Canadians Back Building and Loan. At the recent annual meeting of the Western Retail Lumbermen's Association, at Winnipeg, Man., the matter of establishing building and loan associations was taken up, resulting in a committee being appointed to go into this matter, and, where advisable, take steps to start associations. This committee is working on the idea, with result that many members have already written for particulars regarding the establishing of building and loan associations. Some of the members have already started canvassing in their districts and have further interested themselves to the extent of calling upon good speakers to address general meetings of the townspeople for the purpose of putting before them the proposal and getting the organizations under way. It looks very much as though this building and loan idea was going to be one of the main activities of the Western Retail Lumbermen's Association during 1922. It is the intention of the committee to apoint subsidiary committees in various districts to furnish information to nearby localities that are interested. At the semi-annual meeting of directors in July a report will be brought in by this committee, with recommendations as to the best way of going about the organization of the various districts.American Lumberman. "Hold-Up" Insurance Needed. Five automobile bandits on April 3d shot and instantly killed a patrolman and fatally wounded a bank messenger in Chicago and escaped with a satchel containing $20,000, which the two were carrying. The messenger died a few minutes later. The hold-up took place on a brightly lighted street in front of the Calumet National Bank, in the heart of the South Chicago business district. The robbers made no effort at concealment and paid no attention to the crowds. The two victims, Patrolman Earnest H. Cassidy and Philip Sommers, were taking the week's collections of the Royal Building and Loan Association to the bank. As they were about to enter the bank, a large automobile containing five men drew up. While one man remained at the wheel the four others leaped out and with pistols in their hands halted the two. Patrolman Cassidy reached for his pistol, but the robbers opened fire, shooting him through the head. His weapon, half drawn, fell from his pocket. At the same time Sommers drew his pistol, but before he could fire he had been shot through the abdomen. The robbers then seized the satchel and fled. While the first crying need is some effective method of dealing with this kind of villainy, still as long as the bandits continue to operate as defiantly as they are doing all over at present, it is highly advisable for building associations to protect their funds by adequate "hold-up" insurance. You have no chance with desperate men of that character. March Largest Construction Month in Two Years. The month of March witnessed the largest volume of construction started in any month since April, 1920, according to the F. W. Dodge Company. The total amount of contracts awarded during March in the twenty-seven northeastern states of the country amounted to $293,636,000, an increase of 65% over February and of 79% over March, 1921. The first quarter of this year was 68% ahead of the first quarter of 1921. Practically every class of construction showed a notable increase in March. The amount of residential construction was the largest since the summer months of 1919. March residential contracts amounted to $121,551,000, which was 40% of the month's total. Public works and utilities amounted to $51,997,000, or 18% of the total; business buildings, $49,758,000 (largest figure in this class since May, 1920), or 17% of the month's total; educational buildings, $25,575,000, or 8%; and industrial buildings,-$24,270,000, or 8%. California Ruling on Money Donations. In reply to a question whether a mutual building and loan. association in California can donate money to a civic body (in this case the donation of $500 to an organization known as the "Better America Federation") the Attorney General, through E. B. Power, deputy, holds that: "Under the provisions of the Code the limits within which the funds of the society may be invested are most guardedly restricted and clearly there is no authorization or permission given a society of the kind in question to donate its funds for such purposes, nor is any such authorization given under the provisions. of the Building and Loan Commission Act. On the contrary, it would seem to be inhibited." Building Associations Built Columbus, Ohio. More than 75 per cent of the homes of Columbus, Ohio, writes the American Lumberman, were built with the aid of building and loan associations, according to display advertisements recently carried by these organizations in the newspapers of Columbus. This is a very significant statement, illustrating the tremendous. factor in home building that building and loan associations have become. True, the city of Columbus and the state of Ohio are strongholds of the building and loan association movement, but what has been accomplished there is closely approximated by a number of other cities and states. Another important lesson to be gathered from the simple statement above quoted is the power of steady, systematic saving, even though the amount deposited weekly or monthly may be small. Homeward Bound. After having spent a greater portion of the month of December in the state of Ohio, at the various group meetings, at which wonderful enthusiasm was displayed by all the great workers of the co-operative savings and home building movement, the editor of the American Building Association News started his annual western trip, which covered the Pacific Slope and the Great South west. Details of the meetings in California appeared