Daily Kennebec journal., 1905-07-27
What to Do After They
Grow to Dollars.
League Of Cooperative Savings
and Building Loans Ass'ns.
Listens TO Talks on How Men, Women and
Children May Prosper.

officials of cooperative banking insti-
tutions of the United States at the
opening session, today. of the annual
convention of the United States League
of Cooperative Savings and Building
Loans Associations. In the absence OF
Mayor Mcclellan, Corporation Counsel
John j. Delaney welcomed the MEM
bers of the league to New York. The
annual address Of the president of the
League was delivered by A. l.. Gutheil
of Shelbyville, Ind.
The news that nearly two million
small wage workers of America are
learning to save out of their little in
comes, and 10 administer the savings
in large collective amounts as we'll as
any trust company with great capital
istic backing could do the same work
was continued in the address Of Pres
ident A. r. Gutheil before the 18th an
nual convention of the United States
League, today. The league is g nation
al association of more than 5000 local
building and loan associations. Prcsi-
dent Gutheil is from Shelbyville, Ind.
He said III part:
"1he beauty of the system of the To-
cal building and loan associations lies
in the fact that they are operated in
the immediate vicinity wherein dwell
the shareholders and officers. Nine
tcnths of the officers of such institu-
tions serve without pay. The share
holders and officers are all personally
known to each other, and each share
holder can know, from month to month
exactly how his money is invested.
They have no paid agents to drum up
business, and only small salaries, suf-
ficient to keep the machines running in
good order. Now do not misunderstood
ME when I say the building and loan
associations of our country that /
mean all of them, for we still have
robbers III the country who are living
off of our good name. and doing much
harm. The moral is. stick to your home
institutions, and give a wide berth.
whatever their promises, TO any con-
Germ from abroad. for, in nine cases out
of 10. it is sure to prove a swindle. You
may think that you are not getting
enough interest on your investment in
your home company as promised you
in the other, but you will win out more
surely in the former.
Here is IL lesson in thrift. An Indi-
annapolis company has a saving depart
ment which teaches an important les
son for the young, and for all persons
of small incomes. Four years ago a
few of the carrier boys offered a few
pennies as n starter. Now over 375 boys
are saving their money and receiving
per cent. interest on it. They have ac-
cumulated over $2400.
'"rhe Withdrawals for the month of
June We're less than $50, while the de-
posits for the same period We're over
500. Many boys for the first time in
their lives have a bank account, and
are learning how to accumulate money
and we all know the nature of the ma
jority of the carrier boys.
AT first some of them thought it
would be a great thing to save money,
to be drawn out for Christmas or
Fourth of July expenditures. but when
those days came. experiences show that
the depositors had learned a lesson of
economy so well that they did not
wish to exhaust their savings. but
drew out very sparingly, if at all. and
left most of their money on deposit at
interest"
President Gutheil announced that
during the past year two state leagues
of building and loan associations, those
i'm Maine and North Carolina, have
joined the United States League.
The reading of the annual report of
the secretary. II. F. Cellarius of Gin
cinnati. Ohio, followed:
1.-The past year has been successful
one for the local building and loan as
sociatiOns of the United States. The
total assets of the local associations in
the United States is now $500, 0,342. .56S.
which is a net increase for the year of
$40 1SG,47i. The total membership is l.
1.0i6, q net increase Of 64.346.
"These figures in forceful way, tell
the story of the increasing power and
financial influences of the local building
and loan associations of the United
States. When we but stop to consider
that these associations are largely wage
earners. who in their modest way have
accumulated as savings small sums
from their hard-earned fruits of labor
which now aggregate over $500 0O00. .44i
and that most of this vast sum has
been used in the upbuilding of commu-
mites by the erection of new homes,
we can better realize what a tremen-
dous force for good the associations
are. Pennsylvania made the largest in
crease, gaining over s5.50o,000 in assets
and over 5000 in membership. New Jer-
sey increased nearly s3.000,0O0 in assets,
and Massachusetts over s2.500,000.
"rhe number of separate associations
is now 52G5."
Treasurer J. K. Gamble of Philadel.
phia, then read his annual report, after
which two papers were read. There
was d general discussion during which
Superintendent of Banks Frederick D
Kilnurn of New York, gave an inform
al speech on banking.
The delegates passed the afternoon
in sightseeing.
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