New Britain herald., 1930-05-08

anu the pdSln or or the mortgage, in mparatively small monthly pay ments, similar to rent.
 Permitted as we are to loan up 10 75 per cent Of the valuation Of a home, If the total amount borrow ed does not exceed the limit of our bylaws. il gives to the individual the real actual help that is needed. Were he unable to obtain this large percentage on the valuation. he would al the same time be unable to get his home. Leading citizens of various towns are some times slow to interest themselves in these enterprises. more from lack Of knowledge of the beneht 10 be de- rived bl thelr community than any thing else. Building and loan asso- citations are not organized for the in- dlNtduaI money maker but are mu- taal cooperative institutions for ths benefit Of all their members.
 "WhHe there is a recognized need n many localities in this state for associations, # is my strong belief rHa. missionary work must he done win the influential individuals of such locally in order for them 10 zer hehlnd such movement
 Not being familiar with the oper- arons Of our associations they are apt look with disfavor upon them un'n the situation IS cleared in their mlnds, After they become enlight- aned and realize that these associa- tons bring them in closer contact with the individual Of their com munlty they are usually glad 10 get oehlnd such q movement.
 Undoubtedly there is no other financial institution in the country that can boast Of so many servants or the people. who serve without pay s the Building and Loan as- soclauon. To be able to help their fellow man acquire d home is the foremost thought and achievement cf the Building and Loan director.
 Bank clients are already apply ing to the Building and Loan asso- citation to take over their mortgage because they say, If I must amor lize my loan l will do it through the Building and Loan which has been following out this system on the compulsory monthly payment plan for nearly one hundred years, and it will be cleared up by them in l2 years or less"
 Althou-h Lester E. Shippee. s,ate bank commissioner vas unable to be present he sent his address 10 the { banquet. Tho manuscript was read hy Richard Rapport of Hartford. an examiner 1n Mir. Sh1ppeas office.
 The sta-c bank commissioner traC- d the beGinnlng Of bartering and trade through mans dcvelopment until f has resulted ln modern banking and financial institutions H. sad there is no rivalry between banks and savings and loan assocIa- lions, but that they should and do work together in harmony. lie said his department fayors rhe building and loan associations and their o1- lrc's which he said were that O. promoting thrift and enabling nor. people 10 become home owners.
 Miss Margaret Carney. soloist. and Miss Sue Forrest. reader. provided antertaIrmeur.
 Thrift Promoted
 How the building and loan asso- clanon stimulates the habits of thrift was explained by John (. Bar ry. retiring president, ss tollo"s.
 "Des7.-c the fact that the past year has not been a particularly prosperous one in many lines, NC have beeN able 10 hold OUT own. and n many -ascs the financial standing Of Our associations Is m much better shape than year ago. We are look Ing forward 0 much better business conditions 'n the near future. and the fact that less than one-half of the people of our state o7n their own homes should be sn inspiration for all Of US 70 carry on
 For more than A years the b.iidIng and loan asoclauons n Con 0ectleut 1aNe hecr serving the peo- pie e our state and have helped thousands of people 10 acquire home The growth of thls move ment however has been compara- lively slow, as Connarucut has no. kept pace with the tremendous growth O inc building and loan movement throughout the tinted States.
 Tn my opinion +he outstanding reason nhy Connecticut has not made more progress in the bulli- Ing and loan movement Is that com paratjveiy few of our people ar, tamlIar "irh is objects and pur- poses. and 'he @rcat work ahead for US is fno cduoaton of the masses and the continual spreading Of tho 'u5i1lag and loan idca for the pro- ruoroo of home onnersh1p and sav- ing 0 inc 9ropIe Of our state.