The Daily Alaska empire., 1939-01-31
SAVINGS GROUP
 NAMES OFFICERS
 FOR YEAR 1939
Morgan Re-EIeefed Presi- dent : Reports on Pro-
 uress of Association

Reelection of Thomas A. Nor gan, R. E. Robertson and Stanley V. Grummett to the Board of Dir ectors for three-year terms was the principal action taken last evening at the annual meeting of sharehold- CTS of the Alaska Federal Savings and Loan Association of Juneau. Other members of the firms board of directors serving partially com pleted terms, are: Sam Feldon, John Ahlers, Ray Stevens, Harold. B. Foss, James Larsen, Frank Rouze and R. D. Peterman.
 Officers chosen to direct the As sociation during the coming year are: Mir. Morgan, reelected Presi- dent; MT Robertson and MT. Foss, Vice Presidents; MT. Stevens, Trea- surer; MT. Grummett, Secretary. Miss Helen Campbell was named to continue as Assistant Secretary, handling the Associations office on Seward street here. l4l se3 N
 Morgan Makes Report
 Making his report on the year just completed, MT. Morgan stated that the Association has, during the past two years, completed loans for nearly fifty new houses, built in this com munity. Tn addition, numerous loans have been made for residence re- pairs and improvements.
 Mir. Morgan further pointed out that all loans have been made under the provisions of the Federal Hoiis- ing Administrations Insured Mort gage Plan, providing very liberal terms for the borrower, at the same time completely protecting the As- sociation against possibility of loss.
 A noteworthy fact regarding the completed loans, he declared, is that nearly fifty percent of the money spent on construction has been paid out directly for labor. the balance being spent right in Juneau for mat erials purchased from various firms ie., plumbing, heating, painting, hardware, light fixtures, electrical equipment. also for lumber and many other items. sThe construction undertaken here under these loans has aided materially the economic welfare of the entire community. |" MT Morgan emphasized, this As sociation is playing an important part in the development of Juneau by making possible this construc- ton program"
 Gain Registered
 Continuing his statement, Mir. Morgan reported that the Associa- tion had secured gain of 172 per- cent in savings accounts during the past year, indicating a constantly increasing response by the public to the Government Insured Account protection, liberal withdrawal priv Alleges and attractive earnings af- forded by the Association. It is the aim of his institution, he declared, to maintain margin of earnings above budget requirements suffic- tent to retain sufficient sum for reserves while continuing the divi- dend rate of four percent on savings that the company has paid since it's founding.
 Banner Year Looms
 MT. Morgan stated his belief. con- cured in by his associate directors. that 1939 will be a banner year in Juneau. Nine applications for new construction loans have already been received by the Association during January, he declared, and tentative plans are being formulated by the institution to finance fifty new hom- es during the year. If the present rate of applications for loans is con- tinued, that number will be exceed ed, he prophesied; but, with the ac- tive support of the investors of the community, all loan applications can be satisfactorily handled.