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a decrease of 998—making an aggregate of such loans, reported since 1893, of 42,806.

The percentage of expenses (salaries and other expenses) to average loans in force was 1,398.

The commissioner sounds a warning against so-called “Contract Companies,” which are patterned closely after the original "Nationals,” with all their objectionable features, supplemented by others skillfully devised to hoodwink the public for the special benefit of the promoters, by the use of contracts having upward of twenty conditions, in lieu of shares of stock governed by by

laws.

“They do not depend upon the legitimate earning of their current business to meet their expenses, but they assess this burden on the investor in their contracts and make him the "goat" under any and every condition; and if the investor gets tired of waiting until "the loan is ready” and lapses in his payments, they forfeit the contract and cooly appropriate the payments made.

“Their big drawing card is 'cheap money to loan,'—usually at three or four per cent per annum, but everybody knows or should know that there is no money to loan in small amounts on real estate security at either of these rates. Occasionally some one may be lucky and get a small loan, but usually the borrower has to pay a premium for the privilege of getting a loan and the amount of that premium will determine if he pays 4, 5, 9 or 10 per cent per annum for the net amount of money he actually gets.

“Taken as a whole these corporations are among the most plausible, but unscrupulous frauds and fakes ever foisted upon the public; their promises are many and flattering, but they never yet rose to the dignity of dealing in fairness with the public. The laws should be amended so as to effectually reach them and prevent their operation either direct or through the United States mail."

Resolutions Adopted at the U. S. League Meeting.

"Resolved, 1st, That this meeting, the twenty-second annual convention of the U. S. League of Local Building and Loan Associations earnestly recommend to the Congress of the United States the adoption of the co-operative saving plan as exemplified by the active and successful operation of such in many states of the Union as the basis for legislation as to land mortgage credits.

Second. That it is the further sense of this convention that for practical and economic reasons Congress may well utilize the co-operative building and loan organizations as they exist today, modified and made to conform to the requirements found necessary for that purpose. That the President of this League appoint a committee of three of its members to present the views of this League to Congress, and to take such steps as it deems necessary to further this movement. That the Executive Committee of this League be and they are hereby authorized to appropriate from the funds of this League a sum sufficient to pay the expenses of the committee work above outlined."

"WHEREAS, Under Section 38 of the Payne Tariff Act, certain building and loan companies and associations were exempted from liability to pay an internal revenue or corporation tax, if doing business 'exclusively for the mutual benefit of its members;' and

“WHEREAS, A ruling of the United States Treasury Department held all such companies, receiving deposits from and loaning money to persons not members, were subject to said tax and not exempt; and

"WHEREAS, That ruling has been judicially reversed in the cases in

The Central Building, Loan & Savings Company of Columbus, Ohio vs. Willis G. Bowland, as Collector of Internal Revenue for the Eleventh Ohio District, and The Bellefontaine Building & Loan Company vs. W. V. McMaken, as Collector of Internal Revenue for the Tenth Ohio District; and,

"WHEREAS, All of those companies affected by said Treasury Department Ruling were compelled to report their earnings and pay one per cent tax on the net amount thereof under a threat of from One Thousand Dollars to Ten Thousand Dollars, penalty or fine; and

"WHEREAS, Subsequent to the judicial annulment of such Treasury Department Ruling, demands for the return of such illegally and compulsorily collected tax have been refused because of no provision of the Payne Revenue Law, therefore, and because of an ambush limitation law passed in 1872 (Sections 3227 and 3228 of the Federal Statutes), the existence of which was unknown to building and loan people until uncovered by this illegal procedure. Therefore, be it

"Resolved, That the executive committee of the United States League of local building and loan asociations be requested to take such action as is necessary to promote legislation to enable associations to recover the money so paid by them."

"Resolved, That it is the sense of this League that hereafter in order that its sessions may be interesting and entertaining that the substance of all papers read or to be read shall not exact more than fifteen minutes in order that time may be given to the discussion of the same. If the subject matter is of a nature to require a greater time, the writer shall submit an epitome or abstract of same for the purpose named and the paper in full be printed as read."

"WHEREAS, This League has placed itself on record as being favorable to a simpler, more modern and less expensive system of land transfers, therefore,

"Resolved, That at future meetings of the League the advocacy of such a reform be made a feature and that papers on the subject are recommended; and further

"Resolved, That we urge upon various state leagues affiliated with this body the importance of bringing to the attention of the State Legislatures in states where it has not already been adopted, the wisdom of adopting the Torrens or some other improved system of land transfers."

