Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-01-31
Monday, January 81, 1921.
Loan and Building Associa-
tons I'D.

j.
Occasionally one is reminded of the
matter of course way in which
most of us receive our greatest bless
ings, as though we had been fed on
mamma so long it had become nee
cssary part of rational existence,
and weeshad right to complain II
the supply were interrupted. How
many Of us appreciate, for instance,
the advantages here in Maine, or
comprehend the effort that has been
made to develop them, or realize the
assistance we might give to help the
good work along? We have come to
expect our banks to be sound and do
not appreciate, perhaps, how well
they have lived up to our expecta-
lions. We have had. on the whole,
remarkable results from our loan and
building associations, yet how many
comprehend the actual benefit re-
ccived from them?t..
At the union meeting Of the Maine
ASSOCIATIONS here last week there
were reminders afforded Of the ex-
ccIlent work these associations have
do.e and suggestions as to what they
are able to do especially at this time
when the housing problem has be-
come so acute. With regard to this,
the address Of VIM. N. Swain Of Bos-
ton was especially valuable. He
called attention to the fact that
throughout the United States the
building and loan associations have
been the principal source from which
funds are available for home mort
cages, that out Of the total assets of
the Maine savings, banks as shown by
the last report only IA per cent is in
vested in real estate mortgages, and
only eight per cent Of the assets of
the trust companies, whereas 90 per
cent Of the assets of the loan and
building associations are SO invested.
In Massachusetts between 40 and SO
per cent Of the assets Of the savings
banks are invested in real estate
mortgages. This gives some idea Of
how dependent we in Maine have be-
come on our loan and building as
sociations. Mr.. SWANS plea for more
homes is indeed timely. ... ..-
for democracy, it becomes absolutely
necessary that homes should be sup
Piled for it's population. The home
owner is contented and reliable
workman. The home renter is a mi
gratory animal going from place to
place without anything to hold him
where he is simply occupying rent
ed house, and good deal Of the dis
content in labor ciRcles today is
caused by the home renter and not
by the home owner.
How shall we reach the results
that will attract to these. our asso-
Citations, the money of the investing
public?' To my mild the first, most
prominent and best way to reach
these results is through advertising.
Our Boston papers claim constantly
that the building and loan association
IS not a good advertising proposition.
We like the publicity that the paper
gives us but we are not willing in re-
turn to pay some of our dollars to
bring to the association the money Of
tho investing public. Our neighbors
and friends, the saving bank, the
trusts are using the public press more
and more TO advertise their wares,
and they get the money but in return
fail to invest much or any of it in
home mortgages. s'+.,
Il believe the slogan of every loan
and building association should be
Publicity" by way of advertising in
the daily papers.
An investigation Of the laws gov
crning your associations provides for
several things which believe 1t may
be wise TO discuss and possibly
amend or qualify. I feel that every
thing should be done by your asso-
Citations to attract members and in
eestors and that SO far as possible
every dollar of dividend or interest
credited on the shares Of the men,
bers should be returned to thenr
when, through necessity or otherwise,
they may be obliged to withdraw
their funds before the shares mature
OF reach certain age. =
Il also believe that it is wise to
open new series for sale of shares as
often as the law allows which un-
derstand by your law is every three
months. The opening of a new series
of shares and its proper advertising
brings the association before the
Public in a most attractive way. If
YOU open new series twice q year
the public hears from you but twice.
whereas il you open new series
four times a year the public hears
from you four times, and / believe
such series should be opened by pub
l;city in the local newspaper in the
town or city where the association is
doing business.
Courtesy with the smile behind II.
believe the time has come and now
is when every possible effort should
be made to extend to members cour-
teous, helpful and attractive service
and the word service" should be
spelled in capitals. So
TT is better to have one thousand
members in an association no one of
whom owns. over five shares but will