The bureau would lend directly to farmers for the purpose of making part payments on homes and possibly for live stock and implements. The loans could be repaid in installments.

CONGRESSIONAL SENATE BILL, S. 4061.

By HON. G. W. NORRIS, of Nebraska.

Mr. Norris introduced the following bill, which was read twice and referred to the Committee on Agriculture and Forestry:

A BILL,

PROVIDING FOR THE ESTABLISHMENT OF A BUREAU OF FARM LOANS IN THE DEPARTMENT OF AGRICULTURE.

Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That there is hereby established in the Department of Agriculture a bureau to be called the Bureau of Farm Loans. There shall be appointed a director of said bureau, who shall receive a salary of $6,000 per annum, and an assistant director, who shall receive a salary of $4,500 per annum.

That under the rules and regulations made by the director of said bureau and approved by the Secretary of Agriculture, and in acordance with the provisions hereinafter provided, the said bureau shall make loans on farm lands located in any of the states of the Union or in the District of Columbia. Said loans shall be secured by mortgage made payable to said bureau, and shall bear interest at the rate of four per centum per annum, payable semi-annually. No loans shall be made upon any tract of land less than ten acres in area. Loans shall be made only for $100, or any multiple of $100 up to and including $2,000. The mortgage securing any such loan shall provide that at the end of five years one-fifth of said loan shall become due, and that thereafter one-fifth of said loan shall become due each year until the entire loan matures. Said mortgages shall also provide that whenever any interest is due the mortgagor or his grantee shall have the right to pay the entire loan or make a payment of $100 or any multiple thereof on the principal thereof, and upon such payment being made the interest on the amount so paid shall thereupon cease. Said mortgage shall also provide that both principal and interest shall draw interest at the rate of six per centum per annum for maturity.

The bureau shall deposit all money it receives in the Federal reserve banks provided for in the Act of December twenty-third, nineteen hundred and thirteen, and in making disbursements of money it shall do so by check_upon such banks. Any Federal reserve bank organized under the said Federal Reserve Act is hereby authorized and instructed to receive such deposits and to pay checks or drafts drawn by said bureau upon said deposits, the same as other accounts authorized to be held by said banks under said Act.

That in order to secure money for the purpose of making loans as hereinbefore provided the said bureau shall issue bonds which shall be the obligation both as to principal and interest of the United States. Said bonds shall be issued in denominations of $100, or any multiple thereof, and shall bear interest at the rate of three and one-half per centum per annum, payable semi-annually. Said bonds, together with the interest thereon, and also all notes and mortgages taken by said bureau upon farm lands, shall be entirely free from taxation of every kind, national, state and municipal. When in need of money for the purpose of making loans as provided in this Act, the bureau shall give notice of its intention to issue bonds and invite from the public generally subscriptions to said bonds.

Governor Glynn of New York Favors Credit Idea.

Hearty endorsement of the rural credits, the land bank, cooperative marketing societies, etc., as favored by Governor Glynn, was given by the speakers at the annual meeting of the New York State Agricultural Society in the assembly parlor.

John J. Dillon, editor of The Rural New Yorker, who read the report of the standing committees on co-operation and market and transportation, made reference to the governor's interest. In his report credit was given for excellent work to Hon. Franklin D. Roosevelt; Hon. Clayton L. Wheeler and the Hon. Marc Cole in the legislature and to Hon. Seth Low, Hon. William Church Osborne and Mr. Edward F. Howell for creating public sentiment favorable to the scheme. Referring to the sympathetic interest of Governor Glynn, the report says:

"This tribute to the friends of our cause would not be complete without acknowledgment of the interest and sympathy manifested in it by Governor Glynn. He has promised us his support, not only for the legal machinery for the work, but also for the means to put it in operation. His practical grasp of our needs, and his vigorous insistence for its results, is the most hopeful impulse that has yet been given to the improvement of our agricultural condition through co-operative effort."

