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About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (Jan. 12, 1930)
anciai Imitation Opens New Headquarters
I HEAb FAST GROWING FIRM
Loan Associations Show
ARTST OVERCOME IN FIRE
: ; : O
Remarkable Increase in
Assets in Recent Years
AAw-fl&S -k '::&: '.::.
Association's Growth Rapid;
Offices Are Attractive
In five years the State Savings
and Loan association has grown
to fill an important place in the
financial institutions of Salem
and the Willamette valley. Organ
ized in the latter part of 1924 it
began business in the Becke and
Hendricks real estate office on
January 1, 1925. Under the same
official personnel it has been con
tinued. Its expansion forced 'it to
take independent quarters in the
Oregon building and later in the
First National Bank building. Now
it is moving to ground floor offi
ces at 142 South High street near
the Fox Elsinore theatre. ' ,
The new offices have been at
' tract ively fitted up. A special
front- was installed with marble
base, large plate glass windows.
New furniture has been placed
and the floors covered with lin
oleum in pleasing pattern. A vault
was built for the protection of
valuable records. The association
will open for business Wednes
day, January 15 in its new quar
ters. The State Savings and Loan as
sociation is strictly a mutual en
terprise. It was formed to supple
ment existing facilities for financ
ing of those acquiring homes and
to afford a safe investment for
those desirous of saving money.
It loans only to its members, the
loans are repaid on the monthly
installment plan. Directors serve
largely as a "labor of love." The
rapid and steady growth of the as
sociation attests the aggressive
policy of the management and the
field of useful service which the
, institution has been able to occu
jiv. From resources of $10,000 at
the end of 1925, the first year, the
a? cciation has reached a position
T'ith resources of $391,179.62 at
the close of 1929.
Very few changes have occur
red in its officers and directors.
Karl Becke was originally a direc
tor. Lloyd Farmer, recently de
ceased, was also a director. Ja.
Nicholson was added to the list
of officers and directors since the
Tho following are the "officers
or me state Savings and Loan as
' MS' ' Try?
Xeft, Carl D.
G: .-to 1 s o a ,
right, J. J. El
tion, which. Is
ters on South
sociation: Carl D. Gabrielson,
president; James H. Nicholson,
vice-president; Charles A. Rey
nolds, vice president; J. J. Elliott,
secretary and manager.
T. A. Livesley, T. A. Ljvesiey
t Co., Salem, Oregon.
E. F. Siade, vice president,
First National Bank, Salem. Oregon.
C. A. Reynolds, vice president,
Coolidge-McClain Bank, Inc., Sil
E. B. Williamson, vice presi
dent, Albany State Bank, Albany,
Carl D. Gabrielson, manager.
State Motor Vehicle Department,
. James H. Nicholson, General
Insurance. Salem, Oregon.
John H. Carson, Carson A Car
son, attorneys, Salem.
The working staff la composed
of the following: J. J. Elliott,
manager; John Carson, attorney;
Olga Hungsberg, cashier and
bookkeeper; and the sales 6taff;
Mrs. Olga Hoffard, Nathan Cook,
Aletta Weisser, and P. A. Math
eny of Albany.
Loans are first appraised by
two appraisers and then must be
approved by two members of the
board ot directors. Nearly all the
loans have been placed in Salem
Eugene and Albany, with smaller
amounts in some of the valley
towns like Silverton add Mon
mouth and Dallas.
KINGtVOOD, Jan. 10 Miss
Barbara Whipple ot Portland,
who has been the guest of her
sister, Mrs. Warren B, Baker, re
turned to her home at the close
of the holidays to resume her
Miss Florence Compton of
Berkeley, Calif., has been visiting
at the home of her brother, TJ. A.
Compton. Miss Compton is a stu
dent at the university of Califor
Recent guests of Mr. -and Mrs.
J. A. Yantis were Miss Bertha
Beck, Mrs. Lulq Miller and her
mother, Mrs. Burbank, all of Al
bany. The three ladies, accom
panied by Mr. and Mrs. Yantis at
tended the meeting of the Brush
College grange Friday evening.
Miss Beck is secretary of the state
grange and had charge of the in
stallation ' of officers. Miss Vina
Emmett of Kingwood and three
young ladies from Salem furnish
ed music at the grange meeting,
Miss Vinaelays the violin and the
other girls other string instru
Dinner guests of Mr. and Mrs.