"Resolved. That we sympathize with the State of Michigan in the death of Edward B. Linsley, one of the prime movers in organizing the State League, and its president in 1891 ; one of the group who responded to the call for a national organization and served the U. S. League as its first treasurer; one, who, as the employer of hundreds of men, sought constantly to promote their personal welfare, by means of the local building and loan association of which he was president for twentyseven years. He was a successful manufacturer who lived unselfishly and died universally respected."

"Peter Hinkel, founder and secretary of the Phoenix Building Society of Chicago, Illinois, died on October 7, 1913, at the age of 63 years. Recognizing that in his death the building associations of this country lost one of their foremost co-workers, they hereby give expression to their sentiments of the man and their high regard for the valuable services rendered by him to their cause.

"Peter Hinkel was a pioneer in the building association movement in Illinois. He founded the Phoenix Building Society of Chicago in 1882, and was its secretary and leading spirit from the time of its organization to the time of his death.

“His untiring efforts and his devotion to the building association cause endeared him to all who met him. Many home owners in Chicago

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owe him a debt of gratitude for the assistance he was to them in acquiring a home and in teaching them the habits of thrift and economy.

“Mr. Hinkel was the second vice-president of the United States League at the time of his decease. He left him surviving Margaret Hinkel, his widow, and five grown-up children. To them he was a kind, loving and lovable father and companion. Therefore, be it

"Resolved, By the United States League of Building and Loan Associations, in annual meeting assembled in the City of Washington, D. C., July 29, 1914, that we deeply regret that the life of our esteemed friend and co-worker, Peter Hinkel, was cut off in the midst of its usefulness; and that in his death the building associations of Illinois and of the United States have lost a true friend, a valuable adviser and most efficient exponent of their aims and purposes; that we extend our sincere sympathy to his family and hope that the good work done by the Phoenix Building Society under his leadership will go on and that the society will grow and prosper and be a leading monument to his memory; and be it further

Resolved, That the foregoing preamble and resolutions be spread upon the records of this meeting and a copy thereof be sent to his family.”

"The United States League of Local Building and Loan Associations, having learned of the death of the Hon. Fred. Bader, the Ohio member of the Executive Committee of this League, sincerely mourns the loss of an able, faithful and conscientious officer and friend, who for so many years unselfishly devoted his time and best efforts to the interests of this League and the cause of building associations in general. In memory of his life and services we now feel called upon, in the exercise of a sacred duty, to bear testimony to his exalted character as a citizen, his genial and lovable qualities as a man, his integrity as a public official, and his loyalty and steadfastness as a friend.

"Many and varied as were his public services, the work which was nearest his heart, giving him the greatest pleasure, and which was a characteristic feature of his life was the time which he so generously gave to the cause of the local building and loan associations, not only in his own city, but in state and nation as well. He served for twenty years as president of the Hamilton County League of Building Associations, was for many years on the Executive Committee of the Ohio Building Association League, and also served as president of the United States League of Local Building and Loan Associations, being at the time of his death a member of its Executive Committee. His ripe experience, his unerring judgment and his splendid attainments together with his willingness and readiness to assist at all times in upbuilding the institutions designed for the acquiring of homes by the wage earning classes, have been invaluable to the building association interests of this country, and the void which his death has made will be hard to fill.

“As a further token of our respect and esteem, be it

"Resolved, By the United States League of Local and Loan Building Associations, that this memorial be spread upon the minutes of this League."

"Resolved, A vote of thanks be extended to Honorable Oscar W. Underwood and Honorable Mr. Moss of Indiana for their kindness in attending our convention.”

Resolved, That the thanks of this Convention are hereby tendered to the officers and committees of the Building and Loan Association Council of the District of Columbia for their complete and efficient arrangements for this meeting of the League. Particularly do we wish to make acknowledgment of the thoughtful and generous hospitality and courtesy which have been extended to our delegates and the ladies accompanying them, which has left nothing to be desired in making this one of the most pleasant as well as most profitable gatherings in the history of our League.”

Meeting of the First International Congress.

BY H. F. CELLARIUS. The first International Congress of Building and Loan Associations was held at the Hotel Metropole, London, England, August 11 and 12, and considering the adverse circumstances created by the war, which made it impossible for representatives from a number of important countries of reaching London, the Congress may truthfully be said to have been a decided success.

