stamp mills at Lake Linden were next visited, and a pump with a capacity of twelve million gallons a day was viewed by the delegates. On arriving at Calumet, there was a short stop at the Miscowaubik Club, and from there on the delegates went to Eagle River without any further stops. The neat, homelike appearance of the dwelling houses occupied by miners, which were viewed by the delegates on their way to Eagle River, evidently surprised the visitors, and quite a large number spoke in high terms of the manner in which these houses were kept in good shape. So much had been said by part of the press in the country during the strike, to the effect that the miners' homes were poor, that it opened the eyes of the delegates when they saw them for themselves. The copper country has the best workingmen's homes that can be found in any mining district in the United States. Eagle River being reached, all made for Crestview, a summer location overlooking Lake Superior. After a picnic lunch, Dr. Hedrick, professor at the Michigan Agricultural College, read a most well thought out and highly instructive paper on the question of "Farm Loan Opportunities for Building and Loan Associations. This paper caused considerable discussion among the delegates, and it was decided to devote the following morning's session to a discussion of the subject. The automobiles were again put into service, and a ride to Eagle Harbor was taken. The scenery is picturesque, and much comment was made on the same. About five o'clock the party commenced its homeward journey, arriving at Hancock about seven o'clock, after a most enjoyable day. On Wednesday morning, July 22, the State League again convened, and the subject of farm loans was gone into at some length, the delegates evincing keen interest in the subject. Dr. Hedrick showed that he had a large knowledge of the matter, and it is easy to see that a most profitable and helpful avenue of disbursing the funds of building and loan associations has been pointed out through the discussion of farm loans. Following the above discussion, remarks were made on the questions of "Franchise Fees," "Fines or No Fines, Which?" "Should the Associations Charge a Membership Fee?" and also on the question of "Terminating, Serial and Permanent Associations." This last subject provoked a spirited discussion. Mr. Bleed, State Auditor of Building and Loan Associations, was present at the meetings, and spoke of what his department was doing and what they had done. He reported that one new organization had been formed and two had liquidated during the past year. The reports of various committees were received, and the following officers were then elected for the ensuing year: President-Gus Hill, Port Huron. Vice-President-Wm. B. Peck, Kalamazoo. Secretary-I. B. Rich, Jackson. Treasurer-Fred M. Phelps, Adrian. The executive committee was appointed, consisting of the above officers and Fred H. Jerome, Saginaw; Jay W. Sutton, Sault Ste. Marie, and George E. Wagner, of Belding. Mr. Peck extended an invitation to the League to hold their convention in 1915 at Kalamazoo, and it was so decided. Business was concluded at about noon, and Mr. Dube, of the Houghton County Loan and Investment Association, announced that the committee had arranged for a boat ride to the White City and that a whitefish supper would be served at that place. About 2:30 the delegates left Houghton on the steamer "Plowboy," and upon arrival at the White City, spent an hour or so in viewing the different places of interest. At 5:30 the whitefish supper was served, during which time music was furnished by an orchestra. The steamer returned to Houghton about seven o'clock, and though it rained slightly, the voices of the party were not dampened, judging from the vocal selections rendered on the way home. Thursday morning saw the visitors packing up, and at ten o'clock the delegates left on the "Lakeland" for home, after having spent a most enjoyable time in the great copper country of Michigan. Connecticut League Meeting. The NEWS was favored with a complete transcript of the minutes of the first meeting of the Connecticut League of Local Building and Loan Associations, held at New Haven, May 16. Although somewhat belated, our readers will, no doubt, welcome information regarding this, the youngest, in the sisterhood of leagues. A temporary organization had been formed in Bridgeport a year ago for the purpose of combating a taxation measure introduced in the legislature, in which they were successful. The organization was made permanent, and, judging by the proceedings of the first meeting, the League appreciates the possibilities at hand and will be a great factor in introducing building associations more generally in the New England States. "There is room for more," as President J. N. Standish stated, "for New Haven, with a population of 150,000, has only two associations, while Newark, N. J., with a population of 400,000, supports 250 associations. A good thing of