Buhr Stone
a variety of quartz containing many small, empty cells, which give it a peculiar roughness of surface. They are used principally as millstones. The best kinds are creamy white, with a granular and somewhat Tertiary formation of the Paris basin, cellular texture, and are obtained in the Tertiary formation of the Paris basin, and chiefly at La-Ferté-sous-Jouare. They are cut into wedge-shaped parallelopipeds, called panes, which are bound together with iron hoops to form large Numerous substitutes for millstones. the French buhr stone have been found in the United States, the most important of the bituminous coal measures of northwestern Pennsylvania and eastern Ohio; but they cannot compete with the French rock.
BUILDING AND LOAN ASSOCIA- TIONS, combinations of individuals, who agree to pay a fixed sum monthly, by which a fund is accumulated which is chase or improve real estate. Their capital stock, which is prospective, is usually divided into shares of a par value of $200 each. Each shareholder pays upon each share he holds a monthly subscription of $1, till such payments, with ac- BUILDING STONE crued profits, bring the value of the share to par. The number of shares each member may hold varies in different associations, the general rule being not less than two nor more than 25, the latter limitation being intended to prevent speculation. Building and loan associations are formed on two plans, called terminal and serial. The terminal associations compel all members to begin payments on the same day. A new member joining after the beginning of the association is thus forced to pay arrearages. This is avoided in serial associations by allowing new members to join at stated intervals, usually six months or a year, without the payment of arrearages. The advantages of building and loan associations are: That each share, whether borrowed upon or not, has credited to it a pro rata amount of all profits declared. Loans are generally advanced to within 80 per cent. of the appraised value of the property. No large salaries are paid. All officers, appraisers, auditors, etc., are elected in open meeting. Members may withdraw at any time after the first year, obtaining a fair share of the profits. Loans are invariably secured by first mortgage. Only members may obtain loans. Mortgages may be paid off at any time. There are no speculative features, the association buys nothing, the borrowing member making all contracts. In 1918 there were 7,484 building and loan associations in the United States, reporting 4,011,401 shareholders. These associations had assets aggregating $1,898,344,346. The total receipts and disbursements balanced at $1,325,313,352. ysical and