in our last issue. In order to redeem certain promises made to the building association interests of the Southwest, the editor, on his return, stopped at the following points: OKLAHOMA CITY. On March 22d, the Executive Committee of the Building Association League of Oklahoma was called into session and many matters of vital importance to the building association interests were discussed in detail by all members present. The editor was agreeably surprised to find that the interests of this state had increased during the past year over 40%. The Advertising Club met at noon at the Huckins Hotel and had a splendid luncheon and the advertising representatives of the large growing community of Oklahoma City were present. It it doubtful whether a more intent set of progressive advertising experts could be gotten together in one meeting anywhere than were present at this luncheon. The editor spoke on the "Value of the Building Association Movement to the Merchant and to the Community," and was well received. After the luncheon, the Oklahoma building and loan association interests held another meeting, and after which an extensive visit was made through Oklahoma City. One really must see this wonderful, growing community of 100,000 people to appreciate what the building and loan association interests have already accomplished. We particularly noticed the absence of "For Rent" and "For Sale" signs in this district. In the evening a dinner by the building and loan association directors of some of the leading associations of Oklahoma was tendered at the Huckins Hotel. Immediately after which a large public meeting was held in the ball room of the same hotel, at which a large representation of the very best citizens, men and women of Oklahoma, were present. We were pleased to find such an interesting gathering. The lumber interests were represented at this meeting by Mr. Sharp, president of the Southwestern Lumbermen's Association, who delivered a splendid address. At a recent meeting of the Executive Committee of the Oklahoma Bankers' Association, all the phases of the building and loan business were discussed and the following resolution was offered and adopted. A canvass of the members present revealed the fact that most of them were officers, stockholders or directors in building and loan associations. So the conclusions found in the resolution come from no petty, selfish viewpoint, but from what they conceive to be the wrong economic principle: WHEREAS, It has been brought to the attention of the members of the Oklahoma Bankers' Association that building and loan associations of this state have been constantly reaching out for new business and extending the scope of their activities; and WHEREAS, The building and loan association of the state are employing solicitors for new business; and WHEREAS, Building and loan associations or their solicitors have in the past solicited accounts which have been represented as demand accounts, on which high rates of interest have been paid and on which, in some cases, earnings have been guaranted over a long period of years; Be it resolved, That the Executive Committee of the Oklahoma Bankers' Association is favorable to the activities of building and loan associations so long as they confine their activities to their proper spheres of installment savings, but that they condemn the solicitation of what are virtually demand deposits by building and loan associations under the guise of prepaid stock or fully paid stock, or under any other guise or any other name, particularly as such associations are not required by law to keep any fixed reserve against such deposits; and realizing the wisdom of our legislature in passing a law prohibiting the paying of more than four per cent interest per annum on deposits, as is now required of banking institutions, feel that our State Banking Board's attention should be called to this condition, feeling that it is not consistent with sound banking practice or beneficial to the continued growth of our community. KANSAS CITY. March 23d. The Kansas City reception started at the great terminal of this progressive city. Messrs. Page, Stevens and Chase were on the reception committee, and immediately a luncheon was had, after which a visit was made through the industrial and residential district of Kansas City, accompanied by Mr. Moorehead, secretary of the Southwestern Lumbermen's Association. Present indications are that this city will become one of the beauty spots of the country within the next ten years. The wonderful landscape work that has been developed, together with their up-to-date park system will mean much for the future welfare of this great community, as in Oklahoma City "For Rent" and "For Sale" signs were conspicuous by their absence. In the evening a dinner was tendered by the Kansas City League of Savings and Loan Associations, which was a great success; Mr. Franklin P. Stevens, president of the Kansas City League of Building, Savings and Loan Associations, delivered an address, "Half and Half;" Mr. Walter F. Page, president, Missouri League of Building and Loan Associations, delivered an address, "Starting Them Right;" Mr. Frank A. Chase, building and loan representative, Southwest Lumbermen's Association, address, "Improving With Age;" Mr. A. F. Ellfeldt, secretary. Kansas City Building and Loan Association, address, "At Will." ST. LOUIS. March 24th. At the Planters' Hotel, building association interests held the largest meeting ever held in the city of St. Louis, at which directors and secretaries of the St. Louis associations were present. A splendid dinner was served, after which addresses were made by Frank A. Chase, representative of the Southwestern Lumbermen's Association, by the editor, and by |