Evening star., 1960-05-27

have been prosecuted for mail
fraud and Misrepresentation in
the last year.
Cites Need so Check
Every individual has a right
to do with his own money what
ne sees At, as long as he is
willing to accept the risks
which may be involved" de-
clared Mr.. Maedel.
"But in the case of these un-
supervised associations, l be-
aieve we should stress the
necessity of checking as to the
exact types of loans that are
made, that the management
is sound and experienced, and
especially checking the insur-
'ance provisions" he said.
Il believe one Gf Uur pri-
mary responsibilities to the
public is to inform them by
every means available of the
Significance of the Federal
Savings and Loan Insurance
Corp. and what it represents;
and to constantly hammer
home the fact that never in
the 26-year history of this
agency of the United States
Government has a saver lost
a penny
League members. which hao
record assets of Sl.2 billion or
April 80, made common cause
with most of the large and es-
tabliShed savings and loan as
SoclationS of Maryland in a
drive to get some sut of regu-
latory measure through the
last session of the Maryland
legislature.
The bill was passed but was
vetoed later by Governor
Tawes. 1t was pointed out by
Bruce Bryan. executive secre-
tary of the league, who also
gave his annual report today
FSLIC Emblem Stressed
Mr.. Maedel said the leagues
continuing cooperative adver-
tising program has placed en-
phasis on the value of saving;
in institutions displaying the
emblem of the FSLIC.
Pointing to the leagues pro-
gress in the 81 years since his
father, another Julius A.. Mae
del, was its president. Mr.
Maedel said the new D. C.
League Home Improvement
and Rehabilitation Fund will
play major role in revitaliz-
ing older neighborhoods and
help to make the National Cap
ital a better place in which to
live and do business.
An amendment to the Vir-
ginia Savings ard Loan Act to
permit District associations to
make home loans in that state
was another league accomplish
ment in the last year, Mr.. Mae
del said. An amendment to the
District legal list also was ap-
proved to permit associations
to hold $4,000 each from trust
funds under jurisdiction of the
courts.
Mr.. Maedel urged membe,
associations to give support t.
stabilization of individual Givi.
dend rates that will meet com.
petition without forcing otheri
into a rate spiral, permit eco
nomical home financing anc
allow each association to oper
ate on a comfortable margin
with adequate reserves.
Assets at New Peak
Assets of member associa
tions reached a new all-tim
peak of $1,203. 1862 $40 on Apri
30. compared with S1,100,942.
495 on May 81 last year, MI
Bryan pointed out. In the sam
IL months, savings increase,
$90,459,986 to reach $1,028,
: 392,640 and the number o
savers rose to 4O2,G25, he de
clared.
Despite a tight-money s:tua
ton. members handled $27l,
832,832 of new loans and thei
mortgage total stood at 1882,
031,519 on April 80.
Mr.. Bryan also reviewed tn
league S accomplishments O
the last year. He reporte,
member subscriptions to tn
DC. League Home Improve
ment and Rehabilitation Fun
have reached $1,820,000 an
that the first loan was mad
recently. Several more ar
pending, he said.
The league will co-sponsor
seminar for high school teach
erS at American UNIVERSITY
The Importance of savings an
loans among financial institu
tionS will be studied in tn
second week of the course, h
said.
ASH Chapter Grows
Washington Chapter of tn
American Savings and Loa
Institute, educational organi
zation sponsored by the league
attained a record membershi
of 800 in the last year, reporte
Herbert A. Haller, chapte
president.
- The faculty was expande
and the chapters first subur
ban class was held in Silve
Spring, he reported. The chap
ter will help league member
flnd adequate trained staffs I
handle expanding business, h
declared.
- The national conference