Theodore Bernard Sunday were
Mr. and Mrs. A. L. McCarty and
their children. Patricia and Am
.The building and loan associa- "sets of these associalons on De-
tln nf rTnu e., -mur i, lnaicaie tnai
a number of years past been show
ing a most remarkable and con
sistent increase in assets. At the
close of 1928 their investments,
largely mortgages on homes,
amounted to a little over eight
billions of dollars, one-half of
which was accumulated during
the preceding five years. This
large rate of increase will not,
however, be fully maintained for
1929 on account ot unusual con
ditions which developed during
the last half of the year. The pre
vailing abnormally high interest
rates and the credit stringency
prior to the stock market col
lapse, as well, as the speculative
fever which appeared to have
seized a large portion of our pop
ulation, and which caused heavy
withdrawals of funds from build
ing and loan associations, restrict
ed their operations to a consid
erable extent. Notwithstanding
these unfavorable factors, how
ever, the building and loan asso
ciations ended the year showing
a fair-sized increase In their total
Advance reports received, from
the various states giving carefully
prepared estimates of the total
acy of South Salem. Mrs. McCarty
is Mr. Bernard's only daughter.
William O'Neill and family who
have been living in the Beckley
house have moved back to Salem.
Mr. and Mrs. C.,F. Gretzinger
and son Carl, Leland Curry, Mrs.
Minnie Sedgewick, and Mr. and
Mrs. Stanley Bloom .all of Swegle
were guests of Mr. and fnr.Jck
Lynch one evening recently. The
Gretzinger family lived here for
several years. They moved to the
Swegle neighborhood last fall.
AUMSVILLE, Jan. 11. Mrs. T.
W. Johnson left Wednesday for
Seattle, Wash., to look after -business
The Naderman Bros, of Wash
ington, were Aumsville visitors
Tuesday. While here they looked
over some property of interest
The farmers of this section are
glad to see this light snow as it
will protect the crops that are in,
from the freezing weather.
there -are eight billion six hun
dred and six million dollars now
invested in these associations in
the United States, which is an In
crease for the year of four hun
dred and ninety million dollars or
about six per-cent. The estimated
membership is twelve million
members, which is just a' slight
increase over the number report
ed for 1928.
The funds which building and
savings associations accumulate
are loaned out on mortgage se
curity on homes, which is recog
nized as the safest type of invest
ment vhich can possibly be made.
The money disbursed remains in
the immediate locality in which
the association does business and
is employed in building up the lo
cal community. During the year
1929 it Is estimated that the
building associations of the Unit
ed States made mortgage loans
to the amount of one billion,
eight hundred and fifty millions
of dollars, which enables over
five hundred thousand of their
members to enjoy the blessings
of home ownership. In 1928 the
sum so Invested by them amount
ed to two billions ot dollars.
The consistent growth of these
associations during the past 20
years is well shown by the follow
ing comparative figures, by ten
Year No. of Assns. Total As.
1909 6,713 856,332,719.
1919 7,788 2,126,620,390.
1929 12,340 8,606,000.000.
Building and loan association
officers have pointed out that in
the northwest for example where
many bank failures occurred es
pecially in farming regions, not a
single failure of a savings and
loan association was reported. In
the recent stock market slump
investors in savings and loan
companies suffered no loss what
ever, pointing to the stability of
W. Palmer of
DAYTON, Jan. 11. Wm. Palm
er, an old pioneer and a life time
resident of thl splace, passed away
Charles E. Moberiy, Capitol artist, was overcome by smoke of a
blaxe said to have started in Moberty's ffice-stodio in the sontii
wing of the United States CapitoL The fire which followed so
closely upon the spectacular Christmas Eve tire that gutted ths
White House executive offices, is said to have caused damage
estimated at $3,000.
during the night at his farm home
in the edge of town.
He has been very ill for a cou
ple of weeks with pneumonia and
typhoid fever. He also suffered
an injury to one leg caused by a
fall a short time ago.
He laf.ves, beside his widow,
three daughters, Mrs. Mildred
Engstrom, Miss Gertrude Palmer
and Mrs. Elisabeth Morgan, also
one grandson, the young, son of
Buys Farm in
TURNER, Jan. 11. CharleB
Turner, who sold his farm 3 miles
east of Turner last fall has moved
with his family to Portland.
S. M. Baker, of Minnesota, who
purchased the farm, has arrived
with a carload of house hold
goods, machinery and stock. Mrs.
Baker and three grown sons are
driving through by auto and are
expected to soon reach their new
DALLAS, sJan. 11. Sunday
morning, January 12, Rev. J. M.
Warrell of the Methodist church
will take as the subject for bis
sermon. "The Fellowship of the
Upper Room." The chair will
sing the anthem, "I Will Lift Up
At the Avenlnr service the tenth
anniversary of the prohibition law
will be observed with a special
message by the pastor, and spe
cial readings will be given, ana a
vocal solo by Mrs. David G.
