co.

(Continued from Page 118) in, plus accumulated earnings. The association then ceased, or terminated.

Associations of this first type were known as TERMINATING. They are now obiolete; and with them have almost entirely disappeared premiums and bonuses for loans resulting from spirited competitive bidding for accumuI,ated treasury funds; membership and withdrawal fees, fines for non-payment of dues, and other objectionable features almost always found in the experimental stages of most everything destined later to become really worthwhile.

The manifold advantages of home ownership, plus the desirability of the habits of thrift, economy and saving, quickly attracted the attention of many others, who wished that they, too, might join an association. So before long, the second or SERIAL type of association was developed. These serial associations were in efiect, a number of 1erminating associations operating under one control by vir- tue of a State charter. They originated in Pennsylvania, still flourish in many states, and are strictly mutual, all profits, .except the legal reserve required by the various states, being equally divided among the shareholders according_,to their holdings. Shareholders are also equally responsible for the obligations and liabilities of the aisociatron.

Under the serial plan provision was made to admit additional grg,ups of members at stated intervals i quarterly, semi-annually, or annually. Each new group subsCribed for a separate series of shares and went along together, more or less separated from the members of other series. The serial plan brought to the Building and Loan Associations the advantages of practically perpetual life, because as each succeeding series was issued, new members with new money- came in to take the place of those dropping out through maturity of their shares, and other causes.

InL873, the PERMANENT Plan, under which the "Ijnit- ed States" operates, was developed. It brings the assistance and services of Building and Loan Associations within the reach of everybody, almost on their own terms, and the largest associati-ons itr ttt. country have been buiit up through its use. The "IJnited States" uses it combined with the Guarantee Capital plan, a Western development, which assures additional stabilitv. and still furthei safeguards the funds of savers and investors.

Every logical development of the combined plans have been included in the facilities provided by the "United States." Services never dreamed of by pioneers are rendered by us every day. But the fundamental principles

You of thrift, economy and systematic savi4g are the same now as they were one hundred years ago.

Part Iii

The establishment of the first permanent plan associations in Dayton, Ohib, in 1873, 6egan a new era in the Building and Loan movement. Members were admitted at any time, paid in as much as they chose, and made additional payments as often as they wished. Withdrarvals were permitted without penalties, and dividends were fig- ured according to the time and amounts of the various payments. The issuance of so-called "full-paid stock" attracted men of larger means because of its exceptional safety, liberal yield, and the ease with which it could be converted into cash.

Thus the rigid, strict plans previously in vogue lvere augmented by a new and wonderful flexibility which permitted everyone to enjoy the benefits of membership, and to as great an extent as they themselves chose.

But even the flexibility of the original Permanent plan has been'insufficient to keep pace w-ith the ever-groriring needs and demands of the saving, investing and borrowing public.

From the man with a dollar a week to save to the man with a hundred thousand seeking permanent investment is a long step. In between we find those who prefer their income monthly, or semi-annually, or who have funds available for short periods only. The modern association can and does serve them all; in fact, the "United States" offers at least five different types of saving and investing accounts, each meeting a certain need.

Borrowers have their choice of two loan plans at the "IJnited States," and we are norv working on a third. Our Escrow and Collection Departments, unheard of in the early days, are now essential to serve you completely.

Another phase of the modern Permanent plan is its use with the Guarantee Capital Plan, which provides for a permanent fund derived from the sale of Capital Stock, which cannot be withdrawn or impaired in any way, and which must be increased as the Association grb*s, -at times and in amounts specified by law. This fund serves to guarantee the payment of the Association's obligations.

The "lJnited States" offers all the advantages of the Permanent Plan plus the added safeguards, stringth and stability of the Guarantee Capital Plan, but always reiaining the century-old principles of thrift, economy and systematic saving; modernized, more convenient, and contributing more to the happiness and prosperity of Americans than ever before.

McGILL LUMBER CO. NOW LOCATED AT CHEHALIS, WASH.

The McGill Lumber Company has moved from F,ugen-e, Oregon, to Chehalis, Wash.- This company spe-cia-lizes.in Plaik, Timbers, Joists, Yard Stock and Railroad Material. George B. McGill is president and manager.

