supply us with fifty copies of some number of the AMERICAN NEWS that would be most useful for such a contest. We have in mind the September, 1913, number, which treats several subjects in good style. Very truly yours, F. S. MCWILLIAMS, Secretary. January 21, 1914. DEAR MR. MCWILLIAMS: Your kind favor of the 17th received and contents noted. In reply would state that I was glad to learn that you established a contest among the students of the Spokane High Schools. We are sending you under another cover some copies of September issue we had left of the AMERICAN BUILDING ASSOCIATION NEWS, which we trust will be of good service to you in your campaign. Wishing you continued success, we remain, In the special message communicated to the Legislature, Gov. Glynn takes up a question which has long been one of the insistent problems of the state-the regulation of small loans. The governor's discussion of this topic is characterized by candor, good sense, and a well-thought-of and feasible line of recommendation for remedial measures which shall safeguard the small borrower against oppressions and extortions, and shall accomplish this without circumscribing the opportunities for legitimate and necessary borrowing, which are relatively as needful in the emergencies created by limited circumstances, as in those incident to large transactions. Recognizing the necessity of the small loan business, Gov. Glynn is deeply cognizant of the need of regulating it so as to keep interest down to the lowest point consistent with a fair profit, and make it easier instead of harder for borrowers who are obliged to seek this species of loans. The required reforms can be accomplished by elimination of oppressive rates of interest, by doing away with that prolific source of abuses, unreasonable charges for investigation of applicants for loans, by making violators of the law amenable to criminal prosecution as well as penalization by fine, and by endowing the State Supervisor of small loans not only with power to enforce the law. but with authority to investigate with the object of discovering whether the law has been broken in the first instance. Other important features of the governor's recommendations are those relating to providing of evidence of all transactions under the small loan law, so that offenses against it may be promptly detected and quickly prosecuted, and the proposal for notification of the employer whenever an employe is obliged to pledge part of his future wages for a temporary accommodation. The program outlined in the governor's message is eminently sound. Its enactment into law would furnish the correct solution of a problem which has much agitated the state. MONTHLY DUES ALABAMA. The board of directors of the New Morgan County Building and Loan Association, of Decatur, have called a meeting of the stockholders, to be held February 17, for the purpose of increasing their capital stock from a half million to a million dollars. A resolution authorizing an increase in capital stock from $500,000 to $1,000,000 was passed at the stockholders' meeting of the Security Savings and Loan Company, of Birmingham. The association's growth has been so remarkable that it was found necessary to double the capital stock. In January, 1907, the company's assets amounted to $28,728.36. The assets increased heavily every succeeding year, and, at the Tuesday meeting the assets were reported as $518,498.74. The officers and directors re-elected are as follows: Officers-F. W. Dixon, president; Dr. R. V. Mobley, vicepresident; R. B. Tarpley, secretary and treasurer. Directors-B. A. Thompson, Dr. R. V. Mobley, J. F. Rushton, R. T. Brooks, A. B. Lovelace, F. W. Dixon, Samuel D. Weakley, John B. Weakley and Edward T. Rice. ARKANSAS. The financial statement of the Ladies' Building and Savings Association, of Little Rock, for the year ending December 31, 1913, shows assets of $498,642.34. J. H. Bilheimer, secretary. The Pulaski Building and Loan Association, of Little Rock, had its annual meeting and re-elected its old board and added the following three new members to its board of directors: James Lawson, city collector; P. D. Scott, Jr., and J. H. Stanley, of the Southern Trust Company. The executive officers are: Aaron Frank, president; A. C. Read, vice-president; J. R. Vinson, treasurer; Cockrill & Armistead, attorneys; C. T. Walker, secretary. C. T. Walker was elected secretary. Mr. Walker has been connected with banks in Little Rock for the last twenty-five years. The Pulaski Building and Loan Association has been prosperous since its organization six years ago, and its officers say it has a large list of subscribers, which makes it one of the substantial financial institutions of the state of Arkansas. CALIFORNIA. The Security Building and Loan Association, of Stockton, made a splendid showing in its first annual report, notwithstanding the fact that last year was not a propitious year on account of lack of rainfall and other reasons. Assets, $52,942.18. Lee C. Reid, secretary. CONNECTICUT. The fiftieth semi-annual report of the Bridgeport Savings and Loan Association, of Bridgeport, shows assets of $406,734.60; surplus and reserve fund, $863.18. Wm. H. Skinner, secretary. GEORGIA. The annual meeting of the Columbus Savings and Loan Association, of Columbus, was held, and the stockholders elected the following board of directors: F. C. Reich, Dr. John M. Crook, E. F. Lummus, F. H. Schomburg, W. C. Neill, William Hart, E. M. Ransom, F. G. Lumpkin