MARYLAND.

The twenty-second annual statement of the Liberty Building and Loan Association, of Baltimore, shows assets $330,043, surplus $4,783. John T. Foster, president; Louis Rehberger, Jr., secretary-treasurer.

MASSACHUSETTS.

The fortieth annual report of the Merchants Co-operative Bank, of Boston, states that the business during the past year has been very satisfactory, the increase in assets amounting to $1,187,841, which is $359,525 more than the largest previous yearly gain. The total assets now are $9,068,921, and the reserve fund is $347,298. The bank has no real estate on hand and has had no foreclosures during the year. In September the directors requested the co-operation of the shareholders in securing new members, and as a result over 14,000 shares were sold in that series-the largest ever issued in one series. Bertram D. Blaisdell, president; Albert E. Duffill, clerk and treasurer.

Treasurer U. S. Young, after striking a balance for the past year and finding conditions highly satisfactory, sent the following terse account of the result to the NEWS: "Watertown Co-operative Bank shows big gains. Nine years ago there were 42 banks in the state larger than the Watertown; now out of the 207 there are only four-Workingmen's, Merchants and Volunteer, of Boston, and Equitable, of Lynn. Watertown's gains last year were $571,879." Total assets are $3,570,680, guaranty fund $38,286, surplus $16,111.

MICHIGAN.

¶ Mr. K. V. Haymaker is now with the Detroit Housing Corporation, Builders-Real Estate Investments, which opened their new office in the Penobscot Building, January 3rd. They have very nice quarters on the ground floor of one of the biggest and best office buildings in Detroit, right in the heart of the financial district.

MISSOURI.

Secretary Robt. J. Richardson, of the Missouri State League, announces that a publicity campaign which was approved at the recent convention of the league, is now being worked out. It will embrace: A monthly magazine with exclusive advertising and other matter to go to shareholders and prospects; a weekly selling and service letter; weekly newspaper articles; preparation of special leaflets, advertising and propaganda; the service of a B. & L. publicity expert for consultation. The entire service to be at a very low cost on quantity basis.

A city-wide campaign to interest large employers of labor in plans to reduce the housing shortage and to convert renters into home-owners was started this month by the St. Louis League of Building and Loan Associations, which points to the results attained by the United Railways Savings and Loan Association, a separate corporation composed of transportation employes and their families, as an example of what can be accomplished among wage-earners. The United Railways Savings and Loan Association has applied to the Secretary of State of Missouri for authority to increase the capital stock from $4,000,000 to $5,000,000. It was started six years ago with 125 members, and today has about 5,000, with assets of $1,500,000. Members have bought or built 764 homes, and they are buying or building at the rate of from 10 to 15 every month. S. H. Wallace, manager of the Utility Building and Loan Association, and president of the newly-formed St. Louis League of Building and Loan Associations, says "We must find some way to let wage-earners and salaried people know the easiest and safest way to get a home. Every dollar paid into an association by members deducting only a very small fraction or fee for small overhead expense, is loaned out to other members on first deeds of trust to acquire a home and pay for it like rent money. The associations have never

spent any stockholders' money for advertising, but in this emergency situation we must manage to get the idea over to employers and employes that they can do like the United Railways employes and acquire homes."

The league is working in harmony with the Missouri State League, of which Walter F. Page, of Kansas City, is president, and Robert J. Richardson, manager of the United Railways Savings and Loan Association, is secretary and treasurer.

According to a ruling by Attorney General Barrett, building and loan associations of Missouri may not use the words "trust" or "trust company" in their official titles. It is claimed that the use of the words is misleading, in that persons associate these companies with banks and trust companies doing a general financial business.

NEBRASKA.

¶ The statement of the Omaha Loan and Building Association shows that the association's assets increased $1,000,000 more last year than they did in the preceding year, going up from $17,413,650 to $20,269,924. Reserve and undivided profits total $509,937. During the year 351 families were assisted in building new homes. In his annual report President W. R. Adair says: "We cannot refrain from calling attention of all members to the fact that the past year of industrial and trade depression has not been felt by the association, unless it may be said that the dull times have induced so many people to save money that they place it with the association for safe keeping. The condition of the association was never so strong as it is today." A. A. Allwine, secretary and treasurer.

NEBRASKA.

Thomas J. Fitzmorris, secretary-treasurer of the Nebraska League, in extending a cordial New Year's greeting to the associations, says: "The challenge of nineteen twenty-two is for work, and more of it-intelligent, energetic, persistent work in the broad field of co-operative thrift. Nebraska associations pulled through a fiscal year of financial stress in remarkably fine shape, scoring an all-round gain in assets of 8%. This is a record of progress under trying conditions unsurpassed in the aggregate by any other financial agency in the state. The official report says: 'There were no liquidations.' These facts call for the widest publicity, in town and country. They possess the convincing force of tested strength and reliability, and are the mainspring of sound growth. The league plans to emphasize them in a summary of association business covering the past six months. Under the new Revenue Law of Nebraska, effective in 1922, depositors in building and loan associations, when and if they report such deposits to assessors, will be liable only to one-fourth of the tax rate of their locality on the sum reported."

