The Executive Committee was instructed to watch adverse legislation at the coming session of the legislature.

The Publicity Committee reported having sent literature to new associations and helping to start new associations when called

upon.

Under the order of business, "Good of the League," discussions were entered into as to the best methods of raising money for associations when loan applications were good. It was suggested that such associations issue paid up stock for such emergency.

Mr. A. G. Hambrock, of Chicago, gave a very interesting talk on "Co-Operation: Man's Ambition," saying among other things: "The building and loan associations conducted upon a plan of real co-operation should receive their most valuable propaganda from those who have been benefited through its methods. We should expect from man a grateful acknowledgement of the good he receives, especially when such good procured through the building associations has benefited his entire family by securing a home for its members, thereby providing for the future.

"Therefore, those who have built their homes through our association methods are the proper people to advertise our system, thereby crediting our institution for the benefits it is extending to its members. Were this done, there is not the question of a doubt but what our plan of co-operative saving would hold first place in the estimation of the public.

"If the millions of people in these United States who got their start through the building and loan movement would come forward with statements to that effect, they not alone would earn for themselves the gratitude of our millions, but would also give evidence of a live progressiveness."

Mr. J. E. Dempster, of Waterloo, Iowa, read a paper entitled "Duties or Relationship of the Building and Loan Associations to the Community,"

Mr. Burne Pollock, of Milwaukee, Wis., State Examiner of Building and Loan Associations, read a carefully prepared paper on "State Supervision of Building and Loan Associations."

Dubuque, Iowa was chosen as the next place of meeting, the time was left to the President and Secretary with power. The following officers were elected for the ensuing year: F. D. Denlinger, Cedar Rapids, President.

J. S. Dewell, Missouri Valley, Vice-President.

C. H. Reynolds, Dubuque, Secretary.

C. E. Pollins, Cedar Rapids, Treasurer.

The committees were left the same as last year, as follows: EXECUTIVE COMMITTEE-James E. Lawler, Cedar Rapids, Iowa; C. W. Stilson, Waterloo, Iowa; the President; the Secretary.

SOMETIMES folks complain because money does not go so far as it used to. It goes just as far as we carry it, not a bit farther.

New Jersey.

"There are many things New Jersey has reason to be proud of," says Joseph A. McNamee, president of the New Jersey State League of Building and Loan Associations, "because she is a state of accomplishment. This is shown in her manufactures, her railroads, her agricultures, her financial institutions and her progressive state government. But in no point does she excel more than the broad and philanthropic manner with which she handles the building and loan proposition.

"Notwithstanding that New Jersey is one of the smallest states in population, she ranks third in the United States in the building and loan cause. This is an indication not only that her people are thrifty, but that they are home-getters and that her citizens are not satisfied unless they live under their own roof. The result is an advancement in the moral tone of New Jersey citizenship, which is a model for the country. The good qualities acquired are reflected in the law making as well as in the conservative and honest manner with which her finances are handled.

"While it might be unfair to select any particular location or to present any special people as being deserving of credit for the progress building and loan associations have made, it must be admitted that the city of Newark is the standard bearer. To say that you live in Newark is almost synonymous with saying that you are a member of the building and loan association.

"The building and loan spirit in Newark seems to be imbibed with the mother milk and increases in intensity as the years go by. As a result, if you were to select from New Jersey the prominent, capable men in the building and loan association cause you would have to take the majority of them from Newark.

One of the reasons for this good result is that in Newark the societies believe in thorough organization. They also realize that building and loan affairs are not sufficiently organized in local associations, but that the organization should extend to a state combination of associations for the purpose of producing beneficial results. Therefore, they are strong adherents of the New Jersey State League of Building and Loan Associations.

"In this league representatives from the various parts of the state come together and discuss ways and means for the better conservation of their respective interests. They talk on accounting and the best principles to apply generally. They discuss the advisability or otherwise of the premium charge as well as of other technical matters. They watch the progress of legislation so that their cause may not be injured. In fact, the opportunities of the State League for benefiting the movement in general are so great that they almost may be said to be without limit.

