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

Attorneys fees. drawing papers
and passing title 2 so
500 SO
made the abstract and charged
only reasonable fees, and not more
than the law allows. Will 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 ana no questions will be asked.
The insurance policy on Mr.. Olson's
building was wrote by another agent.
The bond drawn, the abstracts eXaT-
ined and title passed upon by the
attorney OF the Association, AID | de-
fy any person to get the same amount
of work done by any practicing attor-
ney for less fee, or same fee. The
same expense Except as to the item
of insurance. would cover 4 81 900
or $40, 900 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 its 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 nsurious 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.
| tons are u mutual concern or associa-
ton, End whatever premiums that
are paid go to the profits of the mem.
! hers Of the Association and are divi-
| ded pro rata towards the members on
the payment of their stock. The NV.
| erage rate Of premium paid so far for
loans is 1888 per cent. Suppose the
stock will mature in six years lit will
mature in less time) and that a mem
Der should borrow $I00-he should
own two shares of stock. The pay
ments would be as follows:
Dues shares, six years, $4,000.
Interest 800 at per C. yrs $500.
Prem. 500 at 1885 per c. yrs 1928.
Total,
sl24.98.
which is only s24.98 for a loan of
800 for years or an average annual
rate of interest of 4.16 per cent.
Now say that the stock should not
mature for years the payments
would be as follows:
Dues on 2 shares years $500.
Interest 1890.
Premium 1904.
Total, $1e6. "a.
or $s66.G4 interest on a loan Of 800 for
| years, or an annual rate of interest
/ of only 1888 per cent. Does this
look like usury! l cannot see it
that way. And it is very likely some
cannot see how stock of building
association can mature and become
worth $50 in cash in 6 or years when
the owner has only paid $l8 or 1921.
1t is simple. One-twelfth Of the an
nuaf dues, One-twelfth of the annual
rate of interest and one-tm elfth of
the premium bid. is paid in every
month. This money ia again lo.pad
out on approved security, and by this
means the interest and premium is
compromising every month, and the
payments being small monthly pay.
ments. they are easily made,
am surprised that men Of fine ed :
ucation and intellect, are so opposed
to an enterprise that is benefit to
their town. and its people and to
themselves. / would suggest to these
people that they have a little more