and Robert Joerg. These men have been connected with the company since its organization in various capacities and it is due to their business ability that the company has been so successful in the past. Officers for the ensuing year were elected, as follows: F. C. Reich, president; Dr. John M. Crook, vice-president; F. G. Lumpkin, secretary and treasurer; Miller & Neill, attorneys. ILLINOIS. The thirty-first annual report of the Home, of Aurora, was as follows: Assets, $2,121,259; reserve fund, $74,305. A. Wilmarth, secretary. The thirtieth annual statement of the People's Savings, Loan and Building Association, of Quincy, shows for the year $359,036.05; contingent fund, $13,500.00. Thirty years' business of this association shows that $3,546,066 has been successfully handled by this progressive institution. B. H. Miller, president; B. G. Vasen, secretary. The Farmers' Savings, Loan and Homestead Association, of Peoria, has assets of $1,117,339.48. Fillmore Millard, secretary. The Union Building and Loan Association, of Streator, shows assets of. $238,817.18. A. J. Prafcke, secretary. The Co-operative Savings and Loan Company, of Litchfield, shows assets in excess of $75,000. A. R. Stansifer, secretary. The Commercial Building and Loan Association, of Urbana, shows assets of $255,730.32. W. E. Atkinson, secretary. The German-American Savings and Loan Association, of Pekin, has just completed its thirtieth year, and the report shows it to be in a flourishing condition, with nearly half a million in loans. Its assets are $493,659.00, a gain of $70,000 over the previous year. E. U. Abrahams, secretary. IOWA. ¶ Sanborn has a prosperous building and loan association. Since the company has been organized the receipts have been $500,000. The report of the Mutual Building and Loan Association, of Council Bluffs, shows a healthy growth both in membership and assets, and the association paid 6 per cent on all shares, and in addition a good sum passes to the reserve. The assets were increased some 13 per cent, and altogether the past year has proven one of the most successful in the history of the association. W. J. Leverett, secretary. At the annual meeting of the stockholders of the Mutual Building and Loan Association, of Iowa Falls, just held, S. I. Rutledge, W. E. Welden and E. A. Westbury were chosen directors to succeed themselves. Owing to his absence from the city much of the time, doing lyceum work, Prof. C. B. Rayhill, who has been the efficient secretary of the association since its organization, was not a candidate for re-election, and Thomas Earl Bell was chosen for the position. At the meeting of the board of directors, E. E. Benedict, who has done excellent work as the executive head of the association since it was organized, was re-elected president. W. A. Middleton was again elected vice-president, and S. J. Osgood was re-elected treasurer. The association is in splendid condition and is doing an excellent work. The fourth series of stock was opened this month and over one hundred shares were subscribed. The earnings made by the association since its inception in September, 1912, have been eminently satisfactory to the stockholders. The Muscatine Building and Loan Association, of Muscatine, held its annual meeting, and shows assets of $33,989.93. Officers were also elected for the ensuing year, and a splendid report was given by Secretary H. M. Metzgar. Officers named were as follows: President, J. L. Knopp; vicepresident, W. S. Hill; secretary-treasurer, H. W. Metzgar. Directors-H. W. Metzgar, W. L. Mull, J. L. Gieslier, W. S. Hill, L. P. Flannery, J. L. Knopp, Henry Umlandt, W. R. Jayne, T. W. Cherry and F. W. Swan. KANSAS. The Citizens' Mutual Building and Loan Association, of Leavenworth, shows assets of $510,800.00. C. S. Hartough, secretary. Shawnee Building and Loan Association, of Topeka, has assets of $1,010,264, and loans outstanding of $889,182. Mr. T. B. Brown, one of the most prominent building and loan men of the state, has been elected secretary of the successful institution conducted on strictly local lines. LOUISIANA. ¶ Security Building and Loan Association, of New Orleans, shows assets of $1,470,213; contingent fund, $14,483. The board of directors, at the meeting held January 7, 1914, declared a semi-annual dividend of three and one-half per cent, on both paid-up and current stock, and placed the surplus of $3,300.78 to the contingent loss and reserve funds. This statement shows a very successful six months' business, the assets having increased $78,990.11. Geo. H. Kostmayer, secretary-treasurer. ¶ The financial statement of the Sixth District Building and Loan Association, of New Orleans, shows assets of $740,208.00. A semi-annual dividend of three per cent on full paid stock and an annual dividend of six per cent on serial stock was declared, the surplus being credited to the contingent loss account. ¶ The Equitable Homestead Association, of New Orleans, shows assets of $186,595.00. A three and one-half per cent dividend was declared out of the net earnings on all stock. E: R. Beauvais, secretary and treasurer. The Savings and Homestead Association, of New Orleans, shows assets of $346,988.00. Thad. Stehle, secretary-treasurer. The seventh semi-annual statement of the Magazine Building and Loan Association, of New Orleans, shows assets of $118,000.00. E. J. Conery, secretary. ¶ The Dixie Homestead Association, of New Orleans, has made splendid success during the past six months, showing