tising, rotary, and other clubs and organizations in every part of the United States. This same fact insures a thorough distribution of the film in all parts of the country. There is no idea of making any profit on the prints from this film, and the only expense, if any, will be a nominal one to cover the incidental cost of distributing. Any moneys that may accrue as a result of this nominal charge will be immediately used for a further exploitation of the film.

Meeting of the Building and Loan Association Council of Washington, D. C.

The annual meeting of the Building and Loan Association Council of Washington, D. C., was held at the Board Room of the Oriental Building Association Thursday, November 2, 1922.

President C. Clinton James, in his annual report, stated that he had reports for the six months ending June 30, 1922, from the twenty-one building and loan associations doing business in the District of Columbia, showing a total membership of 48,954 and total assets of $34,860,596.00. This shows gain in assets for the six months ending June 30, 1922, of $1,832,231.40 and a gain in membership of 1,280.

Precedent was broken by re-electing C. Clinton James as president, he having already served two terms. William S. Quinter was elected vice-president, James M. Woodward, secretary, and John Shughrue, treasurer.

The following were chosen members of the Executive Committee: Charles H. Bauman, Joshua Carr, Charles H. Kindle, Wharton E. Lester, Julius Maedel and James F. Shea.

The Council also passed a resolution to co-operate with other financial and civic organizations in the Thrift Week Campaign during January 17th and 23rd, and the president was designated to serve upon the permanent Thrift Week Committee. The question of co-operative advertising was referred to the Executive Committee for investigation and report.

The next convention of the United States League of Building and Loan Associations will be held at Tacoma, Wash., and because of the distance and the length of time required to make the trip, the Council at this meeting named C. Clinton James and William S. Quinter delegates to attend the annual convention.

STATEMENT OF JANUARY 1st TO JUNE 30th, 1922,

OF

New Home of the Watertown (Mass.) Co-operative Bank.

On October 21, 1922, the Watertown Co-operative Bank took possession of its new home, located near the Square and opposite the Town Hall. The building, with a front of limestone, light brick and terra cotta, was purchased from the Market National Bank and completely remodeled to meet the requirements of the co-operative bank. Entrance to the banking room from the street is through a large open lobby. The banking room is 30x56 feet, which gives ample space for the public, treasurer and clerks. In the rear is a large burglar-proof vault. The women's rest room and toilet are on the same floor. On the second floor are located the rooms of the security committee, attorneys, treasurer's private office, directors' room, coat room and public toilet. These rooms all open into a large public waiting room.

The interior outfitting is solid and impressive. The counter screen is of Texas marble backed with terra cotta. On this base is the marble counter shelf on which is placed a gun-metal screen finished in verde green. There are seven tellers' windows. The walls of the working space are panelled in mahogany, while all the counter and screen work is metal with the same finish as the wood. The public space has a marble dado around the wall with a verde green marble base.

The bank was organized in 1888 and now ranks fifth in size in Massachusetts, with assets of $4,275,150. The present officers comprise: Charles E. Fay, president; James D. Evans, vice-president; Ulysses S. Young, treasurer; directors, Charles Brigham, Horace W. Otis, James D. Evans, Frederic E. Critchett, Andrew Hawes, Charles E. Fay, Lewis McLauthlin, Frank D. Tarlton, William H. Lucas, John F. Tufts, Ulysses S. Young, Curtis W. Bixby, Alfred A. Glidden, William P. McGuire.

DUES

ALABAMA.

The Security Savings and Loan Association, of Birmingham, reports a growth of $88,523 for the past six months, bringing the total assets up to $855,788, guarantee fund and profits $69,096. The company has maintained a steady growth from the start, but especially since its occupation of its own home. F. W. Dixon, president; J. C. Bryant, secretary and

treasurer.

ARKANSAS.

The twenty-eighth annual statement of the Peoples' Building and Loan Association, of Little Rock, shows assets $1,260,773, reserve fund $32,464. The policy of the association is indicated by these items in the report: "Real estate-none;" "Bills payable-none;" "cash, $17,279." W. E. Lenon, president; J. H. Hollis, secretary.

CALIFORNIA.

The Home Investment Association, of Redlands, reports an increase of $252,492 in assets so far this year, the total now amounting to $1,434,416. A booklet just issued by the association is both attractive and instructive. W. T. Bill, president; J. Warren Smith, secretary.

