The Montgomery advertiser., 1905-07-27
SAVING THEIR MONEY
WAGE FARMERS LEARNING LES- E SONS OF THRIFT:
Some Statistics Brought Out Before Meeting of the Savings and Loan Convention h New
 York City.

New York, July 26.--There was a
 large and representative gathering of
 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. which wus delivered by A.. T. Gutheil, of Shelbyville. Ind. was in part as follows: The news that nearly two million small wage earners of America are learning to save out of their little in- comes and to administer these savings in large collective amounts as well as any trust company with great cap itallstic backing could do the same work. was contained In the address of President A. l.. Gutheil before the
 thirteenth annual convention of the United States League today. The more than 5000 local building and loan | associations. President Gutheil is from Shelbyville. Ind. He said in part: The beauty of the system of local building and loan associations lies in the fact that they are operated in the immediate vicinity wherein dwell tho shareholders and ofncers. Nine-tenths of the officers of such institutions serve without pay. The shareholders to each other. and each shareholder can know from month to month, ex- actly how his money is invested. They have no paid agents to drum up busl- ness and only small salaries. sufficient | to keep the machinery in running or-
 der.
 'Now. do not misunderstood me when I say the building and loan as- sociations of our country that I mean | all of them. for we still have robbers in the country who are living oR ol our good name and doing much harm The moral Is stick to your home insti' | tutions, and give wide berth. what ever their promises, to any concerr from abroad. for. nine eases out of ten | 1t Is sure to prove a swindle. Here is a lesson in thrift: An Indianapolis company has savings department which teaches al important lesson for the young, ant for all persons of small incomes. Fou years ago a few of the carrier boy offered a few of tseir pennies for { starter Now over 375 boys are saving their money and receiving 4 per cen
 interest on 1t. They have accumulated over $2,400.
 The withdrawals for the month O. June were less than $160. while the de posits for the same period were ovel 3200. Many boys for the first time il their lives have a bank account, ant are learning how to accumulate money and we all know the nature of the ma
 tority of the carrier boys"
 President Gutheil announced tha
 during the last year two State leagues
 of building and loan associations, those
 in Maine and North Carolina, have
 joined the United States League. The reading of the annual reports oi
 Secretary H. F. Cellarius. of Cincinnati
 followed:
 II. F. Cellarius, of Cincinnati. sec
 retary of the United States League
 said in his annua report today:
 The past year has been a successful
 one for the local building and loan
 associations of the United States. The
 total assets of the local building and
 loan associations in the United States
 Is now $500, 0,342,56S, which Is a net in-
 crease for the year of $20,7Se,474. The
 total membership is 1,631.046. net in-
 increase of 64.346..
 Pennsylvania made the largest in-
 crease, gaining over five and a half
 million dollars in assets and over six
 thousand in membership. New Jersey
 increased nearly three million dollars
 in assets and Massachusetts over two
 and a half million dollars.
 The number of separate associations
 Is now 5,265.'