PORTLAND. Ore.. Jn. 11.
fAP) Plans for the conduct of
a statewide surrey of institutions
of higher learning, to be carried
out in the immediate future, were
outlined yesterday to the stale
board of higher education at its
regular meeting at the lTniversl;y
Details of the survey were pre
sented to the board by Dr. Arth
ur B. Klein of the bureau of edu
cation which is under the admin
istration of the department of the.
Interior. The survey wm cover,
it was understood, the University
of Oregon, Oregon State Agri
cultural college and Oregon Nor
The scope a the survey or the
material to bo gathered were not
revealed by members of the state
board at the close of their day's
The board will reconvene thi
morning to conduct the routine
business and for the purpose o!
conferring on business and edu
cational matters with heads of tlie
state institutious. The conlerenc'
will be held with President W. J.
Kerr, of 0. S. C. President A. B.
Hall of Oregon V.. and President
J. 8. Landers, or Oregon Normal
Aft. Angel Names
MT. ANGEL, Jan. 11. Mt. An
gel fire department held its an
nual election of officers Thursday
evening at the fire hall. foIlowlrtK
the election a banquet wa serve.
by J. A. Miller, R. T. Btsenius and
A. J. Butsch.
a t PMVer was reelected
vior Pant V Kohwab. assistant
chief; Joseph J. Berchtold. seo-retary-treasurer;
quartermaster : C. J. Terhaar,
chairman auaiung commuiec; j.
A. Miller, chairman grievance
committee. Ben Traviss was ad
mitted to the department by a
ROBERT BOALS HONORED
EUGENE, Ore., Jan. 11. AP)
Assistant football managers ot
the University ot Oregon tor the
1930 season have been named
Russell Baker. Gaston, senior
manager. Those chosen are:
Trevor Shawcross, Portland; Fred
Norton, Bandon; Robert Boal.
Salem: Henry Stratton. Portland,
and Bud Powell. Eugene. Alter
nates are: Harold Moulin. Bur
lingame, Cal.; and Bud Travis
and Carl Greve. notn cugene.
AUJUUUia 1 U J I IU7 W W J u , m. mvi..m " O - - v . " - -
IE3i(olvr Son m? (o)oa
SAFETY FOR YOUR SAVINGS
ONE OF OUR 5 PLANS
WILL MEET YOUR REQUIREMENTS
MONTHLY INSTALLMENT LOANS
ON REAL ESTATE FIRST MORTGAGES
PAY FOR YOUR HOME LIKE RENT
T. A. LIVESLEY
T. A. Liveley & Co., Salem, Oregon.
E. F. SLADE
Vice-President, First National Bank, Salem, Ore.
C. A. REYNOLDS
Vice-President, Coolidge-McClaine Bank, Inc.,
E. R WILLIAMSON
Vice-President, Albany State Bank, Albany
CARL D. GABRIELSON
Manager, State Motor Vehicle' Department, Salem,
JAMES H. NICHOLSON
General Insurance, Salem, Oregon.
JOHN H. CARSON
Carson & Carson, Attorneys, Salem.
Cash on hand and due from banks - - $ 14,487.74
Real Estate Loans 1st Mortgages - - 348,000.00
Stock Loans - 10,686.66
Real Estate - - - 8,8623
Furniture and Fixtures and Equipment 2,488227
Accrued Interest - -- -- -- - 5,084.58
Due from Agents - - - , 1,128.05
Deferred Debt Items 44149
STATEMENT OF CONDITION
DECEMBER 31, 1929
CARL D. GABRIELSON
JAMES H. NICHOLSON
CHARLES A. REYNOLDS
J. J. ELLIOTT
Secretary and Manager
Growth m Members and Assets
A comparison of the. total assets at the close of each of the last five
years, shows more than mere growth, bat an increase in earning power
and stability that assures a fair return on your savings with absolute saf
ety. 12-31, 1925 S 10,000.00
12-31, 192$ 57,5647
12-31, 1927 190,405.07
12-31, 1928 278,961.85
12-31, 1929 391,179.62
We have outgrown our present, offices, and are preparing to move to
a new ground floor location, which we believe will be more convenient for
our many members, and be a credit to them as well as the community
which we serve.
This new location will be the permanent home of our ever-growing fi
nancial institution and will be equipped and furnished with the latest ap
proved facilities. We will be happy, to have yon call on us at our new home,
at 142 South High Street, after Wednesday, January 15.
Installment Stock - -. - $318,268.52
Prepaid Stock ... - 16,93249
Fully Paid Stock - - - - 6,058.00
Investment Stock - - - 300.00
Total Deposits on Stock .... - $344,75941
Incomplete Loans 1,06842
Loan Redemption Fund ------ 32,093.14
Contingent Fund and Other Reserves 2,730.08
Undivided. Prof its 10,528.17
w I w i ii n w v
142 South High Street Bligh Bu3dn& near Fox Elsinore Theatre Salem,