PAGE SEVEN
First Federal Savings & Loan Ass'n
Was Organized in Klamath Falls To Fill
A Definite Need for Financing of Homes
A group of far-sighted business and professional man mat
PAr 1RT0N LUMBER CO.
"WE KNOW OUR CURRENTS''
RAY BIGGER'S ;
EAST SIDE ELECTRIC
62S Klamath Ave. Phona 3114
CONTRACTORS
INDUSTRIAL and COMMERCIAL Installations
INDUSTRIAL and COMMERCIAL Supplies
Agents for Westinghouse Industrial Equipment
125 Pixfpe Klomoth Falls fr
O ;'. Manufacturers of
ulc:::2s cut stock
kit::" , WESTERN
JUST! PINE
Phone 2-2533
LUMBER
Philippine
HARDWOODS
for this purpose on August 79, 1934, laying tha ground
work today, this association la tha fourth
Itrgttf In Oregon and largatt outside tho
city of Portland Raaourcaa evar
I'j-milllort dollari.
IIKRALD & NEWS. KLAMATH FALLS. OREGON
RID FIR
WHITE FIR
AH . AD. CO COMPANY
V.- ..,,, m m m mm m mm m m
'W Manufacturers of Kiln, dried lumber
" Cttuldingt, window tash and frames.
PONDMOSA PINE SUGAR PINE
Iht Klomoth Basin
,NHMalMWrld Newt
Telephone 8111
Etplonode juit off Main
L:'J Millworli and Supply
Manufactures
MOWS MOULDLING FRAMES
OUSS HOCK PLATE and WINDOW GLASS
. ' ; THIMOPANE GLASS
Phone 6671
MARCH TIRE SERVICE
Ivnwt K. Tttd, Ownir
SINCE 126
'e Still Have A Good Supply Of
ttClHTER TREAD CAPS
mm
By Factory Trained
' EXPERTS
IE Family In FOUR Has a Hospital Bill Every Year
KlM.lt. Pays Per SURGICAL HOSPITAL DOCTOR SERVICE
; ' ' -.'f for YourMlf and Your Family
JOJMt If you art a r.iidcnf of the Klamoih baiin, tmployed (or self-employed), to age 65,
bio for KMSB protection (or yourtll olon. or lor vou ond your lomily. Mcmberi of your torn
rllofble to foln art: Spouit. to age 65, depandant unmarried children Irom 6 months of age to
lately acuta .m.ra.ritlM.
mdl) Medical Service Bureau
ina St., L, A, frown, Mqr.
(Mtmber Blut Shield Plan)
iMATII LUMBER & BOX CO.
-if
; Helping to build the Klamath Country
dor present management - Since January, 1920!
ngton Addition
Phone 4212
FTr'yCUl FFIINP3 yMf '
-t: p : fOH lOR J
I By R. KENNETH EVANS
Residents of the Klamath Falls region have had the
onnortunitv to make substantial savings and finance homes
for 18 years through the facilities provided by the First i
Federal Savings & Loan Association of Klamath Falls.
During the time when the worst depression ever leveled :
on a nation was at its worst stages, a situation arose in the I
financial field in Klamath Falls whereby thrifty people i
, were unable to finance homes or make home purchases. A
group of 16 far-sighted business and professional men real- j
ized that this caused a critical condition and held a meeting ;
August 29, 1934 to try and iron out the difficulties. At that
n.r.ntinrf it u'i (Wirier! to take advantage of an act of the j
i Congress, passed in June. 1933, which provided for federal b
' savings and loan associations 10 ie organueu wim ui
port of the government. This proved to be the solution to
the financial problem facing the jsidjcjojrjhwjrgion
The Firm Federal Savings ti i rlUo j,, tlmes trie imount of
Lonri association of Klamath FU locll money Invested. Through the
was chartered, and Charles I. Roo-1 rmert fuvings and Loan Insur
ers elecieq prrMiirm w.m v. wi.
, Honerir-on secretary. Tlie board
of directors consisted of C. B. Rob
erlon, E, M. Vannlce, Chan. I.
