The Waterbury Democrat., 1936-05-14

~Concerning lower interest rates, 70 slow, for I do not believe that small reductions in interest rate would stimulate building, but would be demanded by present mort- gages," said walter P. Schwabe of Thompsonville, president of the Connecticut Building and Loan league, in his address at the twenty fourth annual convention yesterday at the Hotel Elton.
 Lowering of interest rates means lower earnings and consequently re- duced dividends, which might make investment in building and loan as- sociations less attractive and lessen the incentive to make sacrifices for the purpose of saving part of in- come. It would be very well, how ever, if you gave some thuoght to a differential in interest changes, based on the character of the loan and the equity in the property in situations where competition for mortgage loans is threatening. It Is Q fine question as to how far to go to meet the popular prejudices that has been developed regarding interest rates," added MT. Schwabe.
 we must meet this competition which is biding for our business. Invite the public to do business with your association and offen them every advantage to do business with your institution. still feel that the Mutual Building and Loan associa- ton is the best agency for the financing and mortgage of the small and moderate sized home," Mir. Schwabe asserted.
 Depression Hurt
 "The depression has caused ces- sation of home building for the past i've years and all the talk about an impending building boom is anus ing the magazines to blossom out with advertisements of the newest wrinkles in building materials and building equipment. The average layman is studying this whole sub- ject of construction, much more closely than ever before and build ing material and equipment are at- tracting much attention. Govern ment agencies have done much for home ownership. They have made people think more of home owning and home improving. No doubt there is ahead of us @ period of in- creased demand for home flnanc- ing" concluded President Schwabe.
 Secretary William H. skinner of Bridgeport said the Waterbury as- sociation is to be congratulated upon the progress they have made since their organization 16 years ago. He 1auded them for being the second largest associati tion in the state with assets of $i ,43l, ,79l 40 as of Septem- Der 30, 1885. Meriden is first with over three million dollars assets. Mir. Skinner stated the local asso- ciation started years after many others were doing business in this state and said they have passed all of them with the exception of the Silver City group.
 During yesterdays morning ses- sions three committees for the en- suing year were elected. They fol- low: Financial, H. D. Johnson of Norwich, John Giesen of Shelton and Fred Midgley of New Haven; resolutions, Attorney Theodore Mey- CTS of this city, J. c. Barry of Port land and Frank Cheney of Man. chester; and nominating commit tee, A. E. Hughes of Bridgeport J. '. Johnson of New Haven and Harry c. Hungerford of Hartford.
 Walker Elevated
 Herbert H. Walker of Hartford was elected president to succeed MT. Schwabe, being elevated from the post of vice-president. Others elected for the ensuing year were: Alpheus A. Baker of Danbury, vice. president; and James P. Mustard of Willimantic, treasurer.
 The secretaryship, handled by Mir Skinner for 9 years and who ten dered his resignation yesterday, will be filled later when the board of