The daily morning journal and courier., 1907-05-10
M. {. WHISPERS REPORT. Commissioner of Buildings and Loan Show Value
 of Association.
STATE CONGRATULATED
No National Association in Business Here---Local
 Associations Solvent.


 citations in Connecticut. He says, 'The building and loan as- soications doing business in this state are all of them purely local in charac- ter, conservative in their plan, econmi- cal in their management and are hold ing the confidence of the people. The state is to be congratulated that no national associations are doing busi- ness here-because of the widespread sense of distrust which has been en- genderd by the losses through com panies doing business upon the national plan, It is great qualification to me l to be able to assure the public that ev- cry one of our local associations is solvent. It is absolutely impossible to find any past or present shareholders of local associations who are not loud in the praise of the institution in which they have investments and who cannot point to some substantial bene- fits which have accrued to them there from. The assets have increased $159,- 177. S1 and they have divided in cash I among their shareholders $250, ,22S.06. l The increase in assets is almost entire ly upon loans on real estate"
 The above statements of the build ! ing and loan commissioner are of spe- cial interest to New Haven people be- cause the New Haven Building and Loan association which was organized more than sixteen years ago has grown by careful and progressive management to lbe one of tn largest in the state; it's assets now amounting to $114,992.07. It has from the beginning been fortunate in having for officers men who worked earnestly and unselfishly for the bene- Lift of the shareholders without thought of personal advantage or profit. There fare no profits which do not accrue to the benefit of the association. The salaries of its officers are nominal, so ! that the expense of management is livery small compared with the amount of business done, as will be seen from the last semi-annual report of the fin- ancial secretary; the receipts for the last six months being $21, ,29S.63 and the expense only $297.75. The reports of 1.-the various associations to the com missioner show that the expense of management of the New Haven Build ling and Loan association is less than that of any other. It has regularly Epaid dividend of 1-3 per cent. semi ' npYt nta {tc c1a 1,Acidau {,, ! a reserve fund for the greater security of the shareholders. Its total assets are now $114992.O7. Probably no other form of savings has done as much to encourage thrift as the building and loan associations. The primary object of the association is to encourage the owning of homes and many working men own homes in New Haven as a result of their membership in the as- Esociation who would otherwise be pay ing rent with nothing to show at the end of the year for the money spent. For others it has been means for the higher education of the children of the family. Investments are governed by state law and are limited to first mort gages on real estate and similar first class security, Of it's present assets over $107000 is real estate. Its shares fare issued in series semi-annually; $1 fper month is paid on each share until with its earnings 1t natures (amounts to $20O) when it is paid in cash or Is applied to the cancellation of a loan The number of shares that each person may hold in a series is limited tc [twenty-five. A member wanting a temporary loan may borrow upon his shares or he may withdraw from the association, receiving all moneys paid in and the earnings thereon. The as. soclation is purely mutual each mem Der being entitled to one vote on any 7 question coming before the association The steady growth of the association , (proves that it has been source o1 strength to the city and has the con. . Itidence of the public. Its excellent , financial statements show that thi' confidence is well founded Any insti , tuition or association that makes fol thrift and good citizenship should have Ethc support and encouragement of tho bpublic. No one questions but that thu : owner of a home is more interested 1T 1.-the civic affairs of his city than any one else. He has something at stakt and will be found on the right side II Eall movements for civic betterment [ The New Haven Building and Loan as Esociation in encouraging this kind O l citizenship Is doing good work for tn, city of New Haven. The more hom, ] owners there are the better the cit! Twill be. Many men bless the associa ; tion that made it possible for them b,
 small monthly payments to own tn 2 roof over their heads.
 New Haven is to be congratulatet 5. that public spirited men have beei e willing to give their time and expert
 ence to the management of the asso citation without reward except the con d sciousness of public duty well done
 The following are the present officers If They are well known in New Have and their names are a sufficient guar
 antee that the business of the asso
 ciation will continue to be conducted i Is safe, progressive and successful man
 per:
 j. BOARD OF MANAGEMENT
 President-Fredrick l.. Trowbridge.
 ice-president-Fr Frederick M. Adler. Treasurer-Joseph D. Fairchild.
 Financial secretary-John l. Jacobul
 Recording eeretary-Louis Knoll Il meyer. .1.
 Directors-P. J. Cronan, John W F Kenney, George T. Hewlett, Ferdinan
 Won Beren, George Rathgeber, Josep