Mr. Dillon urged the land owners to form themselves into local organizations under the savings and loan law. The organization of unit co-operative societies, a state market commission and co-operative measures to finance agriculture were also urged.

Former Assemblyman C. Fred Boshart, in his report of the committee on legislation, said that the conditions surrounding the sale of milk in the state are impoverishing the dairymen, and suggested the establishment of a commission to fix prices. The efforts of Commissioner Huson to aid the farmers to better their conditions was warmly complimented by Mr. Boshart, who said that no aid was greater to the farmer than the establishment of farm bureaus.

W. N. Giles, of Skaneateles, also paid a warm tribute to Gov. Glynn for his interest in agriculture. Reading the report of the committee on taxation and banking, he urged that all property be listed alike and that real and personal property be classed the same.

Lucius C. Tuckerman, of Milton, spoke on "Mortgage Credits," B. G. Parker, of Gouverneur, on "A Practical Building and Loan Association."

During the afternoon Mrs. Julian Heath spoke on "How Housewives can Co-operate." The following night the society met in the Assembly chamber, and the president, George W. Sessions, Jr., delivered his annual address.

Dean Bailey spoke at the meeting the following afternoon. Dr. Bailey is chairman of the committee on agricultural education.

At the concluding session Commissioner Huson presided and Gov. Glynn and Chancellor James R. Day, of Syracuse University, spoke.

Massachusetts League Meeting.

By HERBERT W. PINKHAM, Secretary.

The twenty-fifth annual meeting of the Massachusetts Co-operative Bank League was held on Saturday, January 24, at Huntington Hall, Boston, and was very largely attended, being the largest meeting in its history.

Acting President W. G. Hays presided, and the regular routine business was transacted.

Arthur E. Gage, of the Woburn Co-operative Bank, gave a very interesting and graphic account of the convention of the Building and Loan Associations, held last August at Milwaukee.

Miss M. Arlene Blyth read a well-prepared paper on the subject, "How Co-operative Banks Help Those Who Help Themselves."

A revised set of by-laws was adopted, and the following officers were chosen for the ensuing year: President, W. G. Hayes, of Fitchburg; vice-president, P. H. O'Connor, of Peabody; secretarytreasurer, H. W. Pinkham, of Quincy; auditor, Wm. D. Brown, of Lowell; members of the executive committee for three years, W. M. Allen, of Fitchburg, and Charles T. Witt, of East Boston. The other members of the executive committee being Frank E. Burbank and James B. Dooley, of Boston; John C. Worcester, of West Springfield, and Frederick D. Bartlett, of Plymouth.

The delegates to the convention, to be held at Washington next summer are the president, vice-president, secretary-treasurer, and Messrs. F. H. Snow, Albion Bartlett, J. J. Hurley, F. E. Burbank, J. Warren Bailey, H. P. Bosson and G. D. Anthony.

Six additional banks were admitted to membership, so there are now 125 banks connected with the League.

The annual dinner was held at 5:30 o'clock in the Hotel Brunswick, the tables being arranged to accommodate 300 guests, and the seats were nearly all taken.

The special guest was the governor of the commonwealth, Hon. David I. Walsh, as will be seen by the following, which is taken from the Boston Herald:

"In response to the hearty ovation he received from the several hundred members present, Gov. Walsh said that he was glad to see that the ladies had been asked to celebrate the twenty-fifth anniversary of the association. He laughingly said he welcomed the ladies, not because he was a bachelor, but because he wanted them to know about banking and business and he wanted them to become interested in public affairs. He said:

""The women of today are coming to the front more and more, and I think it of the greatest importance that the women of Massachusetts should know their rights. The banking question is of all importance, but no bank has a right to exist except to advance the welfare of industries and individuals. This should be the prime object, and not to enrich any group of men, as is sometimes the case.

