Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-01-29


Il loan and building associations, were
welcomed to the city Wednesday by
Mayor Ernest L. Mclean at the 20th
annual meeting Of the Maine League
of Loan and Building Associations
held at the Augusta House. Mayor
Mclean, In his welcome. stressed the
assistance in community develop
nsnt given by such associations.
Harry o. Gurdy Of Rockland was
alected president of the association
turing the business session. A. A.
springall Of Dexter was chosen vice
president, and Fl. F. Thornton Of
Brunswick was elected secretary and
treasurer. defeating Leo G. Shesong
Of Portland for the position.
The new executive committee in
eludes Sumner w. Johnson of Port
land, L. E. Thayer Of Waterville. b.
Clark Of Bar Harbor, Robert F.
Partridge Of Augusta and Charles H.
Adams Of Bangor.
The legislative committee Of the
past year was reelected, Z. c. Rey-
nolds of South Portland, Barrett Pot
ter Of Brunswick, w. B. Shelton Of
lewiston. B. E. Clark Of Bar Harbor
and Rsuel W. Smith Of Auburn COM
posing the committee.
Governor Brewster speaks
Governor Ralph o. Brewster, one Of
the prominent speakers at the meet
ins. said:
We are beginning to realize that
quietly and unobstrusively for a gem
Grafton the loan and building associa-
tons Of our State and nation have
been demonstrating the capacity OF
Americans for cooperation in AFFAIRS
otSpance to the mutual advantage Of
sThoss who have carried the re-
possibility Of these loan and building
associations have shown beyond a
doubt that intelligent American bust
ness men are prepared to sacrifice
themselves for a larger good. Pa
tiently and Loyalty in communities all
Of the State business men have sacri-
feed both their time and their interest
In order to consolidate the savings OF
their localities in safe securities de-
voted to community development.
Their record of security and success
In every object that they sought Is
tribute to the genius Of Americans for
cooperation and self-sacrifice and a
Standing refutation Of the selfishness
With which our business communities
ars often charged. 1t seems altogeth-
sr probable that the loan and building
| associations have blazed the trail for
| the myriad of cooperative movements
| with which our state and nation Is
row alive"
Home the Bulwark
State Senator Benedict F. Maher
| spoke of the home as tie safe
guard of American liberties" He
pointed out that the inspirational
force behind the home. the individ-
ual and the loan and building as
ISOLATION. was character based on
truth. The truth upon which the
Individual character Is based in
sludes truth to himself. to his
eelshbor and to the State"
RecOunts Growth
In his annual address President
wv. Tapley of Ellsworth said:
There are at the present time
associations in the State, 81 of
which are members OF the League.
! And that at the time the League
Ms formed there were 81 or 33 as
ocaations in the State and that their
XGegate accumulated capital was \
ny over $.700,00O. while from the
IH Bank Commissioners report.
ma that the aggregate account lat
- capital is little over $11 200, 600,
s.ls increase occurring in the past
years. Comparing the increase
accumulated capital in the loan
Sao building associations with the
s.phts IN savings banks ard trust
ssupsnles. shows that the percent
f sue gain Is larger in the loan II
ssNnS associations than in either
me other banking departments"
Judge Edward c. Reynolds Of
49, 49, Portland spoke on the duties
Ane practice OF advance payments