and after the first strain is over the outlook is for a period of very marked betterment. This is the firm belief of the foremost financial authorities.

"Remember this: First mortgage loans and first mortgage bonds secured by real estate cannot be affected by such an event as a European war, however serious. You cannot take the land away. It is the foundation and source of all values. It will always be there and will always be valuable. We must have buildings to live in and to work in. Prudent investors are placing their funds in securities founded on the land because they know that these securities are by their very nature nonfluctuating investments and are not affected in value by wars, crises, depressions and manipulation."

Illinois League Meeting.

FOR thirty-five consecutive years the building association interests of the State of Illinois have been carefully guarded by the faithful representatives of these insitutions, who come together annually to consult with one another and to devise ways and means for their development. It was therefore but natural that the meeting of the Illinois League was a pronounced success.

President Mark D. Rider called the meeting to order, and Secretary B. G. Vasen was again at his position, with over 150 enthusiastic delegates and their wives present. The meeting was held in the beautiful city of Moline, and the program was one of the best ever prepared.

Mr. Charles Eugene Clark, president of the United States League, was present and delivered an address at the evening session. Mr. Wm. C. Sheppard, of Grand Rapids, Mich., was also one of the speakers.

The many papers and discussions were most interesting and will be published when space permits.

U. S. League Committee Appointments.

Ar the last meeting of the United States League at Washington, D. C., the matter of appointing a committee to prepare a report on Education, Publicity, etc., to the next meeting at San Francisco, Cal., was placed in the hands of President Charles Eugene Clark.

Following the order of the convention, President Clark announced at the convention of the Illinois League the appointment of the following gentlemen on this committee: Mark D. Rider, chairman, Chicago, Ill.; L. L. Rankin, Columbus, Ohio; E. L. Keesler, Charlotte, N. C.; G. F. Gilmore, Omaha, Neb.; H. S. Rosenthal, Cincinnati, Ohio. Charles Eugene Clark, Covington, Ky., and H. F. Cellarius, secretary, Cincinnati, Ohio, ex-officio members of the committee.

Our English Contemporary on the International Congress.

These Congresses are now very popular and very prevalent; they are convened for every possible purpose and object, from the highest interests of religion and theology down to the lowest depths of anarchism. Doctors, dentists, engineers, veterinary surgeons, socialists, archæologists, teachers, labor, architects, in fact it is difficult to name any art, science, teaching, branch of knowledge, and manufactures, which has not served as a reason for an international congress. In the past much good has resulted from them, and we are sure much more good will result from them in the future. They promote an entente cordiale, not only amongst nations, but also among the officers and members of particular professions, industries and businesses. The practice of the promoters of these congresses is to hold them in some other country than their own; travel, change of air, change of customs and surroundings, and change of language, all help to expand the minds of those attending, and render them more receptive, more tolerant of the opinions, methods and practice of their co-workers of other nations.

Practically the first really International Congress was the Great Exhibition in Hyde Park in 1851. It is true it was not held for an interchange of opinions, the communication of information, the appeal to the ear, but the arts, manufactures, and machinery of all countries were open to view and inspection, the appeal to the eye. This Exhibition was a great success, and a large profit resulted, which was so judiciously invested that we are today reaping great benefit from it.

The International Congress of Building Societies, as known in the United Kingdom; Building and Loan Associations, as known in the United States; and Housing Companies, as known in parts. of Continental Europe-all having a common object, primarily the enabling of a man to acquire the ownership of his own homeis noteworthy as being the first Congress of its kind. Nothing could be more laudable than the object, the making of good citizens and good patriots. Everyone who is interested in the welfare of his own country is a valuable asset for that country, and everyone who is the owner of his own house is tied to the stability, welfare, and peace of his own land.

It is well to compare the various laws under which these institutions are governed; the delegates may find some things so good that they may seek to introduce them into their own country or state, and may be able to suggest some amendments founded on their own experience, to be adopted here. The promotion of a common understanding of the principles on which these associations should be worked is the object of the Congress, and the value of it will be proportionate to the enthusiasm and earnestness with which it is carried out. A comparison of the rules, tables, prospectuses and advertisements of other societies with those of your own will prove of much value. The future of building and

loan associations, building societies and housing companies is much bound up in these Congresses, they must carry on the movement with vigor and tenacity, they must keep it well before the public, they must be its leaders and assist its propagation in all lands, missionaries of a great enterprise.

Generally, people do not want, and it is not good for them, to be provided for by philanthropists and the charitable, they would rather be put in the way of helping themselves. Building societies promote self-help and lead men to aspire to become the absolute owners, not tenants or co-partners, of their homes, independent of estate owners, builders, companies, local authorities and the State. The value of an International Congress is a continuing value; ideas are dropped as seed into the minds of delegates, they germinate and cause the recipient minds to vibrate with thoughts which find expression and accomplishment at the next Congress.

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THE MEETING.

Notwithstanding the awful war, the Congress was duly held as arranged, and was a great success. It was attended by a good party from America, including several ladies, most States sending a representative, and one delegate traveled all the way from Johannesburg in the Transvaal, between seven and eight thousand miles, to attend and read a paper. It was thinly attended by representatives of building societies in the United Kingdom, most of the officials, at this national crisis feeling it to be their duty to remain at their posts, and some were under the impression that as the reception to be given by the Building Societies' Association at the Grafton Galleries had necessarily been canceled, the holding of the Congress was also canceled, and therefore did not put in an appearance. But our American friends had come a long way to hold a Congress, and it was held accordingly. The machinery of the proceedings appeared to us to be perfect; everything was carried out promptly, there was no delay; it had all been thought out beforehand, and although the Congress only lasted a day and a half a great deal was done in the time. Some of the American forms in conducting a business meeting were very interesting: "Those in favor of the resolution will say Aye, the contrary No; the Ayes appear to prevail, the Ayes do prevail."