Secretary William E. Bouton, San Francisco, writes: "The Fidelity Building and Loan Association reported assets of $273,900 March 31, 1992. For the seven months' period from that date to and including October 31, 1922, the assets increased to $415,400. We have an incomplete loan account of over $73,000 and a bills payable account of $97,500. Our problem, therefore, becomes one of finance. In this connection, we have about exhausted the limit of our authorized capital stock and at the annual meeting in April next arrangements will be made to increase the capital stock of the Association."

The thirty-second annual report of the Eureka Building and Loan Association shows an increase of 44% in net loans, 39% in assets, and over 36% in capital account and profits. Arnold Foster, president; William E. Bouton, secretary.

¶ The Provident Mutual Loan Association, of San Francisco, reports assets $243,448, reserve fund and undivided profits $10320. New shares as well as money in strong demand. Irving F. Moulton, president; N. Steinberger, secretary.

The Cosmopolitan Mutual Building and Loan Association, of Oakland, reports an increase in assets for the past year of $146,972, making the total $464,946, reserve fund $8,050. The loan market continues good, the association having advanced funds for the erection of sixty-two houses during the year. R. C. Bitterman, president; W. S. Gould, secretary.

¶ Mr. Burton McGinnis, formerly of St. Louis, who moved to California for the improvement of his health, reports that both he and Mrs. McGinnis have been much benefited by the wonderful climate of Southern California. They are now located at Glendale, where Mr. McGinnis is local manager of the Southern California Metropolitan Loan Association, Los Angeles.

ILLINOIS.

Arthur Nelson, secretary of the Fidelity Savings and Loan Society, of Galesburg, writes: "Our assets now amount to $2,109,860, including a net gain of $301,174 for the year. We have 48,065 shares in force, a gain of 5,133. We collected $112,095 interest, leaving only $325 unpaid, or about one-fourth of one per cent. Our contingent fund now amounts to $70,000, an increase of $7,500 for the year. We have never charged a dollar against this fund during the entire thirty years of our existence. We have made a net profit of about $3,000 on real estate sold, and now have none on

hand, also no taxes or insurance unpaid. We are the first association in Illinois to reach the two-million mark in thirty years, no other association in the state having accomplished this in less time." Fred S. Johnson, president.

The report of the Eureka Building Association, of La Salle, states that the past six months have been the most active in the history of the association. During the past year the association gained $220,000 in assets, thereby going over the two-million mark by $61,000. The report shows no real estate on hand, no bills payable, and funds all loaned out. Steinmayer, president; Geo. A. Wilson, secretary.

C.

On October 29th Dr. Chas. C. Bernard, who has been president of the North Avenue Building and Loan Association, of Chicago, for over twenty years, passed away after a short illness. He was laid to rest after services conducted by Knights Templar in Memorial Cemetery, west of Evanston, on November 1st. His sterling worth was best known to those who associated with him. He was 67 years of age and prior to his last illness was always very active. He leaves a wife and daughter and a host of friends to mourn his loss. H. U. Koebele, secretary.

An enthusiastic open forum meeting was held November 10 at the Waukegan Chamber of Commerce rooms, in the interest of the building and loan association campaign, there being about 100 men in attendance. Joseph P. Mallek, of Chicago, was one of the principal speakers, telling his audience that no better investment could be made than that of subscribing for shares in the building and loan association. To prove his sincerity in the proposition, he personally subscribed for ten $100 shares of stock in the local organization. W. B. Whitlock and J. S. Kowalski, of the state auditor's department, and Chicago district office, respectively, addressed the meeting. "In 1921 I closed seven banks in the State of Illinois, while in my 17 years in the auditing department, but one building and loan association failed," said W. B. Whitlock. "Use Your Head" will be the slogan of the campaign. To carry out the slogan the posters will be printed showing a woodpecker "using his head" on a post building a home.

INDIANA.

¶ Joseph A. Borenstein, who had been president of the Indiana Building and Loan Association, Indianapolis, for forty-one years, died at his home October 30, aged 68 years.

LOUISIANA.

