Holders of Called Victory Notes Should Be
Cautious About Reinvesting.

THE

HE get-rich-quick stock salesman is preparing to reap a harvest. He is figuring on thousands and thousands of "fish" to emerge from the Victory note hatchery. He knows that many of the small holders of these notes never had any experience with bonds, or securities for that matter, and therefore figures that they can be easily "hooked."

It would be a calamity if they succeeded to any great extent. The vital consideration is not merely the money involved, but the incentive to keep on saving and accumulating which would be shattered if those who had made their start in saving under the auspices of the Government were now fleeced out of their nest egg by being induced to reinvest it in wild-cat securities.

Building associations everywhere can render these holders a real service. Aside from any benefit that might accrue to the associations it would be a god-send to the holders of these Victory notes and War Savings Stamps that are now to be redeemed if they could be induced to invest their savings in building association stock or certificates. They would then have an equally safe investment, would receive a better rate of interest, and would above all be encouraged to continue the habit of saving. For building associations to make efforts along that line is indeed work of a public-spirited character.

To the holders of the called Victory notes the Chicago Tribune offers the following timely advice:

"As a large number of Victory note holders doubtless got their first, and perhaps only, experience in bond investment through the purchase of Liberty bonds or Victory notes, we wish to caution them that not all bonds are safe, and that they would exercise the greatest care to be sure that the security which they select for reinvestment is a sound one. This money has been protected in a safe investment, which brought a moderate rate of income. It will now be liberated, and tempting offers of investments bearing a much higher rate of income will be made. It must be remembered, however, that one generally pays for higher income rates with lessened safety. Safety of principal is much more important than a high rate of return. Don't jeopardize the safety of $100 for the sake of securing $2 or $3 of extra interest per annum. True, it is still possible to secure sound investments yieldings as high as 6 or 7 per cent, but these are the exception now and not the rule.

"Great care should be exercised to differentiate between those that really are sound and those that are not. But there are a lot

of unscrupulous but convincing salesmen about offering all sorts of so-called investments, which range from moderately weak to hazardous speculations. They will tell you that they are as safe as your Victory notes, but don't believe it. Before you consider an investment, consult some impartial authority, who is in position to know. Don't be rushed into an investment-there is always time. Better spend time in investigation than in regret. You cannot be too careful where you put your money. It is better to be sorry that you did not invest than that you did. Think that over.'

Death of John H. Currier, of Philadelphia.

John H. Currier, one of the active members of the Pennsylvania League, for some years vice-president and for at least fifteen years a member of the executive committee of that body, died at his home in Philadelphia, November 30. He was seventytwo years old.

Ás a delegate from Pennsylvania Mr. Currier was for many years a regular attendant at the U. S. League meetings. Delegates to the last meeting at Portland will recall the interesting paper read by Mr. Currier dealing with the early days of the first building association, of which an account appeared in the NEWS.

Mr. Currier was numbered amongst the oldest building and loan association men in Pennsylvania. He was for over a quarter of a century secretary of the Tacony, one of the largest in the industrial section of Philadelphia, and his activity in the work covered a period close up to forty years. He was also vicepresident of the Philadelphia Real Estate Board and active in church affairs.

Hearings on the Dennison Blue Sky Legislation.

The Dennison bill, drawn "to prevent the use of the United States mails and other agencies of interstate commerce for transporting and for promoting or procuring the sale of securities contrary to the laws of the states, and for other purposes," has been passed by the House and is now in the hands of the Senate Committee on Interstate Commerce, which committee has been holding hearings on the bill during the present month.

The NEWS Commented on this bill at some length in the April issue. The purpose of the bill is highly commendable, but it should be so framed as not to impose hardships on legitimate securities. As the bill was originally drawn no cognizance was taken of building association stock and securities, while banks, trust companies and savings institutions were specifically exempted. The securities of bona fide building associations should be given the same recognition.

U. S. League Legislative Committee.

President Kinney has announced the appointment of the following gentlemen to serve on the Legislative Committee of the United States League for the coming year:

C. Clinton James, Chairman, Washington, D. C.
Charles O'Connor Hennessy, New York, N. Y.
H. F. Cellarius, Cincinnati, Ohio.

W. R. Adair, Omaha, Nebraska.

Thomas H. McCaffrey, Philadelphia, Pa.
E. L. Keesler, Charlotte, N. C.

Internal Revenue Questionnaire.

The NEWS is in receipt of inquiries from different parts of the country as to the attitude to be assumed toward the questionnaire sent to associations by the Internal Revenue Department.

It has been the practice of the Revenue Department to send out to associations a questionnaire, and from the information which they thus acquire, they determine whether an association is entitled to the exemption which is provided for in the Income Tax Law. The Deputy Commissioner should be furnished with full information regarding the items that he refers to in his letter, together with copies of the Constitution and By-Laws of the company and the financial statements requested.