this kind should be encouraged, and I hope that the proceedings of this convention will be the means of starting a greater enthusiasm among the wage-earners." The president stated that there were 17 associations in the state, ten of which were members of the League, representing $3,250,000. Continuing, he said: "The benefits to be derived from our associations have been promulgated about the state very extensively. In my opinion practical publicity is vital to the general prosperity of our building and loan associations, and much can be accomplished by the liberal use of printer's ink and personal work in calling the attention of the people to the benefits of our associations, and thus increase the membership, emphasizing the fact that one of our principal objects is to encourage thrift, saving and home ownership by the wage earner. We must at all times do what we can to prevent their energies being wasted and their wages being dissipated into other channels. I think that every Association in the state, or at least some of its officers, should be a subscriber to the AMERICAN BUILDING ASSOCIATION NEWS, of Cincinnati, Ohio. It is a most valuable journal and is full of useful information. "The financial condition of our League is good and should an emergency present itself requiring prompt action of defense on our part, we will be ready. Our interests must be protected and safe-guarded. At almost every session of our Legislature or of Congress there is an endeavor made to hamper the building and loan associations. We are therefore protecting our common interests in uniting our locals as we have. United effort will be of benefit to all. "We have in this state a good building and loan association law, one under which any association can work to advantage to itself and its members. We also have a highly respected building and loan commissioner who has the welfare of our associations at heart. The Connecticut associations are all in thriving condition and might be classed, as I once saw it stated, as 'a savings bank, an insurance company, a commercial school, and a town builder all combined. Its blessings are manifold. It teaches the savings habit and economy, which are the hand maidens of thrift.' “There have been many instances where one association has had on hand more money than they could use, and other associations have been short of funds. I think it might be well if we could establish a sort of clearing house, so to speak, whereby the surplus funds could be turned over to the asociations that were short and would suggest that the League act as such, and a committee be appointed to look into the matter. "It should be the duty of the Secretary of each of our associations to carefully note the names of the men elected to the legislature next fall, and if they are members of their associations, transmit the names to the executive committee of the League in order that necessary steps may be taken to get in touch with them, the object being to have them report any attempted legislation that might affect our associations." The report of Secretary D. L. Jacobus was an able and exhaustive document, embracing a consideration of building and loan principles, of the objects and purposes of state leagues, an analysis of the last report of the Building and Loan Commissioner of Connecticut, and other topics of interest to the convention. Speaking of the publicity, he made a suggestion regarding the collection of advertising material that might prove helpful, saying: "Many of the associations write their own advertising, whether for newspapers or circulars, or for appearance in their reports. If copies of all advertisements were deposited with one of the officers of the League, quite a collection would accumulate, and this material could be loaned out to associations looking for new ideas on advertising. In that way, each association could benefit by the experience and original ideas of all other associations." "The Connecticut associations are in a healthy and prosperous condition. The last two years have been a period of rapid growth for the older associations, and have witnessed the organization of several new ones. The State League, now celebrating its first anniversary, already includes two-thirds of our local associations and promises to do much towards stimulating interest in association work. We face the future with a confidence born of our experience in the past; to the doubters we can display our record with the summons, "come and see." Ours is a great country, and even yet an undeveloped country, and in the work of development yet to come, the building and loan associations will take their place in the front rank. Two interesting papers were read at the meeting, one by Mr. G. E. Bicknell on "Building and Loan Associations-Their Relations and Advantages to the Wage-earner," and the other by Mr. Paul S. Chapman on "Building and Loan Associations as Corporations With or Without Capital Stock," with special reference to the manner in