AND LOAN ASSOCIATIONS

LAND ECONOMICS SERIES

Edited by RICHARD T. ELY, PH.D., LL.D.

Director of the Institute for Research in Land Economics and Public Utilities, Professor of Economics, in the University of Wisconsin.

AMERICAN SAVINGS, BUILDING AND

LOAN INSTITUTE

UNITED Y. M. C, A. SCHOOLS

INSTITUTE FOR RESEARCH IN LAND
ECONOMICS AND PUBLIC UTILITIES

NATIONAL ASSOCIATION OF REAL

ESTATE BOARDS

THE MACMILLAN COMPANY
NEW YORK · BOSTON. CHICAGO DALLAS

ATLANTA · SAN FRANCISCO

MACMILLAN & CO., LIMITED
LONDON. BOMBAY CALCUTTA
MELBOURNE

THE MACMILLAN CO. OF CANADA, LTD. TORONTO

LAND ECONOMICS SERIES

THE LAW OF CITY PLANNING AND ZONING by Williams

*PRINCIPLES OF REAL ESTATE PRACTICE by Fisher

*ELEMENTS OF LAND ECONOMICS by ElyMorehouse

*THE APPRAISAL OF REAL ESTATE by Babcock

A HISTORY OF PUBLIC LAND POLICIES by Hibbard

*ELEMENTS OF THE MODERN BUILDING AND LOAN ASSOCIATIONS by Clark-Chase

*Books that have been approved for Standard Real Estate Course.

ELEMENTS OF THE MODERN BUILDING AND LOAN ASSOCIATIONS

VOLUME IV in the
STANDARD COURSE IN

REAL ESTATE

Outlined by the

JOINT COMMISSION

Representing

The National Association of Real Estate Boards,
The United Y. M. C. A. Schools

and

The Institute for Research in Land Economics and
Public Utilities

MODERN BUILDING
AND LOAN ASSOCIATIONS

BY

HORACE F. CLARK, PH.D. (WISCONSIN)

ASSOCIATE PROFESSOR OF ENGINEERING ECONOMICS, IOWA STATE COLLEGE
(FORMERLY WITH THE DEPARTMENT OF ECONOMICS, UNIVERSITY
OF WISCONSIN)

AND

FRANK A. CHASE

EDUCATIONAL DIRECTOR, AMERICAN SAVINGS, BUILDING AND LOAN INSTITUTE

A text-book prepared as a part of the
educational program of the American
Savings, Building and Loan Institute.

New York

THE MACMILLAN COMPANY

1925

All rights reserved