The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1886-01-28

nay all delinquent taxes, foCOfu all
| unrecorded deeds, and insure the
buildings us provided Ivy the bylaws.
| The following statement will show
the expenses.
Complete abstract of title at 25
| cts. per transfer and copy Of
decree SO rs
| Recording 9 warranty deeds 0G
mortgage 2 sc
Taxes paid 0e
| Insurance. years sc
Attorneys fees. drawing papers
and passing title 2 SO
500 SO
I made the abstract and charged
| only reasonable fees, and not more
| than the law allows. l viii state here
that any person getting Il loan from
| the Building Association can get his
abstract made at the Register of
Deeds Office. just as well us at this
Office and no questions will be asked.
The insurance policy on Mr.. Olson S
| building was wrote by another agent.
The bond drawn, the abstracts exar-
med and title passed upon by the
attorney OF the Association, ard de-
fy any person to get the same amount
Of work done by any practicing attor-
pey for a less fee, or same fee. The
same expense Except as to the item
of insurance. would cover 4 81 900
or $4,000 loan just as well as 800
| loan.
1t has also been reported that the
| Building Association was organized
as money making scheme for it's
officers. / will answer this report
by saying that it's author Is no better
| than the author of the above mali
ciouS report, and both are liars.
| There is not now and never has been
one cent Of salary or compensation
paid to any officer of the Building
Association, either directly Or indi-
rectly, out of any funds OF the Asso-
citation or any other way.
All dues, interest, premiums, fines
and all other receipts of the Associ-
alton are placed in the general funds,
and are divided pro rata among the
members to the credit of their stock
account,
O'her reports are that the Building
Association charges usurious rates of
interest. This is also falsehood.
The Association charges only six per
cent; whatever additional premium
is charged is free and voluntary
act. and is allowed by our statutes
for the reason that building associa-
tions are a mutual concern or associa-
ton, End whatever premiums that
are paid go to the profits of the mem.
bers of the Association and are divi.
ded pro rata towards the members ON
| the payment of their stock. The av.
erage rate of premium paid so far for
loans is 1888 per cent. Suppose the
stock will mature in six years tit will
mature in less time) and that a mem
Der should borrow $lOO-he should
own two shares of stock. The paw.
ments would be as follows:
Dues shares, six years, $1,000.
Interest 800 at per c. 8 yrs $500.
Prem. 800 at 1886 per c. 6 y rs s52. 90.
Total,
sl24.98
which is only $24.98 for loan OF
800 for 8 years or AN average annual
rate of interest of4.16 per cent.
Now say that the stock should no,
mature for 8 years the payments
would be as follows:
Dues on 2 shares Q years $500
Interest 1890
Premium 7O.64
Total, $4,000
or $685. GA interest on loan Of 800 fol
3 years, or an annual rate Of Interest
of only 1888 per cent. Does this
look like usury! cannot see ii
that way. And 1t is very likely some
cannot see how stock Of building
association can mature and become
worth $50 in cash 10 6 or 8 years wher
the owner has only pail SIS or S24
1t is simple. One-twelfth Of the N,
nuaf dues, one-twelftll of the annua
rate Of interest and One-tw elfth 81
the premium bid. il paid in every
month. This money is again loanel
out on approved security, and by tl1l!
means the interest and premium /.
compromising every month, and III,
payments being small monthly nav
ments, they are easily made,
am surprised that men or fine cd
ucati0n and intellect. are, 80 Opposed
to an enterprise that IL benefit {,
| their town, and its people ana &
themselves. I would Suggest to thes,
/ people that they have & little NOR,
| enterprise and help build up III
town. Put your shoulder To III