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Provisions for the Future.

THERE is a tendency among some of us to spend as fast as we obtain; to take no thought of the morrow.

Almost inevitably it brings suffering. The profligate of the present is the pauper of the future. The man who has no sickness in his family, no reverses in his business, no interruption in his income, is experiencing life at par. He is getting the full 100 per cent.

But 100 per cent isn't the average. Somebody is having trouble. Disease and death are creeping into some men's homes, disaster into some men's business. Ultimately it is pretty certain, by the great law of averages, to hit us somewhere. The man who is experiencing none of these troubles is both lucky and exceptional. The exception is a poor thing to bet on.

If there is any way you can, by denying yourself a little luxury, by using a little foresight even at a sacrifice, you ought to prepare for that time when the great law of averages hits you. When that time comes, if it finds you in your own home, with a little money in the building association, you won't have to suffer or to ask from those who have shown more sense. You will have saved both your independence and your self-respect. You will be able to take the comfort that you ought to have, to do well by yourself under adverse circumstances.

You are living in the sunlight now. Would you be ready for the night if it should come? And don't you think it likely it will come?

Immigrants Should Be Educated.

ATTENTION must be given the foreign-born element, that they become interested in the building and loan movement. Literature must be prepared in the various languages and distributed in the homes and workshops.

The following information reaches us from Washington, D. C., which reads as follows:

Like Niagara, the flood of immigration to the United States continues unabated. Most remarkable is the fact that the Southern Italians continue to pour into this country in an ever-increasing volume. During the month of September there landed at American ports 31,804 Southern Italians. Closely following came the Hebrews, with 18,141. A close third were the Polish, with 14,319. Then come Crotians and Slovenians, 9,011; Germans, 8,101; English, 5,679 Northern Italians, 4,586; Irish 4,524; Scandina

vians, 4,384; Russians, 3,963; Ruthenians, 3,578, the balance being scattered between twenty-seven different nationalities, with a small number not designated as to nationality. The total immigration for the month of September was 136,247. The increase over the prèvious month, August, was 10,067 immigrants. Classified according to occupations, the September immigration list included: Farm laborers, 30,345; laborers, 24,421; servants, 17,103. Among those declaring themselves as tradesmen were 3,647 tailors, 1,748 carpenters and joiners, 1,636 seamstresses, 1,266 dressmakers, nearly all of the known trades being represented in the remaining number included in this classification. The distribution of these immigrants forms another interesting chapter in the immigration story. Those admitted during September were destined as follows: New York, 40,535; Pennsylvania, 22,646; Illinois, 12,132; Massachusetts, 9,949; Ohio, 7,768; New Jersey, 6,531; Michigan, 5,265; Connecticut, 3,983; while the balance were distributed to the various other states. There were debarred during the month under consideration 2,337, the greatest number being excluded because of the likelihood of their becoming public charges. For the months of July, August and September there have been admitted to the ports of the United States 400,671 alien immigrants. During September there departed 19,241 emigrant aliens, and for the three months, July, August and September, 68,917 emigrant aliens departed. If the ratio of immigration continues during the balance of the fiscal year the same as the three months just noted, July, August and September, the total immigration for the year will aggregate 1,602,684, or the largest immigration ever recorded in the history of this country. The greatest number of immigrants admitted in any fiscal year heretofore was in 1907, when 1,285,349 were admitted to this country.

A very interesting paper on the subject, "The Building and Loan Association and the Foreigner," by George P. Thomas, Youngstown, Ohio, was read before the Ohio Building Association League meeting at Marietta.

Comfort, Not Extravagance.

"In the nation we have a government without a king, and our motto should be comfort, not extravagance, acquiring knowledge that will guarantee to each and every one independence based upon increasing the earnings and the best possible means of conserving that which affords each and every one more prosperity and greater thrift in the homes which make greater achievements for the boys. and girls of these homes and add to our nation's wealth."-Governor Hatfield, of West Virginia.

Loan Associations for Farmers' Aid.

Announcement was recently made by Charles S. Calwell, president of the Corn Exchange National Bank, of Philadelphia, that he would appoint a committee of eight or ten to formulate the plan for the Farm Bureau, which, it is hoped, will bring the producer and consumer into close contact and thus lower the cost of living. Incidentally, Mr. Calwell unfolded a plan of farm credit amazingly simple. He proposes to establish or have established in every county of the state of Pennsylvania, and subsequently in every state in the Union, loan associations patterned after the building loan associations of Philadelphia.

The farmers will buy shares, as the city man buys shares for building loans. The farmers, when they want money, will apply for a loan, and, if it be granted by the committee in charge of such matters, will pay it back in monthly installments, plus the interest. It is estimated that in this way the farmer will be able to repay the loans within 111⁄2 years, at the outside, and the cost to him will be but two-thirds what it would be if he borrowed from a bank at 6 per cent.