(Continued from Page 125) tion are issued in the form of "Information Bulletins" for the specific use of members.

(5j Compilation of a "Manual of Millwork" for the use of 'aichitecfs of which two sections have been published. They are, Section I, Woods-Their Properties and lJses, and'section II, Glass and Glazing. Complimentary copies have been placed in the hands of some eight hundred architects ol the state; all Builders Exchanges have received them; and quite a quantity has been distributed by members to their contractor customers.

(6) A series of Service Bulletins for Architects. These deat'wittr technical millwork information and' are of a character suitable for inclusion in future sections of the Manual. While the sections already published and the service bulletins now out have only striped the surface of the information to be compiled for architects, the efiect of the work is already evident in clearer and more practical specifications, and -there is a considerably improved. relation between the architectural profession and the millwork industry.

(f fhe compilation of a Standard Price Guide coverin-g the entire line of millwork production. Preliminary schedules haye already been issued to the entire industry of.tt-te state and wherever tested have been found uniformly right as to price balance, easily understood, and rapid in their application. The schedules now out are:

Square Head Frames

Shaper Head Frames

Radius Mouldings

Laminated Jambs

Built up Jambs

Turned Balusters and Posts

Casework

Panelwork

Ornamented Flush Doors

(8) Adoption of a system of Standardized Ledger- Accounts. Installation of the standardized system has been carried on as a special service for those members desiring it. It has been aimed to make the work a _local grg-uq aciivity, so that composite statistics could be supplied monthiy. About forty members have had the system installed by Mr, R. A. Niclas, whose experience as- a 9o_n- sulting iost accountant in the .millwork field fits him thoroly for this important work. Four groups-Los Angeles,-Oakland, San Francisco, and Stockton-are receiving composite data each month, covering Capital Accounts,

HARRY MORGAN rS NOW WrTH SNOQUALMTE FALLS LUMBER COMPANY

Harry E. Morgan, formerly general manager of The Whitney Company, Garibaldi, Oregon, is now associated with thl Snoqualmie Falls Lumber Company, Snoqualmie Falls, Wash.

(Continued from Page 124)

Great personalities have gteat followings. Small and meal peisonalities have few friends and except- in rare instancis do not rise to a plane in life which would insure them the greatest opportunity to serve others and therefore lead to the greatest happiness.

Sometimes I t6int< to a liige degree business overlooks one.tremendous element in agreeable personality and that is health. No one can radiate the vibrations of a pleasant spirit and generate an aura of good rvill which is contagious if si& in body and mind. The foundation then of Juch a personality ai is necessary to-guide the tremendous afiairs in the prlsent is health- This foundation should be zealously guarded, and if in danger, greatest care should be taken tb regain the necessary health which makes a pleasant world.

'

These ideas to the intelligencia who in their darkness of despair, belittle all the wfiolesome efforts of those who try to make the world better and happier, will seem- trite and bromidic. But many of us belidve the old world is a place worth while living in. It gives us our share of- joy ind sorrow, of despair a-nd hope, but notwithstanding these conflicting emotions it does nol deserve destruction. Those who subsiribe to this doctrine, who like the beauty of the sunshine, the mountains, the oceans and the plains,.are the ones whose personalities are most important in the ever increasing selious and important affairs of life.

Sales, Earnings, Turnover of Accounts Receivable, classified Manufaciuring Costs, and Commercial Costs segregated as to Warehousing, Administrative and Selling, and belivery. Recently thJ composites have been- developed to produce a separite Gross Profit on Lurnber Yard operations, Millwork Department, and other departments. The composites show peicentage ratios as well as dollars and centi, so that they are truly a barometer of the condition in each local market.

From this digest of activities, it is evident that the Institute program has made noteworthy progress and that .as it ilevelops there will evolve a cooperation with the industry briilt on sound Standards of Practice and the Right Price. Both of these are necessary to the success of every industry and they likewise sum up everything-r9quired..-.

The members of the Millwork Institute of California will meet in Tri-Annual Conference, at the Pacific Coast Club, Long Beach, July 28-3O. Almost everyone in the millwork field in the slati will be present to lend impetus to the . program. Watch for another bound forward.

