their constitutions and by-laws, methods of bookkeeping, stock issues and business methods.

To provide trained workers in the organization and management of building and loan associations.

To educate the public as to the history and advantages of building and loan associations, and instruct the officers and directors of associations and those interested in same, in the State of Missouri and elsewhere, without pecuniary profit."

Mr. Moorehead very appropriately was selected as the first chairman of the Board of Trustees, with Walter F. Page, president of the Missouri State League, as vice-chairman, and Franklin P. Stevens, president of the Kansas City Building and Loan League, as secretary-treasurer. Authority was granted for the organization of the first Local Chapter, in Kansas City, to 'be known as Local Chapter No. 1, which was provided with a course of study, including thirty weekly lectures during the present school year, under the direction of Frank A. Chase as instructor.

This local chapter is functioning with satisfaction to all concerned. Other cities have expressed a desire for information with regard to the organization of such local chapter. Many individual workers are asking to be enrolled for the correspondence course which will shortly be made available. A digest of the laws of all the states with relation to building and loan, together with a summary of local practices and conditions throughout the country, is in the process of compilation. This digest made available in chart form should prove of substantial value, especially in those states which are contemplating a complete revision of their laws.

A completion of the educational program of the Institute will be deferred until such state leagues as desire to affiliate have had opportunity to designate their representative as a member of the executive committee of the Institute. Several state leagues have already taken such action and all are to be given such opporttunity with the least possible delay. The next issue of the NEWS will cover this phase of the matter in detail, including contributed items from those leagues which have had opportunity to act in the matter. This executive committee will have charge of the activities of the Institute while the board of trustees will undertake to finance such work as may be outlined by the executive committee.

The United States League of Local Building and Loan Associations, the National Association of Real Estate Boards, and The American Lumber Congress have each appointed a special com

mittee of three members to co-operate with the others named for the advancement of the building and loan movement, in accordance with action taken at their last annual meetings. Those selected were: Building and Loan-J. T. Fitzmorris, Omaha, Neb.; Franklin P. Stevens, Kansas City, Mo., and Frank L. Wells, Wellsville, Ohio. Real Estate-Byron R. Hastings, Omaha, Neb.; Wm. E. Lyons, Kansas City, and Ross Cheek, Columbus, Ohio. Lumber Congress-M. B. Nelson, Kansas City, representing the manufacturers; C. A. Mauk, Toledo, Ohio, representing the wholesalers, and Mr. Moorehead, representing the retail lumbermen. It is presumed that W. S. Dickason, of Kansas City, who has been named as Mr. Moorehead's successor as chairman of the board of trustees of the Institute, will also succeed him as a member of this joint committee.

Each of these three national committees is represented on the board of trustees of the American Savings, Building and Loan Institute, insuring a constant co-ordination of effort on the part of three great and fundamentally important business organizations for the advancement of building and loan. When it is realized that this Institute under its charter is a "non-profit corporation," that it enforces loyalty to the organized building and loan movement as represented by the United States League and the various state leagues, yet imposes no obligation upon them, it is not surprising that hearty commendation from many sources, cheered Mr. Moorehead during his last weeks and convinces us who must and will attempt to carry out his ideas that this, his latest work, will not be in vain.

On behalf of the Board of Trustees, sincere thanks are extended to the AMERICAN BUILDING ASSOCIATION NEWS for its generous offer of space without charge for a new department in this publication, whereby authentic and complete information regarding the Institute will be made available for all. Communications for this department will be welcomed and may be addressed to Frank A. Chase, Educational Director, 502 R. A. Long Bldg., Kansas City, Mo.

Tax Case Appeal Heard.

The appeal of the tax case decision of Judge Peck rendered earlier in the year against the Lilly Building Association, of Columbus, Ohio, was argued December 11 in the U. S. Circuit Court of Appeals, sitting at Cincinnati. The building association interests were well represented and look for a favorable outcome.

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May Your Holidays Be Happy! BUILDING-LOAN man or woman (Kinney's sought-for word would come in handy here) who puts in 365 days a year trying to put as many people as possible under their own. roof-tree, which is equivalent to making them happy, has every reason to contemplate the holidays with pleasant anticipations. That they be realized in full measure is the sincere wish of the Editor of the NEWS to all.

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Ohio League Meeting.

FTER 34 years of activity the Ohio League at the Columbus convention reflected a wonderful interest in the work. Among those in attendance were fifteen pioneers, who were at the organization of the League.

The active co-operation of the women of Ohio in this great constructive work has been of marked assistance.