A Good Start Made in Home Building.

Home building, which underwent something of a decline during the world war and for a short time thereafter, has become a passion in the United States, judging by figures which are presented to the attention and consideration of the public. From a survey of the situation in the country it is said that about $5,000,000,000 has been spent for home building thus far this year. Such a colossal enterprise, quite naturally, is worthy of more than mere cursory consideration. It is, to begin with, a most encouraging sign of stability for the nation, America, as a country of home builders and home owners, need have little worry about its future. This is one of the compelling talking points in connection with discussions of our national position. At least a start has been made in catching up with a condition which, during the war and for many months after the cessation of hostilities, threatened to become most alarming in the nation's affairs. Construction work has progressed to a point during 1922 where it seems more than likely that it will continue. The movement because of its own weight will continue for some time to come.-Dayton News.

The Home-Owning Crusade.

BY MILTON DANA MORRILL.

Thanks to the Own Your Home Movement the tide at last has been turned. The Own Your Home Exposition held each spring, both in Chicago and New York, have become annual events and have been made the center of the Own Your Home Movement. They have had the endorsement of more than eighty national, state and city organizations.

Mr. Robert H. Sexton, of New York, who is the managing director and who was the pioneer of this work, has just announced from his office at 512 Fifth Avenue that the Real Estate Boards will this year conduct these two expositions.

At the "Own Your Home" show each year is visualized the last word in the art of house building. Just as in the Automobile Shows all the latest in auto construction and fittings are shown, so in the "Own Your Home" Show the latest ideas for the ideal home are on view, whether it be in a better wall construction, a new article to reduce kitchen work, or an improved fly screen.

Thousands of architects and builders, as well as home buyers, flock to these expositions. This is where the exhibitors and supporters of this movement benefit, as their wares cannot only be shown, but demonstrated in actual use direct to the buying public.

While the great and patriotic work to get more Americans to own their homes is the worthy cause back of these expositions, Mr. Sexton's idea is that any great movement, to succeed, must be backed by sound business principles rather than depend on philanthropic support.

The companies which enlist in and support this great cause. find that it is good business to do so. The Own Your Home Exposition is common ground where the filling of a great national need and good business can join hands.

Home Ownership, which is one of the bulwarks of America and American Society, has been fading away. In the early days. nearly all Americans owned their homes, but we have been losing ground in this regard, and the Own Your Home Movement is now turning the tide. In fair weather home ownership does not matter quite so much, but in storm and troublous times the homeowners keep the ship of state on even keel.

Keeping a Good Man In.

Some men are appointed to an office for life and in that way establish a record for length of service, but Joseph H. Paist, president of the Pennsylvania League, is re-elected every year by the delegates who thus annually put their stamp of approval on his work. It has got to be a habit with them. At the recent meeting of the League Mr. Paist was elected for his forty-sixth term. The only reason why he has not been president of the league for a longer period is that the league was not born sooner.

Ohio Building Association League Meeting.

The Ohio Building Association League met in thirty-fourth annual meeting in the Convention Room of the Hotel Deshler, at Columbus, Ohio, November 14-16. The convention got under way with the largest attendance that ever gathered at a buildingloan meeting in Ohio. The meeting was called to order by President Thomas L. Pogue, of Cincinnati.

The address of welcome was made by Mr. James E. Kinney, president of the U. S. League and president of the Buckeye State Building and Loan Company, of Columbus, Ohio.

Harley L. Stoneburner, president of the Columbus League of Building and Loan Associations, also welcomed the delegates on behalf of that body.

President Thomas L. Pogue's address was as follows:

PRESIDENT'S ADDRESS.

Fellow Delegates and Friends of Building Associations, Greeting: On behalf of your Executive Committee, it is the privilege of your Chairman and President of the Ohio State League to report upon matters of interest and importance covering the work of your league during the past year.

PROSPERITY.

That your associations have been financially prosperous and have added to their assets approximately forty-million in dollars in the past year is not only a matter of congratulation, but an evidence that your thrift is along right lines, and that your work justifies the confidence and receives the co-operation of the people of this great state of Ohio. It is not sufficient merely that you become collectors of money, nor that you pass resolutions approving the actions of your officers in the State League and in your individual communities.

The time has arrived and the demand is now upon you that the world at large should come to know that your prosperity is of the making of the small property owner and in the citizenship of those who have learned to save through the medium of your societies.

With your success there is built into your separate communities a solidarity that neither time nor adversity shall destroyyour strength is that of the home and the people therein.

SAFETY IN INVESTMENT.

The statement is made from the Department of Building and Loan Associations that not a dollar has ever been lost to a depositor in a building association in the state of Ohio within the last twenty-five years, and no statement of this kind can be made by any banking or financial institution or business organization within the state.