(Continued on Page 114) and Harrys. Small factories and retailers have been bothered to death with innumerable sales calls bv individuals of this type. The wrong impression concernin! surplus stocks has been created; the buyer has become somewhat confused; and the market his been constantly upset by the offering of lumber at any price which will allow salismen of this type any profit whatever.

Consumers and retailers desire constant, personal contact with representatives of reliable firms who understand their problems. They wish relief from the necessity of correspondence at long range concerning technical matters about which they have not time to post themselves fully. They wish someone to represent them in the adjustment of differences. Appreciating all this, the right sort of a wholesaler becomes a student of the lumber market. He is at all times prepared to give the buyer any information he may desire regarding production, available sources of supply, prices, or advice as to when and what to buy. Finaniial assistance is also sometimes rendered. It is, moreover, never any part of his plan to solicit patronage of the buyer's customers. The bond such business relations establish is still further strengthened by the fact that the distributors are, within certain limits, "home folks" to the consumer. The eastern business man is by nature conservative and disposed to deal only with firms of which he has cohfidence, born of long and thorough acquaintance.

The Sugar Pine producers have learned by experience that they do well to ally themselves with concerns of the kind described, in order that they may enjoy the benefits of the wholesalers'knowledge of the trade and its requirementf,, and derive such advantage as accrues to them by reason of the principles of honesty, responsibility, and fair dealing held cohstantly before them by the officers of the National-American Wholesale Lumber Association.

THE modern\ilrayto eell casework is to handleitcom, plete, just as you would doors.You never sell jtut the naterial for a door-why sell just the material for all new builtin conveniences? Sell tlen complete" The Prrnr,rus line of built in furnitr,re consiste of more than 80 diferent units. Every one oftheo is popular ahd a god seller. We give exclusiveagencies.

(Continued from Page 126)

The time was when California was generally conceded to be the bbst market the mills in Oregon and Washington had and those concerns that were in a position to put their stock into the Bear State advantageously were looked upon as being fortunate but that condition no longer exists. California has all this year, especially so at the present time, been the poorest market the fir mills have had. A combination of too many boats and too many mills that are so arranged and equipped that they must put their side cut into the water markets regardless, have been the ruination of the California market, for no one can deny that from a footage standpoint the amount of lumber being consumed in California is satisfactory.

It will be seen that not only once but several times during the past few months, the stage has seemed to be all set for a combination of circumstances that rvould put the market on its feet when for no apparent cause whatever one of the major fields rvould take its turn at lying'down for a rest.

As usual the greatest burden of the unsatisfactory conditions has fallen on the mill operators. Sensing the seriousness of the situation, emplovees of all kinds both in the woods and mills have been more efficient this year than for some time and there has been an extremely small turnover in labor. Men have stuck to their jobs and made a bigger effort than usual to do a good day's work and this has been reflected to sorne extent in the output per man. Man for man the employees of the lumber industry throughout the northwest are a good type of Americans and there is more than the average mutual inter- est between the man of the job and his employer. No better evidence of this is needed than the fact that even though most of the mills have been running at q loss so far this year, they have not cut wages. But this cannot go on much longer as the load is becoming too great.

What does the balance of 1927 hold? That is something everyone would like to knorv but it is very obscure. Building permits taken out since the 1st of January that have so far not resulted in a corresponding volume of lumber purchases are held out as a promise on account of the unusually wet spring and early summer that caused many building programs to be temporarily shelved thruout most of the middle west and eastern cities.

The crop outlook in some sections, especially in much of the wheat belt, is very bright while is some of the corn country it is claimed that the farmers were unable to get in their fields to do seeding. On an average the best authorities seem to think the farmers rvill have as much to spend this fall and winter as usual. The financial status of the agricultural districts is better than it has been for several years. Bank failures are much less than they were and those that have weathered the period of readjustment are in a position to give reasonable assistance to the farmers, giving ground to the belief that country business will be better this fall than it has been for some time.

The usual mid-summer 4th of July shutdowns promise to be greater this year than they were last. Some rnills will close the latter part of June and remain down until the middle of July and many logging camps will not run at all during July and August but with all that there will likely be enoirgh lumber for everyone unless there is an earthquake some place that'shakes down a city or trvo or a war or a conflagration or-but there is no use to wish for a snow storm this time of year.