THE

Thrift in the Schools.

HE grade schools of late years have been going far afield from the three Rs of former days. Some of these innovations had merit while others were of doubtful value. We are not in favor of overloading the young mind with such a variety of subjects that it fails to get a solid grasp on any of them, even the most fundamental. But it seems to us that it would be quite practical and at the same time highly beneficial to the youngsters if the teachers were directed to instill the idea of thrift either in a course designed for that purpose or incident. to other studies. Such a course is being followed in some localities with excellent results, but should be adopted far more generally. Up to the present time there has been no such word as thrift in the lexicon of Young America. The schools ought to write it in, for it is only too evident that the children, for their own future welfare, are in need of it.

Special courses and fads can be of benefit to a limited number only, but what child will not be better equipped for life if it is imbued with the idea of thrift?

The Three-Per-Cent Loan Concerns in a New

Guise.

These so-called numerical contract companies have broken out again in California, in amended form, to comply with the drastic requirements of the Corporation Commissioner.

In the experience of many years among other and similar concerns, these contract companies do not thrive in any expurgated forms, but on present plans they will have the satisfaction of making haste slowly. There will not be the frenzied finance and gambling in low numbers that featured their earlier efforts and the manipulations of a score of mushroom concerns that sprang up over night in Los Angeles last spring. These are now past history.

If the present promoters want to play the game fairly, they should be more explicit in their public printed matter regarding the expense fund deductions, the "loan and trust" funds available in the first year of the contracts, and, especially as to surrender values, forfeitures and any other penalties incident to loans or withdrawal transactions.

As now constructed there is too much camouflage in the public literature. This ought to show all of the provisions of contracts so as to avoid any misunderstanding on the part of those desiring to obtain loans. For those who join merely to speculate in early numbers carrying loan privileges one need not waste any sympathy. From Simply Bill, of Long Beach.

Charles O'Connor Hennessy Honored.

A committee of the United League met in New York last month to pay a debt of gratitude to former Senator Charles O'Connor Hennessy, for his valuable service in legislative affairs. The ceremony took place at the Hotel Holley, New York, where a committee, consisting of Messrs. J. E. Kinney, of Columbus, O.; William R. Adair, of Omaha, Neb., and W. G. Weeks, of New Iberia, La., presented Mr. Hennessy with a beautiful library equipment, including an elaborately carved mahogany table, easy chair and reading lamp.

President Kinney, of the United States League, making the presentation, said:

"In recognition of the valuable services rendered by you for many years to the United States League of Local Building and Loan Associations, and as a slight token of the high regard which the building and loan men of the United States have for you, the League, through us as its committee, hereby presents to you these articles of furniture and bric-a-brac, which we hope will please you and appeal to you sufficiently for you to use them personally. "This presentation is in accordance with a resolution unanimously and enthusiastically adopted by the delegates present at the recent meeting of the League in Portland, Maine."

Only a few months ago, Mr. Hennessy was the recipient of a handsomely engraved gold watch at a banquet of the New York State League of Savings and Loan Associations, at which he was the honor guest, and has received a formal testimonial from the Pennsylvania State League.

New Chief in Indiana.

L. B. Holleman has been appointed as Building and Loan Clerk of the State of Indiana. He was formerly an examiner of the Department.

Mr. J. H. Tomlin, former head of this Department, has given efficient service to the savings and loan associations of Indiana, and he leaves the office with the best wishes of a host of friends inside and outside of the state.

Best Landlord and Best Tenant.

Mr. Enoch Hill, General Manager of the Halifax Permanent Benefit Building Society, England, in discussing the Rent Restriction Act in Round the Table, says:

"The ideal to aim at to correct the conflicting claims of owners and tenants is to encourage and promise personal ownership for occupation. Every man's house is his own castle when he is his own landlord, and every man owning a house, and living in it, has the advantage of living under the best landlord possible, because he is his own landlord, and he has the advantage of having the best tenant possible, because he is his own tenant."

Illinois League Meeting.

The forty-third meeting of the Building Association League of Illinois was held at the Jefferson Hotel, Peoria, on Thursday and Friday, October 12th and 13th. It was the best attended meeting the League has ever held, there being 225 delegates, representing 171 associations, present. In addition there were quite a few visitors.

The meeting was opened at 10 o'clock, Thursday morning, October 12th, with President E. D. McCulloch, of Peoria, in the chair, and Secretary Maurice E. Vasen, of Quincy, at his post looking after the manifold affairs incident to a gathering of this kind.

Hon. Victor P. Michel, Mayor of Peoria, extended a most cordial welcome to the delegates to Peoria, "the garden spot of the world."