Loans will be secured by mortgages on farms or machinery. Loan associations, such as outlined by Mr. Calwell, will be able to borrow money for lending purposes at a lower rate of interest than the individual borrower. The profit from such loans would naturally be divided eventually among those owning shares in the association. In this way the cost of loans would be minimized.

Mr. Calwell will select for the Farm Bureau Committee one member each from the city administration, the trades bodies, the University of Pennsylvania faculty, the agricultural section of State College and the railroads operating in Pennsylvania.

The others are to be chosen from other representative men. is probable, although Mr. Calwell declined to authorize this, that A. B. Ross, of Bedford, Pa., will be chosen to have permanent charge of the Farm Bureau. Mr. Ross is operating a wonderfully successful farm bureau in Bedford county, Pa.

In discussing the farm bureau proposition, Mr. Calwell said: "It has been proposed to eliminate the middleman, but this is impossible, as there must be some one to act between the producer and the consumer. We can, however, eliminate one or two or three of the present superfluous middle channels of trade.

"I believe that a man of the calibre of Mr. Ross is essential to the success of the plan, for he is practical, and has proven what he can do."

Mr. Calwell could see no legitimate reason why the various trolley lines operating in and about this city should not co-operate with the farm bureau. He was of the opinion that eventually the Rapid Transit Company would deliver farm products to the terminal markets it is proposed to establish.

Agricultural Loan Associations in Chosen.

(Vice Consul General Edwin L. Neville, Seoul.)

A feature of encouragement to small agriculturists in Chosen is the Chiho Kinyu Kumiai (local monetary associations). They resemble to some extent the building and loan associations of the United States and the co-operative industries of Europe, more especially the numerous government-aided associations of Germany, after which they were modeled.

The origin of these associations dates from July, 1907, when the then Korean Government subsidized a number of farmers' societies to the extent of 10,000 yen ($4,980) each. It was understood that this money was to be loaned to members of the associations, who were to pay the current commercial rates of interest. The interest on, and repaid capital of, these loans were to be added to the funds. of the association. The scheme proved practicable, and now there are some 210 of these subsidized associations, with over 70,000 members and with loans aggregating some 1,500,000 yen ($747,000).

The rates of interest charged range from 9 to 12 per cent per annum. Compared with interest rates in the United States, the charges appear high, but the best terms obtainable from a local money lender range from 2 to 3 and even 4 per cent per month. It was with the idea of assisting the small farmer, to whom $25 or $50 represented a good sum of money, and who was dependent upon the local usurer for assistance in times of bad or late crops, that these associations were established. They now form an increasingly important part in the lives of the small independent farming class. They engage in warehousing, in purchasing fertilizers, agricultural machinery, and to some extent in the sale of farm products for the benefit of their members.

The accounting and general supervision of the finances of these associations are in the hands of the local provincial governors. Membership is open to all farmers of the district who pay the small membership fees.

Tornado Policy Form.

The Western Insurance Bureau, through Mr. A. Scholbe, manager, has issued the following in relation to the Tornado Policy form for building and loan associations:

(0) No floating tornado insurance covering unspecified real property shall be written to insure either the interest of an owner or mortgagee. (P) Tornado insurance to cover exclusively the interest of mortgagee shall be written only under the following form: Does insure, The....

of of..

of.

...

Building and Loan Association for the term of.. ..year... from the........day .191...at noon to the ...day

.191...at noon, against all direct loss or damage by tornado, windstorm or cyclone...... (except as hereinafter provided) ...to an amount not exceeding.... ....Dollars,..

to the following described property, while located and contained as described herein, and not elsewhere, covering on each item and division of said property to the amount set opposite each item and division as follows:

No. of Entry

Name of Mortgagor

Description

Amount Remarks

This insurance being designed to cover only the mortgage interest of the said.... ...Building and Loan Association in each of said properties mentioned and described in the foregoing schedule, not exceeding the sum set opposite each entry, it is hereby made an express condition of this contract that no claim hereunder shall be made against this company for loss or damage caused by tornado, windstorm or cyclone until all mortgage securities upon the specific property damaged or destroyed have been realized upon, and then for not exceeding the amount of indebtedness still remaining due the said.... .Building and Loan Association, and in no event exceeding the specific amount of insurance set opposite each separate item of property so damaged or destroyed.

Results of the Blue Sky Law in Arkansas.

Approximately twenty building and loan associations in Arkansas that have filed non-negotiable securities in lieu of their $20,000 bond, as provided under the "blue sky" law, will have to enter a new bond, according to John M. Davis, bank commissioner.

The blue sky law requires that building and loan companies file a $20,000 bond with the state before they are permitted to operate, but it is also provided that United States bonds, municipal bonds, improvement district bonds, or negotiable notes of first mortgage on real estate, may be filed with the "blue sky department" in lieu of the cash bond. It has been discovered by Mr. Davis, however, that twenty companies have filed non-negotiable securities in lieu of their bonds.

"Teach economy, that is one of the first and highest virtues. It begins with saving money."-Abraham Lincoln.

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