GoodFences,

the establishment of a new community, a satisfactory must be made to the Com-

To protect the holders of investment certificates, the law prohibits associations from making additional loans whenever their cash and marketable bonds are less than 4% ol their investment certificate liabilities.

As an added protection to investors and to clarify the law aS to loanable funds, provision has been made that at least X)% of. all loans shall be amortized loans and that at least 80% shall be amortized loans calling for monthly payments. The Act also reduces the percentage of loans to value; a more liberal percentage, however, being directed towards the single family home.

Associations may issue shares and investment certificates. Certificates witl be either full-paid, installment, accumulative, definite term or prepaid.

To guard against mislea-ding advertising, the Commissioner has the power to scrutinize and approve all advertising matter of associations in advance of publication.

To put "teeth" into the statute, a section has been added providing for proper penalties and making it a public offense to violate any part of the act or the orders and requirements of the Commissioner.

California Lumberman Heads Sawmill Conference

W. G. Collins, general superintendent of the Union Lumber Co., Fort Bragg, is president of the third annual Sawmill Engineering Conference which will meet at Lewiston, Idaho, May 2l to 23.

C. T. Ingram, executive staff officer of the Weyerhaeuser Timber Co., Tacoma, is vice-presiderit of the conference, and Geo. F. Cornwall, of The Timberman, Portland, is secretary-treasurer.

The plant of the Clearwater Timber Co., Lewiston, will be used as a field laboratory by the conference.

The carelessness or the deviltry of trespassers is responsiblo fgr so many lumbet yard 6res that any and every uninvited visitor must be regarded as a def,nite menace to the cafety of your plant. Protection demandg good fences and eternal vigilance to keep out every intrudet whether his intentions are innocent or otherwise. ft pays to prevent the fires for which trespass€rt are responsible.

Our nission is to protect out policy-holders. We fulfill that mission by specialized insurance, by prompt payment of loss, and by expert counsel in 6re prevention. l|(/e protect against excessive cost by dividen& which actually sr.ve about 4o/6 to the policy-holder.

Il goa are interested in safet! with saoing, urite .ani of our comlanies for tull infonnation about 'oir iotricies, our cooperotion in fire preaention, und our cost-reducing iliaidenils.

Northwestcrn Mutual Fire Alsociation' of Scattlc, Wash.

Indianr Lumbermens Mutual Insuralc Co., of Indiampolis, Ind.

Thc Lumber Mutual Firc lrourencc Co, of Boston, Mass.

Thc Lumbcmcns lfiutual Insuralcc Co., of Manrfcld' Ohio

Pennsylvania Lumbemms Mutuat Firc Inlurancc Co., of Philadclphia, Pr. Central Menufecturers Mutual Inruralcc Oo., of Van Wcrt' Ohio