When it is considered how much good is derived fom building and loan associations in every way, it is hard to conceive why there should be any persons not associated with them. The field for investment is inexhaustible, the investor improves his condition

financially, he can acquire a home in no easier way, and, outside of religion, there is no influence that has a more elevating moral tendency than building and loan associations."

Pennsylvania League Meeting.

The thirty-seventh annual meeting of the Building Association League of Pennsylvania was largely attended, many delegates from a distance being present. These officers were elected: President, Joseph H. Paist; vice-presidents, C. W. Zieber and James Clarency; treasurer, Joseph K. Gamble; secretary, Michael J. Brown; attorneys, Martin H. Stutzbach and Robert T. Corson.

Mr. Paist, who was elected presiding officer for the thirtyeighth time, thanked the league for its continued confidence in his management of league affairs, and gave due credit to all committees for their able assistance. Mr. Paist referred to the growing confidence in a new land transfer system, and to many other matters of interest to the building society system.

Mr. Stutzbach made a report on the land transfer system and pronounced it a success wherever tried. The attorneys of the league reported that they were collecting copies of bonds such as are given for the security of building association funds, and giving them close inspection for the purpose of reporting to the league just what they insure and what they do not embrace.

Considering the fact that Pennsylvania has over 1,700 build ing and loan associations, with assets of nearly $250,000,000, owned by nearly 525,000 members, and a yearly income of $125,000,000, a delegate, while deploring the report of an occasional default in the handling of funds or security, felt proud that so little bad business was shown, compared with the vastness of the business, and believed that the public should be informed on this point. This brought out a general discussion as to the bonding security of those who handle the money and those who prepare the legal papers.

The secretary of the league proposed that a bonding company be formed, not as a league adventure, but by the societies as individuals; formed on a mutual plan in the interest of the societies paying for the bonds of their officers. The secretary stated, judging from the trifling losses in the past, that in a few years such a company would find itself in a financial condition fully able to reissue the bonds at a mere nominal cost, besides giving special examination of each association bonding its officers. This matter was referred to the Executive Committee for criticism.

Altogether, the meeting was of an educational character, calculated to further the good of the cause.

THE real financiers are those who manage to get along comfortably on slender incomes.

DON'T brag, but let your work speak for you.

New York State League Bulletin No. 2.

To the Saving and Loan Associations of New York:

Hon. Walter L. Durack, chairman of the Legislative Committee of the State League, will speak in various sections of the state. The lectures have been arranged by this League, the State Banking Department, and the State Agricultural Society, which shows their great importance to us, without going into further details.

Judge Durack's magnetism as a speaker, coupled with thorough knowledge of savings and loan plans and co-operation generally, is so well known that it is unnecessary to dwell on it here. In brief, he was a pioneer in the savings and loan movement, and for more than a generation has been a leader and its official spokesman on numerous occasions. He is universally recognized an authority on this subject, not only in New York, but also throughout the Union.

He will point out in his addresses that the savings and loan associations' Land Bank, authorized by the State of New York, will settle many complaints made in recent years that credit on land, whether for homebuilding purposes or for farms, is neither as liberal in terms or as long in time as it should be; that money seeking safe investment and safe return only needs a proper channel to respond.

He will show that various systems have been discussed and investigated in efforts to overcome this economic handicap, and that after every scheme had been thoroughly dissected it was agreed by eminent financiers that the savings and loan association plan, through the Land Bank, opens the door for furnishing low-interest long-term mortgages to farmers and other persons of moderate means; these mortgages to run from twenty to thirty years, the principal re-payable in small installments, thus eliminating all renewal charges. He will give details of how the associations can get money from the Land Bank at low rates, to make these longterm mortgages.

Judge Durack will also speak on the Credit Union Law, the details of organization of these Unions, which lend on personal security only, another measure of practical co-operation which the state has provided, especially for the farming sections.

