First Federal Savings Has
95 Per Cent Gain For 1961
First Federal Savings and Loan Association of Fairbanks
reported an increase, of total assets to $4,593,107.71 in its 1961
annual report issued this week.
The new mark represents a record one-vear gain of 95 per
teni uunng laui, accoraing 10 wai-’
ter Sczudlo, President of the insti
tution.
He said that the association
forged ahead in all phases of its
business activities during 1961 de
spite the tardiness of an expected
general economic recovery.
Net savings gains of $1,564,393.35
were listed in the 1961 report,
bringing the association's total sav
ings capital to an all-time high of
S3.740.212.23. Nationally, savings and
loan associations attracted a record
S3.5 billion in new savings.
Membership Grows
The total number of First Fed
tral Savings and Loan members
rose to 2,598 by the end of the year.
They received a record $106,102.01 in
dividend payments at a rate of 4
per cent.
The institution’s mortgage lending j
volume, primarily loans made to
purchase new or existing homes in
this community, increased to a 1
record $3,850,225.63 during 1961. As- ;
sociations across the country pro
vided a record $16.55 billion in
mortgage funds, approximately 44
per cent of the total national vol
ume and far more than any other
single lending source.
The sharp increase in mortgage
lending by associations during a
year in which the national housing
market showed only modest gains
emphasizes again the importance of
the savings and loan contribution in
this field, Sczudlo said.
He predicted a slight increase in
national housing activities, but more
locally, during 1962 when the eco
nomic recovery should be in full
swing. Advance mortgage commit
ments held by savings and loan as
sociations exceed $2 billion at the
start of the new year.
CASH ROBBERY
Jack Dowdy, 403 Fourth, re
ported to City Police on Jan. 14
that someone had stolen between
$700 and $800 and a key from his
home.
CITY COUNCIL NEWS HIGHLIGHTS
(■Continued from Page 1)
Mrs. Ringstad also objected to
stories written by “eager beaver re
porters’ giving the proceedings of
Wednesday meetings as facts, when
actually the council took official
actions only on Monday night.
The council approved a telephone
directory advertising rate increase
after it was pointed out that the
circulation of the new directory
would be over 13.000. which would
put the rates in a new bracket.
The council members also ap
proved a report from the MUS
board stating that utilities deposits
would be refunded to paid up cus
tomers after three years instead of
five as had formerly been done.
Table Ordinance
The council tabled until the first
meeting in March an Ordinance pro
viding for regulated tort claims
against the City. The Ordinance was
drawn up after City Attorney Barry
Jackson urged the council to do so,
before such action was forced on
the City by the State.
The council also established by
resolution that equalization hear
ings for 1962 property taxes shall
be held on May 15.
The council tabled for one week
action on two letters, one from C. W.
Snedden of Guarantee Investment
I Corp., and one from Charles Cole,
1 representing the Polaris Apart
ments. Snedden was attempting to
clarify a $o00 penalty for which the
City has threatened to foreclose on
the Chena Building, while Cole is
! requesting permission to rent addi
tional parking places in the Griffin
! Park area.
Bus Stop
City Council members spent a
1 great deal of time discussing the
request of Alaska Motor Coaches
Pally Family Noiv
In San Francisco
Mr. and Mrs. Paul Palfy. promi
nent Fairbanks residents, who have
been Outside for several weeks,
j are now in San Francisco. Mr. Pal
fy, pioneer businessman, is under
going surgery in Moffitt Hospital.
After hearing of local sub-zero
i temperatures, the Palfy’s ars glad to
be in a warmer clime for a few
! weeks.
jacket tiiief
On Jan. 13. Val Westphalen, 1042
Gillam, reported to City Police
, that someone had stolen his son’s
1 jacket from the Eagles’ Hall.
for a bus stop on Second next to
Swanson's Corner. A number of the
council members were against this
site, feeling that this would mean
the elcmination of two parking
meters on Second.
Mrs. Ringstad suggested that per
haps the meters could be left in
and could merely be covered when
the bus came. <The bus leaves Fair
banks for Clear at 4:30 a.m. and
3 p.m.
When the councilmen still ob
jected she stated, “There's always a
way if you want to find it, but if
you don't want to find it, it isn’t
there.” The council finally decided
to grant a bus stop on the west side
of Lacey St. across the street from
Swanson’s Corner.
At the close of the meeting. Coun
cilman Tom Roberts moved that the
minutes of the executive session
held last week be opened to the
public. He explained that there
were many rumors going around
and he thought the people ought to
know the truth.
Councilman Wilber Walker said,
“It’s none of their business.” A spir
ited discussion then ensued as to
just what constituted an executive
session. Eventually, the council de
cided to open the minutes of the
executive session to the press.
I
FAIRBANKS SCHOOL DISTRICT
CONSOLIDATED FUNDS BALANCE SHEET
%
FISCAL YEAR ENDED
June 30, '61 June 30, '60
CURRENT ASSETS:
Cash on deposit and on hand ...$ 1,701,886
Taxes receivable—local. 73,599
Other receivables. 485,033
Total current assets. 2,260,518
DEFERRED CHARGES:. 39,922
FIXED ASSETS:
Sites. 222,382
Buildings. 9,842,992
703,585
1,384,701
12,153,660
$ 920,329
62,220
398,527
1,381,076
30,408
222,382
8,426,136
639,590
781,449
10,069,557
Furniture, fixtures & equip.
Construction in progress_
Total Fixed Assets.
$14,454,100 $ 11,481,041
FISCAL YEAR ENDED
June 30/61 June 30/60
CURRENT LIABILITIES:
Accounts payable.. $ 869,189
Property Owner's trust
funds payable. 4(098
Bonds maturing within
one year. 323,500
Total current liabilities. 1,196,787
GENERAL OBLIGATION
BONDS PAYABLE. 5,085,500
FUND BALANCES:
Invested in Fixed Assets. 6,744,660
Restricted:
Building Fund. 1,023,648
Tobacco Tax Fund. 87,333
General Fund Working
Capital. 300,000
Unrestricted:
Unappropriated Surplus. 6,038
Revolving Funds and
Office Cash. 10,134
Total Fund Balances. 8,171,183
$14,454,100
$ 446,921
4,541
223,500
674,962
3,410,000
6,436,057
532,782
128,811
300,000
(14,080)
12,509
- 7,396,079
$ 11,481,041
Condensed from audit reports of HAGELBARGER & SCHERER, Certified Public Accountants
YOUR FAIRBANKS SCHOOL DISTRICT
BOARD MEMBERS
s' •
R. C. BAILEY.President GEORGE D. COOPER .... Director
S. G. NERLAND.Treasurer HARRY REIMER.Director
DENNY G. BREAID.Clerk DR. CHARLES W. LAFFERTY Supt. of Schools