it is necessary that the associations do so for their own protection. They usually notify the borrowers about a month before the expiration of their policies in order to give them ample time to have them renewed.

Small Loans Preferred. "It is the policy of most of the building and loan associations to give preference to small loans rather than large ones. Being an institution especially adapted to the needs of the 'poor man,' its aim is to help build 'little homes' and not mansions. Besides thus fulfilling its mission, the smaller loans procure greater safety and usually bring a higher rate of interest.

"Owing to the fact that the loans are to be repaid in small weekly or monthly instalments, the transaction calls for special forms of note and mortgage adaptable to the contract on which loans to stockholders are made, differing to some extent from those generally used by other financial institutions or by individuals.

"Sometimes a stockholder may need a small amount of money temporarily, and to avoid making a withdrawal of part or all of his credits and thus having his stock canceled, he may secure a loan to the extent of his paid-up stock by signing a note and stock assignment and depositing his pass-book with the company."

A New Idea in Mortgages.-A new form of mortgage now being introduced by some building societies in the East is known as the divided mortgage, its object being to enable the borrower to acquire a more valuable property, taking a longer period to pay off the debt.

Really, under this plan, two separate mortgages are issued. A borrower from a building and loan association, for example, who pays thirty-five dollars a month on a house worth thirty-five hundred dollars, might have got a house worth forty-five hundred dollars for the same payment under the divided mortgage plan. In that case the building society would have drawn up one mortgage for twenty-five hundred dollars, on which he would have paid twenty-five dollars a month, and more than half of each payment would have gone to extinguish the princi

pal, under the diminishing interest plan. Then a second mortgage for two thousand dollars would have been drawn, and upon this he would pay ten dollars a month simple interest, carrying it until the first mortgage had been cleared off. In actual interest, of course, this divided mortgage would cost more in the long run. But against the greater cost would be set the years of actual possession of a better house.

Building societies can not do much directly for the man seeking a mortgage, unless the latter has at least twentyfive per cent of the value of the property he wants to acquire in cash or real estate. But the secretary of a New Jersey building society has devised a plan for helping even the man who has saved next to nothing.

As an example, a young couple just married had put their surplus cash into furniture. They found a house that could be bought for twenty-five hundred dollars. It was distinctly a bargain. The building society could only loan two thousand dollars on mortgage, however—it was against the State laws to take a greater risk. But a capitalist in that town had placed some money at the disposal of the secretary to meet such emergencies, and five hundred dollars of this was borrowed on the second mortgage at four per cent, the money being paid to the building society, added to the two thousand dollars lent on the first mortgage, and the whole paid for the house, into which the couple immediately moved as owners. This second mortgage, of course, was not a first lien on the property until the first had been satisfied. But the couple began paying twenty-five dollars a month into the society, and when accumulations over and above the interest on both mortgages-amounting to a total of ten dollars a month-had reached five hundred dollars, the society paid off the second mortgage. This plan is one well worth the attention of employers. In the New Jersey society where it originated not a dollar of money loaned on such a second mortgage has ever been lost.

Every Man his own Landlord.-"There is no reason nowadays why one should not be his own landlord," says

a writer in the "Saturday Evening Post." "Every opportunity is afforded the prudent to invest savings in real estate or to acquire property under burden of mortgage. The papers sing the joys of rural homes at easy payments. Building societies offer loans at easy rates. It seems that for the rent one pays, without hope of ever seeing it again, one might by appropriating the same amount or little more to instalments on a house be gradually establishing a full ownership of the house. Instead of rent, it is instalment of payment on something which is practically right away the property of the payer. The thrifty are taking full advantage of these offers, and real estate business is in a flourishing condition. It is usual to take a mortgage on the property, pay a sum down, appropriating the payments to interest on mortgage; or the money may be borrowed from a building and loan association.

"Two men in a certain suburban town bought homes the same spring, paying their savings on account and assuming the mortgages for balances. Both houses cost about the same, and both transactions were practically alike except in one important particular-each purchaser had his own idea about mortgages.

Two Ways of Buying.-"The first man had for several years deposited his savings with a building and loan society in the city. When he wanted to buy a home, therefore, he went to this society to borrow money. He got it at six per cent. His mortgage was put on such a basis that he had to make regular monthly payments, clearing off part of the principal each time he paid interest. The officers of the society supervised his purchase, so that the man who sold him the property had to safeguard him in a number of minor matters that might never have been thought of had he engineered the deal himself. For instance, the house was in a new section through which a sewer was to be extended at some future time. Pending its construction, the builder had led the house drain into a small creek. The building society officers insisted that, if the sewer were delayed and any objection

should be made to such use of the creek, the seller would agree to supply the cesspool of the house. There are several hundred points of this sort to be considered in purchasing property, and the building society officers, through their practical knowledge of real estate trans actions, are often able to safeguard purchasers better even than a real estate attorney, for sometimes the latter will have an eye only for strictly legal details.

"As for the second man, he thought it well to shop around for a rate of interest below six per cent. Times were good just then, and he found widow who was satisfied to let him have money at five and a half per cent. His mortgage, unlike that of the building society, merely bound him to keep up interest, permitting him to pay off the principal as he found it convenient.

"Two years went by, a business depression came, money was at a premium. The widow who had lent the second man funds at five and a half per cent found it necessary to call the loan for her own protection. He had to shop around for money in a panic market, and considered himself lucky to obtain another loan at seven per cent. The difference in interest that he had saved during the two years had amounted to about twenty-five dollars. The cost of making out a new mortgage ran to nearly one hundred, and he was now paying one per cent. more than the man who had got his money from the building society. The latter, too, had been held to regular monthly payments, and so cleared off nearly one-fifth of his debt; whereas the second man, having no obligation but actual interest to meet, had paid hardly anything on his principal. The building and loan mortgage, not being subject to call under any circumstances so long as the payments were kept up, ran right along through the panic."

Nevertheless, the building and loan association is not always the most economical or the wisest method of paying for property. Circumstances must govern cases.

VII

PATENTS, TRADE-MARKS AND

COPYRIGHTS

I. PATENTS

What is Patentable-1. A New and Useful Art, etc.-2. Novelty and Utility-What is an Invention-3. Limited to Articles Not in Public Use-How to Obtain a Patent-The ApplicationAmendments and Actions by Applicants-Appeals-Design Patents-Issue of Patent-Fees-Date, Duration and Form of Patents-Assignment of Ownership-Caveats-Canadian Patents -Foreign Patents.

2. TRADE-MARKS

Form of the Trade-Mark-Restrictions-Right of PrivacyTrade-Marks Which Conform to a Symbol-Coined Words and Phrases-The Value of the Trade-Mark-Security of Business— Stability of Sales-A Tangible Asset-Registration of TradeMark-Prints and Labels.

3. COPYRIGHTS

Term of Copyright—Subject Matter of Copyright-BooksAmerican Manufacture of Copyright Books-Application for Registration-Mailing Applications and Copies-Fees-Notice of Copyright-Assignment of Copyright.