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"The commonwealth of Massachusetts not only has the happiness, health, business and education of the people at heart, but it should encourage thrift as much as possible, and in that respect the co-operative banks help to a great extent.

"I know of no work or enterprise that is more charitable, and I know of no other work in Massachusetts that has done so much for the many thousands of workers. Massachusetts is proud to have so many prosperous co-operative banks where success is measured not purely in a mercenary way, but also to an important degree in its benefit to the individual.""

Mr. J. Warren Bailey gave a resume of the work done by the co-operative banks during the last twenty-five years.

The other guests were Hon. Augustus L. Thorndike, Bank Commissioner, and Hon. Alfred N. Fessenden, House Chairman of the Committee on Banks and Banking.

For the first time in its history, ladies were present both at the business session and at the banquet.

Building Association League of Illinois.

There was a meeting of the officials and executive committee of the Building Association League of Illinois at Chicago last week. A number of very important matters were discussed.

The committee directed the secretary to write a letter of condolence on the death of Fred Bader, of Cincinnati, Ohio, and Mr. Abe Rosenthal, of Chicago.

Mr. B. G. Vasen, secretary, who has not been feeling well, has decided to take a trip to New Orleans.

The president, Mr. M. D. Rider, was ordered to write to the secretaries for suggestions on promotion and publicity and to advance the interests of the League.

It was also suggested that there be more attention given to the social features, such as having banquets and also inviting the lady members by the various associations.

The matter of uniform mortgage was referred to the law committee.

Hudson County (N. J.) League.

Mr. Dudley Field Malone, Collector of the Port of New York, has been invited for Saturday, February 21, a speaker at the annual dinner of the Hudson County Building and Loan Association, which will take place at the Jersey City Člub. The dinner committee reported at a meeting of the association at 69 Monticello avenue, and nearly the entire membership was present. The committee includes Wm. J. Dippel, Theodore H. Enis, O. H. Loshen, Walter Edgar and Edward Riordan. Nearly 300 tickets were distributed and the banquet bids fair to be one of the biggest ever held under the auspices of the association.

Indiana League Meeting.

Mr. C. A. Royse, president of the Savings and Loan Association League of Indiana, together with Mr. A. L. Gutheil, secretary, is arranging a program for the meeting of the Indiana State League, to be held in the city of Terre Haute, March 4th.

Heretofore the Indiana League has been holding meetings biennially during the session of the Legislature, and the Executive Committee decided the meetings shall be held annually as other leagues do. They are looking for a very successful meeting this year.

In many respects the meeting will have advantages over that held during the session of the Legislature, when the attention of the delegates is largely divided and concentrated on purely legislative matters.

Mr. L. L. Rankin, of Columbus, Ohio, will give an address on "Building and Loan Advertising." Mr. H. S. Rosenthal will deliver an address on "Past Achievements of Building and Loan Associations."

Every association in the State of Indiana should have a representative at this important meeting.

Metropolitan League.

By MARTIN S. COHEN.

A special meeting of the Metropolitan League of Savings and Loan Associations was held at the office of the Brooklyn City Association, No. 61 Court street, Brooklyn. The meeting was called to discuss the proposed changes in the banking laws as they affect the associations.

The Governor's Commission to Revise the Banking Law has considered the matter for the past year, and will report to the legislature early in February.

The purpose of the revision has been to make clearer the intent of the law, and reconcile inconsistencies that have crept in by continued amendment. At the same time the commission will consider any suggested amendment looking to better protection of the people.

The New York State League was represented at the meeting by a committee headed by Edwin F. Howell, of Manhattan. James P. Judge, of Brooklyn, represented the associations of New York City.

The Land Bank bill, introduced in the last legislature, will, without question, be incorporated in the revised law to be submitted to the legislature, as it will operate for the benefit of farmers who have difficulty in getting long term mortgages at low rates.

WORD "CAPITAL" MISUSED.

Much misunderstanding has been created by the word "capital" in savings and loan associations. Such corporations are not stock