Mr. S. M. Owings, of Mattoon, responded on behalf of the League. He agreed with the mayor that there was no better place in the state to hold a meeting of this kind than Peoria, and referring to the activities of the associations said that the men in charge of this work have taught the people to save. If every family in the city of Peoria owned its own home, what a great burden it would lift from the executive shoulders of the mayor. The police force could be reduced considerably, for he ventured to say that the mayor had never had occasion to arrest a real home-owner for an automobile theft in Peoria, and if all were home-owners the chances are there would be mighty few arrests. President E. D. McCulloch then delivered the annual address from the chair as follows:

PRESIDENT'S ADDRESS.

E. D. MCCULLOCH, PEORIA, ILL.

With the opening of this, the forty-third annual meeting of the Building Association League of Illinois, we are assembled in Peoria for the first time since 1906. During the intervening period we have been called upon to note the passing of many of the stalwart and able men who were active in the League, active in fostering the home-owning idea, and establishing the League on a firm and lasting foundation. When our convention was held in Peoria in 1906, the Hon. J. N. Shumway, of Taylorville, was President, and Ben Vasen, of Quincy, was Secretary. None of us who came in contact with them, can forget their energy, their ability, their constant good nature and their enthusiasm for the building and loan association cause.

We have seen and participated in the growth of the associations both in the state and nation to their present immence proportions. We have seen the Government looking to us for aid in overcoming the shortage of homes and giving our ideas of saving and home-owning a well earned recognition.

It is an unusual circumstance that the city in which you are

meeting, is also the life-long home of your President. The citizens of Peoria, and especially the building associations of Peoria, extend to you a hearty welcome and hope your stay here will be both pleasant and profitable.

We have in Peoria eight active, growing associations. The oldest was organized in 1874, under the First Building and Loant Association Act passed by the state legislature. This bill was later repealed. A new act was passed in 1878, and since that date, there have been many amendments and revisions.

Our associations have shown a steady and healthy growth, especially during the last few years, when the attention of the

people has been attracted by the benefits to be derived from joining us, both as borrowers and investors.

The combined assets of the local associations at this date. must be very nearly $12,000,000.00. The largest associa-. tion, according to its last state-. ment, has assets of over $3,430,000.00. It is hardly neces sary to point out the part the local associations have played in the growth and prosperity of this city.

In Illinois, according to the State Auditor's report, the total assets of all associations show an increase for the year of over $25,000,000.00, with aggregate assets of over $174,000,000.00.

According to the latest compilation, the associations in the United States have total assets of $2,890,000,000.00, with a membership of over 5,809,000 persons.

The house shortage due to the period of building inactivity) during the war, the high rents caused by the house shortage, increased costs of building, the publicity given the building and, loan associations by our National Government, the building trades and our own increased and increasing use of advertising space, have placed the building and loan associations in a position of prominence, which assures an increased growth and greater ability to aid in the building and owning of homes and afford a safe and profitable place for the savings of the wage earner and others. When a man owns the house that shelters himself and his family, and when he has a savings account, he has become a capitalist. He is a part of the great law abiding, substantial,

home-loving fabric of the nation and not easily influenced by the vicious and unhealthy teachings of those who would tear down rather than build up.

Naturally, a business or interest of such proportions as the building and loan associations attracts the attention of evil minds who, under guise of a plan resembling ours, but devised for personal gain, would defraud the ignorant and unprotected.

Fortunately, under the laws of Illinois, aided by the vigilance of the State Auditor and his assistants, such concerns cannot obtain a foothold in this state. No doubt, you have read of the trouble other states have had with this class of institutions and the action taken by state authorities.

On the other hand, we sometimes think we see indications that large financial interests would not be displeased to see us less prosperous and active. I think we fill a place in the business activities of the people, which we can hold without injury to any other line of business. Many people were disposed to criticize the General Government for entering into a campaign to induce people to invest their savings in thrift stamps, postal savings, etc. It was a good move and an untold amount of money was invested with the Government that otherwise would have remained in hiding and withheld from general circulation. My idea is that all plans for the honest and safe use of money which will aid in keeping a very large proportion of it in circulation, aids all legitimate lines of business, and should be encouraged.

The building and loan has a well defined place in the financial and economic structure of business and so long as we work in our legitimate field, we should not be molested. We, in turn, should assist in every possible way to promote the general prosperity of the people.

During the past year the state legislature has not been in session, and no litigation has claimed our attention so that we cannot report great activity on the part of the League. Our organization is intact and harmonious and ready for emergencies.

You are all familiar with the federal law exempting a part of the earnings of building and loan stock from the burden of the income tax. If you have access to the proceedings of the United States League, you will be interested in reading Mr. Hennesy's report of the work of the Legislative Committee before the Committees in Congress, and of the valuable service rendered by Senator Calder, of New York, and Congressman Longworth, of Ohio.

The United States League retains its place as one of the great factors in protecting us from unfavorable legislation by Congress and the associations of the country are indebted to the officers of the League and members of the various committees for their untiring and unselfish service rendered without compensation and often at their own expense.

So far the only suggestion for legislation is the demand for a more careful scrutiny of the material out of which Notaries