anciai Imitation Opens New Headquarters -o i STATE SAVINGS I HEAb FAST GROWING FIRM Loan Associations Show ARTST OVERCOME IN FIRE : ; : O 1 SURVEY Remarkable Increase in Assets in Recent Years MB ID Ml 11 '::-:-:--w:--. -. AAw-fl&S -k '::&: '.::. y '-'Si 1 Association's Growth Rapid; Offices Are Attractive ly Furnished 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 nrst organization. Tho following are the "officers or me state Savings and Loan as -- .-v ' MS' ' Try? i if Xeft, Carl D. G: .-to 1 s o a , ri idemt; right, J. J. El liott, aecreta- Savings and Loan associa tion, which. Is expanding Into- new quar ters on South High street. sociation: Carl D. Gabrielson, president; James H. Nicholson, vice-president; Charles A. Rey nolds, vice president; J. J. Elliott, secretary and manager. Directors 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 verton, Oregon. E. B. Williamson, vice presi dent, Albany State Bank, Albany, Oregon. Carl D. Gabrielson, manager. State Motor Vehicle Department, Salem, Oregon. . 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. Kingwood 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 school work. 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 nia. 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 ments. 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 resources. 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. O O Aumsville AUMSVILLE, Jan. 11. Mrs. T. W. Johnson left Wednesday for Seattle, Wash., to look after -business interests there. 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 periods: 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. Estimated. 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 their investments. W. Palmer of Dayton Dies 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 the Morgans. Minnesota Family Buys Farm in Turner District DALIAS 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 home. TO UHECHR 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 Mine Eyes." 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. Wright. 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 club. . 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 mal school. 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 business sessions. 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 school. Aft. Angel Names Fire Officers 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; John Biegler, quartermaster : C. J. Terhaar, chairman auaiung commuiec; j. A. Miller, chairman grievance committee. Ben Traviss was ad mitted to the department by a unanimous vote. 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 Directors 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., Silverton, Oregon. E. R WILLIAMSON Vice-President, Albany State Bank, Albany CARL D. GABRIELSON Manager, State Motor Vehicle' Department, Salem, Oregon. JAMES H. NICHOLSON General Insurance, Salem, Oregon. JOHN H. CARSON Carson & Carson, Attorneys, Salem. anneal ASSIIAiriI(S)Esf of Salem, Oregon r t RESOURCES 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 . $391,179.62 STATEMENT OF CONDITION as of DECEMBER 31, 1929 Officers CARL D. GABRIELSON President JAMES H. NICHOLSON Vice-President CHARLES A. REYNOLDS Vice-President J. J. ELLIOTT Secretary and Manager Growth m Members and Assets A comparison of the. total assets at the close of each of the last five years, shows more than mere growth, bat an increase in earning power and stability that assures a fair return on your savings with absolute saf ety. 12-31, 1925 S 10,000.00 12-31, 192$ 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. LIABILITIES 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 $391,179.62 w I w i ii n w v 142 South High Street Bligh Bu3dn& near Fox Elsinore Theatre Salem, Oregon Y