NEW JERSEY.

New Jersey building and loan associations may not make loans on leasehold property, according to an opinion by Attorney General McCran, Deputy Commissioner James P. McMaster, of the State Department of Banking and Insurance, announced. The objection to leasehold property as not furnishing liens for first mortgages, Mr. McMaster said, applies to all leasehold properties in the state where there is a reversionary right. It is possible, he added, that some way may be found out of the difficulty. He pointed out that the question was a legal one and might find its way into the courts through a test case. Although the value of the house is taken into consideration in fixing the amount to be loaned on any property by building and loan associations, Mr. McMaster said the mortgage was on the land and not on the house, the buildings having by foundation been joined to and become a part of the real estate. Authority of building and loan associations to make mortgage loans, he said, is found in paragraph 2 of Section 24 of the act, reading in part as follows: "The fund of every

such association shall be invested in the following and no other way: 'In loans to members on bonds secured by mortgage which shall be a first lien on real estate in this state.'" There are other ways in which funds of building and loan associations can be invested, but so far as mortgage loans are concerned they can be made only on first liens as above.

The New Jersey League of Building and Loan Associations will enter upon its program of activities of 1922, guided by decisions arrived at by its board of governors at a recent meeting. A proposed revision of the state building and loan laws, adoption of a constitution and by-laws and development of the Torrens system of land title registration, which it has sponsored, are among the major problems before the league. The proposal to prepare a constitution and by-laws, establishing the league as an individual body instead of the league's present status as an adjunct to the New Jersey Chamber of Commerce, received the sanction of the board of governors and will be referred to the individual associations for approval.

¶ The Hudson County Building and Loan League has arranged for a series of monthly meetings, as which prominent building and loan men will give a series of talks on various matters of interest to officers and directors of building and loan associations. The first of these was held December 16, at which Otto Momm, secretary of the Warrantee, Guarantee and Hercules Building and Loan Associations, of Newark, was the speaker. His subject was "The Short Term Association," which aroused considerable interest and discussion. At the January meeting, George A. Duncan, secretary of the East Rutherford Savings, Loan and Building Association, will speak on "The Permanent Plan Association.” annual dinner of the league will be held Saturday, February 4, 1922, at the Elks' Club, Jersey City, at which Governor Edward I. Edwards, William E. Tuttle, Jr., Commissioner of Banking and Insurance for the state of New Jersey, and Arthur M. Linnett, president of the New Jersey League of Building and Loan Association, and who is also president of the United States League of Building and Loan Associations, will speak on building and loan efficiency.

NEW YORK.

The

The Ilion Permanent Savings, Building and Loan Association has purchased the building occupied by the Manufacturers National Bank, which will be turned over for the use of the association as soon as the new bank building is completed. Ever since it was organized, in 1888, the association has occupied offices in the building it has now purchased. S. T. Russell is president and L. H. Powers, secretary.

¶ Charles Didier, secretary of the Edgewater Building and Loan Association for half a century and oldest citizen of Stapleton, Staten Island, died December 29, 1921, aged ninety years.

¶ The president of the New York League, Miss Ann E. Rae, has issued a circular to the associations of the state, giving a summary of the provisions of the new Federal Revenue Act affecting building and loan assoications. Commenting on the $300 exemption clause, she says: "It is unfortunate that the looseness of the language has caused some questions to arise as to the meaning of the exemption, although the intent is beyond question. The United States League Committee is now taking up with the Internal Revenue Department the question of interpretation which will, no doubt, be satisfactory to the associations." The circular concludes, saying: "I feel it my duty and pleasure to express the thanks and obligation of our associations to the United States League and its committee, which has worked so long and effectively at Washington for the protection of the interests of our associations. We deeply appreciate the untiring, efficient work of our Hon. Charles O'Connor Hennessy, who is chairman of the U. S. Legislative Committee, also the able assistance given by our Senator Calder at all times on this matter."

OKLAHOMA.

¶ Vice-President R. O. Brewer, of the Local Building and Loan Association, of Oklahoma City, writes: "We have had one of the greatest years in the history of the association. Our assets are now well over the $10,000,000 mark, and we have passed many of the old associations in this part of the country. We feel that we have a right to be proud of our association, in view of the fact that we are not quite fourteen years old."

PENNSYLVANIA.

¶The forty-eighth annual statement of the Tacony (Philadelphia) Building and Loan Association shows assets $793,573, accrued profits $112,368. The demand for loans continues to be far in excess of the receipts. William W. Hall, president; John H. Currier, secretary.

¶ Felix Gambino, treasurer of a Philadelphia building and loan association, was attacked in front of his home at about 11 o'clock on the night of December 21, by two young men. Mr. Gambino was about to ascend the front steps of his home when the men leaped from the porch, one of them striking him on the head with a blackjack. Although dazed, he fought and shouted for help. The men became alarmed and escaped in an automobile standing nearby. Gambino thinks the men attacked him in the belief that he was carrying a large sum of money. His head was bruised.