which building associations are affected by the incorporation laws of the state. The officers elected for the coming year are: President, J. N. Standish; first vice-president, P. E. Whalen; second vice-president, G. E. Bicknell; third vice-president, S. H. Stearns; secretary, D. L. Jacobus; treasurer, C. W. Burgess; executive committee, C. H. Stanton, G. W. Finlay and G. A. Craig. Meeting of the Wisconsin League. The annual meeting of the Wisconsin League of Building and Loan Associations was held at Milwaukee July 21. In the absence of all of the officers elected last year, Frank Armitage was selected chairman and H. R. Graham secretary of the meeting, both of Milwaukee. A committee, consisting of E. F. Phillips, L. A. Fons and H. R. Graham, of Milwaukee, were appointed to audit the books of the former secretary and treasurer. The following officers were elected: Secretary-F. W. Krueck, South Milwaukee. Treasurer-T. A. Fagan, Racine. Delegates elected to the United States meeting at Washington were: H. R. Graham, Hon. John J. Maher, Frank Armitage, all of Milwaukee, and F. J. Barber, of Oshkosh. The delegates were entertained by the Association of Secretaries of Savings, Loan and Building Associations of Milwaukee County at a dinner, and interesting addresses were made by Commissioner of Banking Kuolt, Examiner Pollock and Secretaries Maher and Rebhan, of Milwaukee, and F. J. Barber, of Oshkosh. Hamilton County (Ohio) League Outing. The annual outing of the Hamilton County League was held at the delightful amusement resort, Chester Park, Saturday, August 22. At the banquet, which was attended by the Board of Trustees and several guests of honor, addresses were made by Mr. J. C. Joehnk, chairman of the outing committee; President Charles Weidner of the League; Mr. Charles Eugene Clark, president of the U. S. League; Mr. C. Schroetter, secretary of the Kentucky League, and by Prosecuting Attorney Thomas L. Pogue. Montgomery County (Ohio) League Meeting. At a meeting of the Montgomery County League, held at Dayton, August 5, it was agreed to ask the state legislature to extend the time for the repayment of state funds placed in local building and loan associations after the flood of March, 1913. In order to relieve the situation at that time the state in May, 1913, deposited approximately $1,200,000 with Dayton building and loan. associations at 4 per cent interest, the loans made for a period of two years. It is felt that inasmuch as the state does not ordinarily receive 4 per cent, and since the money can still be used to advantage, it ought to be retained in Dayton and the loan continued, so the legislature will be asked to grant the extension. The action was taken at the request of contractors and others vitally interested. While no formal action was taken, representatives of the various associations showed their concurrence in the plan of the Ohio Board of Commerce to amend the state constitution limiting the rate of taxation to one per cent. Assurance was given that the building and loan men would cordially support such an amendment, also the proposed state constitutional amendment classifying property in three groups for purposes of taxation. These are real property, tangible personal and intangible, all classes to be taxed alike. General business conditions and the money market was discussed at the meeting. New York State League Circular. AUGUST 12, 1914. To the Savings and Loan Associations of New York: On Monday, August 3, the financial situation was confused and fraught with unseen perils. A committee, consisting of Walter L. Durack, President of the Metropolitan League; C. O'C. Hennessey, Edwin F. Howell, Thomas J. Skuse, all former presidents, and the President of the League, called upon Superintendent Richards, of the Banking Department, for the purpose of consulting with him on the situation. Superintendent Richards agreed with the members of the committee that action of some kind was necessary, and the result of this conference was the issuing of the letter by the Department, requesting savings and loan associations to put in force the sixty day rule. This leaves it optional with the associations to take the action, but if necessity drives, the onus will not be borne by the associations. From information that this office has, there has been very little call made upon the associations, although the withdrawals have been slightly above normal, but no association has been seriously affected. The officers of one association, not very large, thought that on account of the peculiarity of its membership, it might be subject to a demand for a large amount of money, and called upon the President of the League for assistance. Five of the larger associations in the City of New York responded at once to the telephonic call for aid, and agreed to assist this association, if necessary. Fortunately there was no need for help, as there was no call upon the institution. As a result of this appeal the Atlantic Savings and Loan |