Roberts. Alfred Collier. M P.
! Evans, Olert Hoiit, Claude McCol-
' loch, Clifton Richmond and Henry
Semon. All of these director were
I well known as aound local buainess
men of the community. Today, Al-
, Ired Collier and Henry Semon con
tinue to serve the association.
Iniree of the original board of di
rectors hve passed away: Chas.
I Roberta. C. 8. Robertson and
M P. Evans. E, W. Vannlcc.
Clauds Mc-Colloch, Glen Hout and
Clifton Richmond resinned from
the board when they moved Irom
Klamath Falls to other communi
ties. Four months after the association
was formed the secretary reported
on January 16. IMS. the date of
I the first annual meeting, that the
I association had assets over $5,000
, and that forty-two first mortgage
i loans hsd been made and that there
were 15 shareholders who hsd
placed their savings with the v
socianon. With a soundness and
1 safety for Uie large or small in
! vestor in this region, which Is rec-
l nmii,Mi - ihe mMi seasoned ever
Insintuiated In the nation, the
First rerierai Savinas & lxan as
sociation, locisy, lias assets total
ing SMiSJM.'il. l"' savings ac
counts totaling J7.137.533.13 ss of
December 31, maz. m: coinpan
son. without doubt, emphasiws
what a sound and liberal financial
Institution can accomplish by good
miniffrmrni In a erowins and ex-
i pnnding community like Klamath
MANY HOMKS FIN ANTED
In Hist short period ol less than
twenty years, this association has
nnanced many homes In the area
nd. with the semi-annual dividend
paid to shareholders m December
i of IBM of over H03.47S, total earn
' uiks hnva een paid amountlnu to
$1,095,700. Never hs a semi-annual
dividend been missed, and, today
this association Is the lourm lat
est In the state of Oregon and,
the largest outside the city of Port
land. This enviable situation Is dLe.
direcUy. to good management and
. appreciation by the people of the
Klamath Falls area of the oppor
tunity offered by this financial In
stitution lor sound savings and
home financing.
The growUi of the First Federal
Savings Si Loan association has
been normal, due perhaps, to the
recognised sound economy of this
clly and the Klamath Basin. After
the first six years of Its operation
bv 1040 Uie association had a
membership of 2.500 shareholders
and had completed 347 first mort
gage loans on homes and had assets
of more than one-half a million
dollars.
Al the Insistence of the leading
building and loan men throughout
the nation, the Congress of the unit
ed Stales passed an act In June,
1033, providing for federal savings
: and loan associations. This act em-
bodied the soundest principles that
have ever been developed for the
I protection of savings In American
I thrift Institutions such as the First
I Federal Savings k Loan assocla-
tlon of Klamath Falls. So wide was
this scope of service and safety
that the United States Treasury
was authorised to purchase shares
' In these federal associations at
WHEN THE
QUESTION K
Fire Auto
Special Risks
the answer is KLAMATH COUNTY
IrKIIRAMfF AftFMK
W ASSOCIATION
am- corooratlon aavings were in
sured up to 15.000 dollars for the
individual account. in leuerai sav
ings and loan associations in the
nation have developed such a rec
ord lor reliability that little more
than two years ago this Insurance
waa raised to 110.000 per Individual
account which applies to uie aaie-
ly structure of the First leoerai
Savings and Loan association of
Klamath Falls.
OTHER HAFETY FACTOR!)
Other safety factors which enter ,
into the sound operation of this fi
nancial institution is that they are
limited to loans on property locat
ed within a radius of 50 miles of 1
Klamath Falls. This permits an
accurate knowledge of properties, t
First Mortgage loans and liens on
real estate total, today, 18,163,
378 61.
Due to the character of the First '
Federal Savings k Loan associa
tion of Klamath Falls and, the ;
men who direct Its alfalrs, a low 1
over-head expense for operation Is .
maintained which strengthens the
savings Investor's opportunity for ,
reasonable earnings on his savings.