We hope to impress on you that these meetings are of far-reaching importance to our savings and loan associations, in the line of extension. All members should be urged to attend meetings nearest their homes, even at personal inconvenience. Obviously, boards of management will be present and give the speaker moral support in every possible way. The general public should be invited. Publicity through the newspapers, circular letters to members, etc., are suggested. On one page of this Bulletin you will find a paragraph which can be used by local newspapers. The State Board of Agriculture will co-operate with us by sending notices to farmers' societies, calling their attention to the meetings and the importance of the savings and loan associations' Land Bank to these interests.

In this connection, we again call attention to the fact that the State Banking department urges all savings and loan associations to enroll in the Land Bank and we hope all will be charter members. The bank is about to be organized; many associations have adopted the by-law sent out by the department, and favorable responses are being received daily by the temporary secretary, Mr. Edwin F. Howell, No. 253 Broadway, New York. If your association has not taken definite action toward adopting this by-law, we request that you bring up the matter immediately. Mr. Durack will answer at the meetings detail in relation to the Land Bank which may not be clear to you at the moment.

We have 138 associations in the State League. We need every local association on the roll.

Yours very truly,

MARTIN S. COHEN, President.
ARCHIBALD W. MCEWAN, Secretary.

President's Address, Washington State League.

Following is the address of President Logan H. Roberts, delivered at the sixth annual convention of the Savings and Loan Association League of Washington:

Thrift is the keynote of our endeavor. For the sixth time we assemble in annual convention and without pecuniary recompense deliberate for the welfare of those temples of thrift known as Savings and Loan Associations. For several decades the public spirited men of nearly every progressive community in the United States have fostered local co-operative savings institutions, giving their best thought and attention toward building up the vast system that now commands the attention and respect of the commercial world.

While our State Association is young in years, yet we have the privilege of operating under one of the most advanced statutes relating to Savings and Loan Associations in the United States, and, we who are here assembled as delegates from the various local associations of the state, can well be proud of the part that this state is taking in inculcating habits of thrift and a desire to own homes in the lives of our ritizens. In this period of war I like to think of the army of over two million five hundred thousand American citizens who, through sixty-two hundred savings and loan associations, are so happily contrasted with our unfortunate brothers across the ocean, one, creating wealth and homes-the other, destroying homes and prosperity. If we who are in command of the Washington division of that army can at this meeting bring out plans that will work toward the end that we may have a larger percentage of the billion four hundred million dollars invested in savings and loan associations at the time we next convene than we now enjoy, our meeting here will not have been in vain.

Our association is fortunate in having a Secretary who is keenly alive to the possibilities presented through mutual co-operation, and I am sure that in his report statistical information will be forthcoming from which we can all derive much profit. Let me, however, state that we should not lose sight of the loyal and patriotic impulses which furnish our associations with the best directors in each community without financial recompense, and secures the services of statesmen and educators in the behalf of local cooperative savings and loan associations throughout the length and breadth of our country.

I recall having read an address made before the New Jersey State Convention by the then Governor, now President Woodrow Wilson, wherein, although he had been furnished with an opposing array of statistics, practically ignored their appeal and conveyed the message, that the real dignity of organizations such as ours lay not in its immense accumulations of wealth, but in its moral influence upon the lives of the people and its conservation of the homes of the country, with a check against moral and economic wastefulness which made for the highest type of citizenship and for the husbandry of material resources. I would recommend, however, that during the coming year each association be called upon to send to our Secretary uniform information concerning the average amount of each deposit the average size of each loan-and such other information as would assist in bringing before the public the democratic character of our enterprise.

In this age, when "safety first" is making its appeal to all corporate enterprise, our associations loom up as being the safest agency through which the public can safely and profitably invest its savings. With the system of state inspection, the compulsory accumulation of a reserve fund out of which to pay prospective losses, and the protective provisions of the by-laws of each association, savings and loan associations are well nigh unbreakable. In his report to our convention last year our State Auditor said: "There has never been a failure of a legitimate savings and loan association since statehood." We have had the unparalleled example of the solidarity of such institutions vividly portrayed by the manner in which the associations in