There were present from the United States the following delegates :

H. F. Cellarius, Cincinnati, Ohio.
David Cole, Omaha, Neb.
F. D. Denlinger, Cedar Rapids, Iowa.
Thos. J. Fitzmorris, Omaha, Neb.
Joseph G. Elder, Terre Haute, Ind.
Hunter A. Gibbes, Columbia, S. C.
C. H. Gallup, Norwalk, Ohio.
Andrew J. Hess, Sidney, Ohio.
Clay W. Holmes, Elmira, N. Y.
Benjamin Holzman, Shreveport, La.
James M. McKay, Youngstown, Ohio.
Edward W. Rankin, Albany, N. Y.
L. L. Rankin, Columbus, Ohio.
Allen R. Rankin, Columbus, Ohio.
L. M. Studevant, Sidney, Ohio.
P. H. Trego, Sidney, Ohio.
Geo. C. Walsche, New Orleans, La.

South AFRICA.
F. E. Blackwell, Johannesburg, S. A.
Aug. Holland, Johannesburg, S. A.

UNITED KINGDOM OF GREAT BRITAIN.
Thos. Bellamy, Skipton Permanent Building Society, England.
T. R. Chandler, Woolwich Equitable, England.

Chas. G. Culter, West London Permanent Building Society, England.

Thos. Buckett, Skipton Permanent Building Society, England.
Alfred Ellis, Woolwich Equitable, England.
Jas. Everos, Barnsley Permanent, England.
Wm. Martillo Gray, Halifax Permanent, England.
John Higham, Fourth City Mutual, London, England.
Enoch Hill, Halifax Permanent, England.
Luke M. Hill, British Guiana.
J. Gilbert Magee, Londonderry Provident, Ireland.
W. N. Rule, Sheerness Permanent, England.

Geo. T. S. Tranter, Church of England Temperance Permanent, England.

W. J. Walker, Union of London and Smith's Bank, Halifax.

Joseph Watson, Permanent Society, Skipton.
Arthur Webb, Co-operative Permanent, England.
Thomas Whiteley, Halifax Permanent, England.
Edward Wood, Temperance Permanent, London, England.

Mr. L. L. Rankin, of Columbus, Ohio, called the Congress to order and explained its origin, aims and purposes. He announced Mr. Enoch Hill, of Halifax, England, as temporary secretary.

Upon motion the following committees were appointed:

Committee on Constitution and By-laws-F. E. Blackwell, Johannesburg, S. A.; Hunter A. Gibbes, Columbia, S. C.; Luke M. Hill, British Guiana ; A. J. Hess, Sidney, Ohio, and Thomas Whiteley, Bradford, England.

Committee to Nominate Permanent Officers for 1914–James M. McKay, Youngstown, Ohio; Dr. Chas. Pranard, Paris, France; J. G. Elder, Terre Haute, Ind. ; T. J. Fitzmorris, Omaha, Neb., and C. F. Sanders, Cardiff, Wales.

Committee to Nominate Officers for 1915-J. Gilbert Magee, Londonderry, Ireland; Enoch Hill, Halifax, England; George C. Walsche, New Orleans, La.; L. M. Studevant, Sidney, Ohio, and W. M, Rule, Sheerness, England.

Committee on Resolutions--H. F. Cellarius, Cincinnati, Ohio; F. E. Blackwell, Johannesburg, S. A.; Arthur Webb, London, England; F. D. Denlinger, Dubuque, Iowa, and A. J. Hess, Sidney, Ohio.

The Committee to Nominate Officers of the Congress for 1914 reported the following named, and they were duly elected as the first officers of the Congress:

President-Edward Wood, J. P., London, England.
First Vice-President-L. L. Rankin, Columbus, Ohio.
Second Vice-President-Dr. Chas. Pranard, Paris, France.
Third Vice-President-A. Holland, Johannesburg, S. A.
Secretary-H. F. Cellarius, Cincinnati, Ohio.
Assistant Secretary-Enoch Hill, J. P., Halifax, England.
Treasurer-Arthur Webb, London, England.

Mr. Edward Wood, of London, England, in assuming the presidency, stated that he regretted that the Congress should be called at a time when nearly the whole of Europe are engaged in what will probably prove to be the most disastrous war that the world has ever known. He knew it would interfere with the attendance of a number of English representatives of building societies, many of whom intended to be present, but who feel that they must be at their offices. He reviewed briefly some of the trying situations encountered by the building societies in England in years past, out of which the societies have always emerged with undiminished strength. He expressed the belief that the traits which are developed by building societies-the exercise of thrift-will be of immense gain in the present crisis. By practicing thrift men have to exercise a certain amount of self-denial, and there is no doubt that during the next few months in all European countries it will

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