The presence of Mr. E. L. Keesler, of Charlotte, N. C., and of Senator Frank A. Chase, of Kansas City, Mo., was highly appreciated by the delegates. Both delivered addresses that were received with acclaim.

President Thomas L. Pogue delivered his address in a splendid and emphatic manner. It was a carefully prepared paper and was given close attention by the delegates.

Building Associations Lost a Friend in the Death of Representative Nolan.

EPRESENTATIVE JOHN I. NOLAN, of San Francisco, Cal., who died at his home November 18th, was a staunch friend of the building-loan movement who lent his active support in Congress on different occasions in behalf of measures designed to promote their welfare. He had been a member of the House since the Sixty-third Congress, and his popularity at home was attested by the fact that at the last election he was re-elected without opposition. He was an iron molder by trade, had been prominent in the councils of organized labor, and has risen to his high position by his own efforts.

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Congressman Longworth Re-elected.

HE re-election of Congressman Nicholas Longworth by the voters of First District of Ohio is a well deserved honor.

The majority exceeded 15,000. The splendid work of Congressman Longworth was appreciated by the electorate.

Mr. Compton's Reply to the Bankers.

CONSIDERABLE space in this issue of the NEWS is given

over to a presentation of Mr. Frank M. Compton's searching address delivered before the Ohio Building Association League on "The Banks versus the Ohio Building Associations." We believe that the character of the address more than justifies the amount of space allotted to it.

While there is no evidence that the anti-building association. crusade of the bankers is making any appreciable headway, it is nevertheless a poor policy to let their propaganda go unanswered. To present the case of the building associations was the task assigned to Mr. Compton. It was to be expected of a man of Mr. Compton's training that he would not follow the course pursued by the other side and content himself with charges and assertions. He approached the subject in a systematic way, carefully examining every item, using, wherever available, figures supplied by the government, and on that basis demonstrated the fallacy of the claims of the bankers.

While the paper deals directly with conditions as they exist in Ohio, the divergence in other states (if any) will not preclude a general application of the deductions.

The paper deserves to be preserved for reference purposes as it contains information that should be available at all times, and also indicates methods of inquiry that will materially assist in refuting charges made against the associations.

A Bill to Regulate Contract Loan Companies in the District of Columbia.

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BILL to regulate and control unincorporated co-operative contract loan, savings and investment institutions operating under declaration of trust in the District of Columbia," known as Senate Bill No. 4045, was introduced by Senator Sterling and referred to the Committee on the District of Columbia.

The bill places these concerns under the control of the Comptroller of the Currency, who shall issue certificates authorizing these concerns to do business if he finds "the plan of business to be financially sound and the contracts being entered into capable of fulfillment." The bill confers on the Comptroller various powers to protect the interests of contract holders, including those exercised by him over incorporated building associations.

A New Year's Resolution-Boost Your Association.

MR.

TR. MICHAEL J. QUIGLEY directs attention in the Newark (N. J.) Sunday Call to a phase of the building-loan movement that might well form the basis of a first-class New Year's resolution by the great army of members. He says:

"It is a remarkable thing that although the ordinary shareholders have hundreds of millions of dollars invested in these associations, they give the matter very slight attention, relying entirely upon the integrity and capacity of the officers of their respective associations, and in the proper administration of the supervisory power of the Department of Banking and Insurance.

"While this course leaves the officers of the association free from annoyance in the carrying on of their work, it also deprives them of the active support and assistance which the shareholders could and should give the officers. It seems that every shareholder in every building and loan association should look upon himself or herself as an investor and make every possible effort to see that the organization in which they are putting their money shall succeed as far as their efforts can enable them to do so. There are many associations in which the number of shareholders and shares could be doubled during the year if the present shareholders would give a little thought and effort to the enlisting of new shareholders, and I believe it is their duty to do so.

"Let every building and loan subscriber make up his mind. that during the coming year he will give to the officers of his association the support to which they are entitled, and will lend them his assistance in building up their associations and in securing new members. It is a favor to those enrolled, a benefit to the association and a profit to you.

"And aside from the purely material view point the shareholders should not lose sight of the fact that the building and loan associations are rendering a very real and very important social service to the community.

"The officers and directors of these associations are not being paid to any great extent, and the greater part of their service is rendered as a contribution to the welfare of the community. In aiding people to secure their own homes they are developing citizenship and American ideals, and in this way raising the standard of American life; and every shareholder should take pride in contributing to this cause. The more home owners we have the fewer disturbances there will be, and the more contented and peace loving will be the lives of our people.

"We figure the home as a very essential part of our civilization, and any benefit to the home must be a benefit to our State and nation. Help your building and loan association and thus. help your country

"Our weakness lies in our own division."-A. J. Hess.