¶ The New Orleans homestead people are determined to send a big delegation to the next U. S. League meeting at Tacoma. They are starting in early making preparations, as will be seen from the following account of their activity taken from the new Orleans Times: "The first Homestead Convention Club has been launched by the Security Building and Loan Association. The local Associated Secretaries will be asked to endorse and adopt the project, which then will be recommended to the other members of the State League, so as to constitute it a Louisiana proposition It is expected the plan will eventually be copied nationally, assuring much larger conventions. This year's national gathering was at Portland, Me., and notwithstanding the distance the Louisiana delegation numbered thirty, the second largest there, Ohio sending more than 100. Tacoma, Wash., next year's meeting place, is about double the distance, causing many to fear the attendance would be greatly reduced. To bring about the contrary effect, the Security devised the club plan. The idea is to have prospective tourists decide early that they will make the convention trip their vacation, to begin to save for it, and to do their saving according to homestead system, under homestead auspices. Directors and other shareholders will pay into the homestead with which they are connected the sum of $25 monthly for each person intending to join the party, upon which sums the homesteads will calculate and allow interest, as in the case of full-paid stock. At the end of nine months the principal in each account will amount to $225 and accrued interest. That may not be suffi

cient to pay the expenses of the trip, but it will be a very good start. Those who find they are unable to join the party will be free to withdraw the sum saved, or convert it into other homestead investment, upon which they may continue saving, or they may devote the money to other purpose. If the other homesteads agree to the plan there will be a general committee to work out the details and handle the affair."

¶ Secretary W. J. Sonneman, of the Dixie Homestead, of New Orleans, was a visitor at the office of the NEWS. He took his annual vacation trip, visiting Cincinnati and Chicago, and also attended a part of the meeting of the Ohio Building Association League at Columbus, Ohio.

Jasper S. Brock, the unanimous choice of the homestead men of Louisiana, has been appointed state bank examiner to succeed L. E. Thomas, elected mayor of Shreveport. The new chief is well qualified for the position, having served as an examiner for a number of years, during which he earned the respect and confidence of the homestead men. They were anxious that the new examiner should be as well posted about their privileges and problems as was his predecessor, and therefore regard Mr. Brock's appointment as a valuable contribution to homestead progress in Louisiana.

MISSOURI.

Last month the public prosecutor of Kansas City closed up four socalled savings and investment concerns, with a fifth, an unauthorized joint stock land bank "organizing." They were all located in the same quarters and were all under one directing head. The financing operations are so interlocked, stock and assets switched, that the present status of the public's investment in the various schemes is difficult to untangle without a receivership. Approximately $9,000 has been paid for partial payment certificates, according to the books of one company, but less than $1,000 in cash was found in the institution. In the effort to get back this money for the 300 "depositors" the authorities are endeavoring to make the directors of the enterprise make good the shortage. Several of the directors listed in the literature say their names were used without permission, although they are known to have been stockholders. The prosecutor's office is striving to conserve the assets for the benefit of the investors, and to see that the case is properly disposed of.

NEBRASKA.

The Tecumseh Building and Loan Association reports assets $386,592, a gain of $121,127 for the past year. Reserve fund $6,523, undivided profits $8,513. J. B. Douglas, secretary.

NEW JERSEY.

¶ During the past six months the East Rutherford Savings, Loan and Building Association crossed the six million dollar mark in assets, making a gain of $479,938 during that time. The association is in a fine condition, with no real estate on hand, practically no arrearages, funds all loaned out and a reserve fund of $70,000 and undivided profits of $59,900. Rudolph Dannheim, president; George A. Duncan, secretary.

¶ Mr. Frederic B. Bassett, who had been connected with the Columbia Building and Loan Association, of Elizabeth, for twenty years, serving as its president for the past fifteen years, died November 10 at his home. Mr. Bassett had labored unceasingly for the success of the association from the time he joined until his death. A special meeting of the board of directors was called to adopt appropriate resolutions of

respect.

NEW YORK.

The Central New York League of Savings and Loan Associations met at Geneva, Saturday, November 18, for the purpose of perpetrating an organization which was started last May. A constitution was adopted and Webb G. Cooper, of the Dime Building and Loan Association, was elected president and Fred Herendeen, of the Auburn Savings and Loan Association, was elected secretary and treasurer. W. D. Carter, of New