assets of $594,827.45; contingent fund, $8,554.33. William J. Sonnemann, secretary. ¶ The Suburban Building and Loan Association, of New Orleans, found the last six months of 1913 the most profitable period in its history. The assets of the concern now total $1,346,969.34, and the liabilities $1,303,821.81, leaving net profits for the half-year period of $43,147.53. A cash dividend of three per cent was declared on both full-paid and current stock. A considerable surplus was carried over to contingent loss and reserve funds, which now total $51,642.34. During the past six months new business to the amount of $140,000 was transacted. One hundred and twelve shares of stock were sold the past week, three applications for loans were received, and two properties transferred to borrowers. MICHIGAN. ¶The financial report of the Old Reliable, the Northern Michigan Building and Loan Association, of Hancock, shows a steady increase. Since July 1st, to and including September 30 (three months), withdrawing stockholders have been paid the sum of $113,873.83, which represents their monthly savings, together with profits of $21,345.83. These savings have enabled our In furnishing your new home, you will want THE BEST The Baldwin piano Meets all your requirements and will be a source of satisfaction for a lifetime. Write us for Catalogue and facts that will interest you. The Baldwin Company 142 WEST FOURTH STREET, CINCINNATI stockholders to live independent of strike conditions, and we are compelled to sit up and take notice concerning the benefits to be derived from having a surplus fund in a safe place. The illustrated pamphlets, "From Far and Near," have brought good results in increasing the assets of this association. C. D. Hanchette, secretary. The Lexington Building and Loan Association, of Lexington, again presented its annual quota of Christmas gifts in having released nineteen deeds of trust securing loans on that many homes in Lexington, amounting to $11,800, the same having been paid in full, and just that many more citizens of Lexington are today living in homes of their own, and upon which there is no mortgage. They have just matured the seventeenth series, and paid off free shares to the amount of $20,000, most of which is the property of both men and women who are working for a living in Lexington. J. G. Crenshaw, secretary. NEBRASKA. ¶ The Conservative Savings and Loan Association, of Omaha, shows steady growth. Assets, $8,655,251.66. P. W. Kuhns, secretary; Geo. F. Gilmore, president. The usual six per cent per annum dividend was declared to all stockholders by the board of directors of the Omaha Loan and Building Association, of Omaha, at the semi-annual meeting, when the secretary's reports were read and approved. The total dividend declared was $157,829.11 for the last six months. In addition to the dividends, $21,502.28 was added to the reserve fund. The increase in assets for the year 1913 was $852,815.61, which augmented the total assets to $6,304,113.47. NEW JERSEY. The annual meeting of the Mutual Building and Loan Association, of Westfield, was held and the following officers elected: President, George W. Frutchey; vice-president, W. J. Kennedy; secretary, L. G. Venn; treasurer, Harold Walworth; auditors, Walter B. Toucey, C. W. Harden and C. F. W. Wittke; directors for three years, R. F. Grant, W. E. Tuttle, Jr., and R. L. DeCamp. The latter takes the place of P. J. Winfeldt, who declined to serve longer. The association is in a prosperous condition. During the year it has made twenty mortgages amounting to $49,920. There were 595 new shares subscribed for and 309 withdrawn. The dues paid in were $131,683, an increase of $31,874 for the year. The receipts for the year were $188,557.02. The marvelous and steady growth of the Saddle River Township Building and Loan Association, of Garfield, may be seen, by it having now reached an annual income of $100,000. The association will take in on an average of over $8,000 at each monthly meeting. It is a good thing for house builders in Garfield to know that there is plenty of confidence in real estate values in this community and that there is also money to be had for building purposes. Garfield has now three building and loan associations in operation and all are getting along nicely. Garfield's future growth and prosperity is an assured thing now and no one may feel at all scared in investing in mortgages or property when the owners have built any kind of a respectable looking house. The building and loans of Passaic, Rutherford and other towns also invest heavily in Garfield, and with the Saddle River Township Building and Loan Association have done much to make Garfield what it is. The Building and Loan Association, of Elizabeth, shows assets of $803,071.00. Peter Tage was re-elected president of this association for the fortyfirst consecutive time. This organization is the second oldest in Union county. It was incorporated September 3, 1869, but began active business operations March 1 of the same year. Robert Beez, secretary. The Phoenix Building and Loan Association, of Jersey City, has completed its thirtieth fiscal year of successful business, and the report of the treasurer shows that it is one of the most flourishing in the county. J. S. Erwin has been elected counsel to succeed James F. Fielder, who resigned owing to pressure of business as governor. The other officers are: President, Andrew Brannigan; vice-president, Max Erdwurm; treasurer, William |