Available money for financing: ,
the purchase of homes In the Klam-
atn rails area, money lor new
construction or modernizing. Is to
be had. The affiliation of this sav- i
ings and loan association with the
Federal Home Loan Bank, a linan-
clal organisation similar to the red-;
eral Reserve bank, provides that ;
the mortgages held by tne First
Federal Savings 1; Loan associa
tion of Klamath Falls to secure
ihe salety of the savings accounli
may be used as collateral lor long-1
term advances from the Federal i
Home Loan Bank. While this local
association has never had occasion
to take advantage of this opportun
ity It still remains that this can be
done If the growth and develop
ment of this region demands such
financial assistance.
In 1938. C. S. Robertson was
made president of the First Fed
eral Savings i Loan association of
Klamath Falls and. Chas. I. Rob-;
erta was named chairman of the
board. C. S. Robertson passed
away due to a heart attack on i
June 13, 1945. On June 36, 1945.
the board of directors elected i
Ocorge W. Mclntyre as president.
He has served In the capacity of ;
president and manager since that
time. Other officers serving with !
Mr. Mclntyre and Mary Both-!
well, treasurer, who has been a '
member of the staff since June ;
1937. Van S. Molltson, secretary,
became identified with the associa-,
tlon In 1946. Following his gradua-1
lion from the University of Ore-j
son In 1950. James D. Bocchi be
came assistant treasurer.
CHANGES IN
THE DIRECTORATE
Changes in the directorate of the
association have been made since '
its foundation. This has brought
new business men into the board.
Fred Hetlbronner and D. D. Reeder
were first elected to the board of
directors In January, 1939. They
are both serving on the board to
day. C. A. Henderson Joined the
board or directors In 1944. Verne
Moore became a board member
liquidity that la really something
in May of 1947. Percy Murray was
elected as a member of the board
in October 194 and, J. Vern Owens
in July of 1949.
Continued en Page II
Consolidated Freightvays
HOME-TO-HOME MOVING SERVICE
645 Broad Phone 4151
WEDGEWOOD
AUTOMATIC
Gas Range
Tha finest name in cookinej
IS SUPERIOR FEATURES
KLAMATH GAS CO.
Sill Stappa, Mar. Main St. at Link River Phono 2-2541
Manufacturers of Quality
LUMBER and BOX SHOOK
SINCE 1929
KLAMATH BASIN PINE MILLS CO;
Offict Mtdical-Dental Buildinq
Telephone 413S
For The BEST. . . In REST For LBS See
Carlson's "Factory to you" Mattresses
Buy Direct . . . From "Factory to You" and save
' You Save miUlm
' You Save JKE
Carlsons
MATTRESS I UPHOLSTERING CO.
2405 Saurh rh Phont 4510
' You StweZ?
O RADIATORS CLEANED - RECORED - REPAIRED
Wo are equipped to handle the heaviest
INDUSTRIAL RADIATORS at well ai
Pasitnqer cars and Trucks
OFFICIAL
AUTOLITE
ELECTRIC
SERVICE
SPECIALIZED
SERVICE CO.
1434 MAIN
Ph. S103
OFFICIAL
UNITED
MOTORS
SERVICE
887 New Savings Accounts Opened
Evidence of the ever increasing number of folks who are
choosing this way to happier, more'eonfident living through
our safe, profitable savings facilities.
$1 ,095,709 Paid Savers since 1 934
Every dividend dales since its organization the Association
has paid earnings to its members. This huge amount has
gone back into this community, and to the people who made
the association possible.
$183,454.' . Earnings Paid Savers in 1952
Worthwhile returns, compounded semi-annually, to help
our members reach long-range goals faster give them a
real incentive to save more for extra income.
$807,103 Required and General Reserves
This substantial sum . . . among the several safeguards
maintained for protection of funds ... to give our savers
added confidence and assurance of the safety of their
savings.
$8,628,984 . . . Total Resources of Association
This final reflection of financial growth is proof of the
widespread satisfaction with the benefit made possible by
our thrift and home financing services.
FlWT FEDEiTAlAVINB?
ALOAN ASSOCIATION
M0 MAIN STRUT