zette of the
Army in the United States; does the printing for the various departments
of the Army; manufactures fountain pens; makes uniforms, bonnets and
hats for the Army members; conducts an Insurance Department, and carries
on other business enterprises.[4]

There is, too, the trade in the products of the various factories and
industries connected with the relief work of the Army. For example, the
Salvation Army Industrial Homes Company, incorporated in New Jersey, has
greatly facilitated the industrial work in the United States. There have
been companies formed and organized as building societies, insurance
companies, and a Salvation Army Bank.

In all these companies the Salvation Army, through its officers, always
has control, although it invites and seeks investments from the public.
The following extract, taken from a prospectus sent out by the Salvation
Army Industrial Homes Company, illustrates the point:

"The Charter of our Industrial Homes Co. has been prepared by
Messrs. Jas. B. Dill & Co., the eminent corporation lawyers, who
have kindly given us the full benefit of their skill and experience,
at a fairly nominal charge. The capital consists of $500,000.00,
divided into 50,000 shares, of the par value of $10.00 each, of
which 25,000 are in 6% cumulative preferred stock and 25,000 in
common stock. Only the preferred shares are offered to the public,
and bear interest at 6%, which is guaranteed by the Army. The common
shares are held by the Army, with a view to retaining the control of
the company, and the entire profits, over and above the interest on
the preferred stock, are thus devoted to the charitable and
religious work of the Army, and help us to continually expand and
enlarge our homes." ... "We shall be happy to supply any information
or answer any questions as to the financial standing of the
Salvation Army. For our spiritual and social operations in the
United States, we have now an annual income of nearly $2,000,000.00,
while the value of our real estate holdings in this country amount
to about $1,500,000. Hence, it will be seen that in guaranteeing the
interest upon these preferred shares, amounting in all to only
$15,000.00, we are abundantly able to insure the regular payment of
the same apart, altogether, from the income of our industrial
homes."

As a result of this rapid growth along the three line