The tenth annual report of the Lester Building and Loan Association, of Philadelphia, shows assets $556,547, reserve fund $2,005, net profits $120,206. The association made a gain of nine per cent during the year. Dr. Louis Englander, president; Joshua S. Buten, secretary.

The sixth annual report of the Ellwood Building Association, of Philadelphia, shows assets $163,939, net profits $20,659. A. W. Heller, president; Sigmund J. Hecsh, secretary.

VIRGINIA.

The People's Building and Loan Association, of Hampton, an organization conducted by prominent colored men, showed an increase in earnings for the past year of $3,555, as compared with the previous year. This was due to the interest derived from loans which have increased from $190,837 to $239,478, or a gain of $48,641 for the year. The dividend of 7 per cent, appropriated out of the net earnings, left $418 to be credited to the special reserve account. Total dividends paid for the year $24,283.

F. D. Wheelock, secretary.

WISCONSIN.

The Security Loan and Building Association, 315 National Avenue, Milwaukee, has just issued a beautiful vest pocket memorandum book, bound in leather, with a gold embossed cover, which is one of the most valuable advertising books that as reached our desk. The assets of this institution amount to $3,178,235, contingent fund $38,000, undivided profit $85,349. William L. Pieplow, president; Theodore Mueller, secretary

treasurer.

MAKE YOUR MONEY WORK FOR YOU.

Money likes to work if it is given a chance; and it has the advantage of not working under union hours and is perfectly willing to labor for its owner Saturday afternoons, Sundays and holidays. In other words, it never stops and never sleeps.

EVERY DOLLAR WORKS

in this bank. That's why your savings earn more here. -save $1 to $40 monthly. Build up a "nest egg" for enable you to take advantage of profitable opportunities. you'll say the co-operative way is the best way to save!

Watertown Co-operative Bank, Watertown, Mass.

treasurer.

Start an account protection or to Investigate

U. S. Young,

COMMUNITY ADVERTISING IN NEW ORLEANS.

Twenty-nine associations of New Orleans, La., have joined forces to secure more members by running a large three-column advertisement, eighteen inches deep, in the Times-Picayune for twenty-six weeks. The committee appointed to conduct this campaign consists of M. Geo. de Lucas, Chairman, E. L. Hebert and J. Miranne.

Following is a copy of the first insertion:

WHAT IS A BUILDING AND LOAN OR HOMESTEAD ASSOCIATION?

The advantage derived from a membership in a building and loan or homestead association are many and various. It provides a safe and convenient place to deposit whatever sums the members can spare from their wages or income.

Funds so deposited are less liable to be spent extravagantly for useless things. The funds also are beyond the reach of the sneak thief and pickpocket.

An unlucky fire has destroyed many a savings fund which had been gathered by many months of self-denying economy and left hidden about the house; when if it had been deposited from time to time in a building association it would not have been lost.

The dividends which even small sums will earn is an item of income obtainable in no other way. There is no safe form of investment by which the small savings can be made to draw interest at so profitable a rate as is obtained in a building association.

A person with a large sum, say a thousand dollars, can invest it in a safe first mortgage which is everywhere recognized as one of the highest forms of security. But where the sum ought to be invested is but ten dollars, this high-grade security is not available since ten-dollar mortgages are not made.

If a hundred persons each put ten dollars into a building association, the association could invest the entire sum in a mortgage, and by this means each of the contributors to the fund would get the same high security and the same rate of income assured the party who invests the thousand dollars.

THESE ASSOCIATIONS ARE THE NATURAL HOME FOR THE SMALL AS WELL AS THE LARGE SAVER OR INVESTOR.

Call on any one of these members of the Louisiana League of Homestead and Building and Loan Associations for further information : Here follow the names and addresses of the associations.

THE SECURED SYSTEMATIC SAVINGS PLAN OF THE
DETROIT AND NORTHERN MICHIGAN.

The Detroit and Northern Michigan Building and Loan Association has completed arrangements with the Detroit Life Insurance Company for a new and practical way of assisting ambitious people to become financially independent. The plan is called the Secured Systematic Savings Plan. It is, as the literature emphasizes, distinctly a plan which is sure if you live, sure if you die, sure all the time.

The object is to insure the amount a member intends to save, whether borrower or not. Insurance may be had in multiples of $1,000 up to $15,000. The insurance premium on $1,000 varies according to age, from 10 to 40, $1.35; 41 to 45, $1.60, and 46 to 50, $1.90 per month for the first year, and decreasing each year, the average amount per month being 69 cents. The regular dues of $6.79 per month are, of course, additional and are paid at the same time. At the end of 120 months a member will receive $1,000. But should he die before that time, then his heirs will be paid the $1,000 he intended to save by the insurance company without any further payments. Secretary C. D. Hanchette writes that he is very optimistic regarding the operation of the plan. A booklet, giving the details, may be had on application.