Putnam patriot., 1929-01-24
Liquidates the First Two Series of Shares Due Last
 Year

The annual meeting of the Put nam Building < Loan Association was held in the Chamber of Commerce rooms. Tuesday evening. Reports of officers were read and accepted. The seeretary's report showed that the as- soeiation has had another good year. [ Shares in the first and second series have been retired. Shares In the 27th series are now being sold. The officers, all re-elections, are as fol- lows. President. Alexander Gilman {; vice presidents, John N. Dean, IT., 1 Ernest B. Kent, Herbert J. Smith; !; secretary, NJ. II. Geissler; treasurer, W. E. Moss; assistant secretary, Miss Nj. M. Sherlock; assistant treasurer, 0mer J. Milat: board of management. Omer J. Milot, William K. Wheaton, Silas M. Wheelock, Oscar Dugas, Wm. P. Warren, Ray C. Bosworth. s. Nikoloff: attorney. M. N. Geissler :; auditors, Miss Mabel D. Kent, Miss Edith C. Bowen.
 A statement made by the secretary, which he refers to as a few inside facts" is of more than passing inter- est as it brings before the public the development and success of this or ganization as it benefits both the de DO itor and the borrower, both re- presenting th fit The depositor uses the inat luton as a mode of system atie sev.ng7. The borrower Co invest in a home which he will eventually own through membership in the Build , ing and Loan. The secretary says
 ssers,ary's Statement
 Your secretary, having held that office for the thirteen years of the existence of the association, having attended every meeting of the share holders and directors during that time, and being familiar with all the workings of the association, believes, it is his duty to "squea" on the o.le CTS of the association and tell the shareholders and the public a few inside" facts concerning the assoeih- tion. These facts are all included m the various reports of the association, but unless you know the ropes" you may not have been able to pick them out. Here goes:
 In April. 1928, BIO shares, all in the first series, at valuation of Sbzi- 542.50. became due and payable by Pns.am Building and Loan Assoeia- ton to the helaers of those sharess Remember those figuresl
 In October. 1928, 4s shares. al in the second series, at valuation oi Sg. .6ss.32, became due and payable
 That made a total of ST, ,230.s2 that became due and payable in l92s' Almost quarter of our capital
 What Happened?
 What happened2
 In strictest confidence, he tells you that every dollar of 1t was paid on the day 1t was due, either in cash or hv n paid-up share certificate bearing five percent interest, at the option or the shareholder
 Did the payment Of that money cripple the association?
 Again in confidence. he tells you that the assets of the association have increased during the year to $35u,- 9G2 8. which is the highest point they have ever reachedl
 Therefore. Putnam Building and ' Loan Association expects to continue to pay it's shareholders five percent compound interest, and to loan money Co assist the people of Putnam to build and buy homes at net cost to them of 20 per cent, as it has done during the thirteen years of its exist enee. Now. after thirteen years of hard [ and conscientious labor by the direc- | tors. who have managed the affairs of the association and taken proper care of the shareholders money, giv- ing their time for the benefit of the shareholders. without recompense. IS it not time that the shareholders take little more interest in the affairs of the association by helping and en- couragiug the officers. by speaking a good word for the association to their | friends?