We have said the Congress was a great success, the papers read were of intense interest, and we must particularly mention the papers of Mr. James M. McKay, of Youngstown, Ohio; by Mr. C. F. Sanders, J. P., of Cardiff, and by Mr. Gilbert Magee, J. P., of Londonderry, Ireland, on "Irish Land Tenure." When in print it will be a pleasure and profit to read and study them; they contain a great amount of real information. The Congress, in consequence of the war, was deprived of two papers promised from Norway, and one of those promised from Paris. Perhaps the predominant feature of the Congress was its attentiveness and its swiftness to appreciate the many points. The proceedings, with

the papers read, are to be published, and we cordially recommend every building society man to obtain a copy and preserve it, it will be very useful for reference and its perusal will much interest them.

The next International Congress is to be held at San Francisco in 1915, and it is hoped that some of the societies in the United Kingdom will be prepared to send representatives; they could adopt the American plan and form a party to go.-Building Societies Gazette of London, England.

Plans for New Land Bank in New York.

Plans for the organization of the Lank Bank of the State of New York are nearly completed. If this project is properly supported, the bank ought to be able to commence business at an early date. Thirty-six of the savings and loan associations already organized, having total resources of more than $17,000,000, have agreed to execute the organization certificate at once, while fortyeight associations, having total resources of more than $25,000,000, have notified the Banking Department of their intention to become members.

With the operation of the Land Bank, the farmers of New York State will at once be able to change their present mortgages into a bank loan, and thereby, it is said, make a saving of at least $240 on every $1,000 mortgage. The State Banking Department, through Eugene Lamb Richards, the superintendent, in co-operation with the Agricultural Department and representatives of various agricultural interests and of savings and loan associations, have been working with Governor Glynn in bringing the advantages of the perfected system to the attention of the people.

The difference between the ordinary mortgage and the land bank loan is in the method of paying off the principal. In the ordinary mortgage the borrower pays six per cent interest each year, and his principal at the end of his loan. Under the land bank system the borrower pays part of his principal each year, in addition to his interest. By paying this small additional sum the borrower gets compound interest each year on part of his principal instead of permitting the entire principal to draw interest for the creditor. At the present time there are $100,000,000 mortgages on farms in New York State. If these mortgages were converted into ten-year land bank loans it is estimated that the farmers of New York would be saved $24,132,000. If they were converted into fifty-year land bank notes the saving to the farmer is estimated at $82,200,000.

-THERE is a sufficient recompense in the very consciousness of a noble deed.-Cicero.

-THE elect are those who will and the non-elect are those who won't.-Henry Ward Beecher.

Sentiment: Not to be Overlooked in the Conduct of Our Institutions.

(Address delivered before The U. S. League by G. CULLEN SULLIVAN, of Anderson, S. C.)

Mr. President, I understand that I am to speak to you not as an expert in building and loan association practical matters, because that would be impossible, but more as a sentimental expert. If I was expected to speak to you as a building and loan expert, familiar with the practical details and operation of your work, my speech would have to be as brief and unsatisfactory as that of an old watchman who was called upon to testify as to an explosion which took place in the building. He was warned by the attorney, after he had taken the oath to tell the truth, the whole truth and nothing but the truth, to confine himself strictly to his personal experience and not repeat hearsay.

The old fellow cocked his head to one side and looked wise and the attorney said: "Tell us of your personal experience in this explosion." "Well," he said, "I was sitting down in a chair taking a bit of a snooze; I heard a hell of a noise and the nurse said, 'Sit up and take this.'" (Laughter.)

Now, my friends, you can see plainly that to discuss a subject like sentiment you should not expect me to be logical, because sentiment is not a logical subject; it knows no rule. A lawyer naturally likes precedents and orderly procedure, but I have been unable to find any adjudicated precedent in either profane or sacred history to guide me in the study of sentiment. What is sentiment? We see it in one sense, its results, but we cannot touch. We see its manifestations, but analysis does not help it; its definition is futile and as the gentleman said last night, what is the use?

What is sentiment? In trying to find out what is sentiment I ran across an old Hindu legend, which I saw partly published in one of your papers on yesterday. In trying to get at the ingredients composing sentiment and the wonderful acumen by which it is given these wonderful powers, it occurs to me that woman is almost a convertible term with sentiment, that we might get some light from the study of woman. So I found this Hindu legend which says that in the beginning, Twashtri, the Hindu God, found that after the creation of all the animals of the earth, including man, there were no materials left suitable for the creation of another creature he wished to make. This problem perplexed him for days. But going about over the earth in thoughtful meditation, he finally solved the problem by taking the light of the stars, the fragrance of flowers, the beauty of the skies, the softness of the parrot's breast, the hardness of adamant, the warmth of fire, the coldness of snow, the curves of creepers, the clinging of vines, the slenderness of the deer, the cruelty of the tigress, the chatter of sparrows, the fidelity of the drake and the vanity of the peacock and mixing them all up together, created woman. (Applause.)

He then gave woman to man and man lived with the creature, and in a few weeks came back to Twashtri, the Hindu God, and