years' history of the Home Building and Loan Association of Aurora many of the most prominent men of the city have served upon the board and several of the original members are still active in directing affairs.

The Home association has best demonstrated the purpose for which it operates by erecting a home of its own. It will stand as a monument to the thrift of the people of Aurora.—Aurora (Ill.) Beacon-News.

The Value of Active Directors.

Building and loan associations by their peculiar organization do not, as a usual thing, appeal to the general public for membership. In most cases organized in localities which are home centers, the directors represent the different elements from which the membership is recruited.

The best advertisement that these institutions can have is a board of directors, every member of which is thoroughly conversant with the affairs of the institution and can so have full confidence in its management. If every member of the board knows the character of every loan investment, its location, its margin of safety and the personal characteristic that must go behind a loan of this kind, the institution is safe. He shows his confidence in the institution by asking his friends, neighbors and those with whom he comes in daily contact to place their savings in it.

In every financial institution the strength and stability are measured by the standing and character of its directors. In the local savings and loan associations the directors take their duties seriously and are always willing to sacrifice their time in the investigation of proposed mortgages and the auditing of accounts.-Ex.