St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-23
A MINNEAPOLIS GIANT.
Something About Concern Which Has
Assumed Vast Proportions, and Now
RECKONS ITS RESOURCES
At No Less a Figure Than Thirteen
Millions of Dollars--All in Twenty
One Months.

In the past few years Building AS
sociations have grown into such promi-
nence as means of investment for peo-
pie of moderate means, that they have
enlisted the admiration of the financial
world.
Former prejudices have gradually
disappeared. Their security for invest
ment has been their strength, and they
have built upon this foundation super
structure that will be permanent. Take
the manufacturing cities of the United
States or Europe-foremost among
them Pbiladelphia-and ask their
mechanics through what medium
they were enabled to secure
homes. and the answer will be in
the majority of instances: aided by Co
Operative Building and Loan Associa-
tons" When DR.. William SEMINOLE or
ganized the American Deposit and
Building Association in Philadelphia in
the year 1916. he formed the nucleus and
laid the corner stone from which such
institutions as the American Building
and Loan Association of Minneapolis
have sprung. This latter Association is
but twenty-One months old-a giant III
its infancy-With resources or more
than S13.000 900, with branch organiza-
lions extending over the entire coun-
try, and now helping to build up over
LOCO towns and cities, and dottlng our
great Western plains with the homes
of the industrious and frugal. Inc
policy of this Association has been to
establish Local Boards both in the East
and West. In the former they have
found supply of money seeking IN
veStment, in the latter demand tor III.
This Association acts as medium Tor
distribution of money and an equalizer
of interest rates. and enables Its mem
berS of the far West to borrow OF their
fellows in the East, without paying
the rate for loans usually charged Ill
comparatively new countries. The AS
ISOLATION has made the only regu-
lar trust agreement that has been made
with a Building and Loan Association
in the United States, whereby the
officers of the Trust Company take GER
tificates of the Association and certify
to their character over their signatures
for the protection of members, the same
as done for large railroad corporations.
This Association has also a Home
Advisory Board and Finance Commit
tee of prominent citizens of Minneapo-
lis (bank presidents and others, VINO
have no financial interest in the Asso-
citation, but whose duty is to advise
with the officers of said Association in
regard to its business methods and pol
lev, and who have paid auditor OF
their own. who verifieS the reports and
financial statements made by the Asso-
citation Officers. The Association is the
largest Building and Loan Association
in America, and on the LIST of January
will remove to elegant and spacious
quarters in the new Bank of Commerce
building. corner Fourth street south,
on First avenue.
Directors-Hon. Lars Swenson, state
senator; J. II. Bishop, wholesale paper
dealer, Minneapolis; Charles l.. Sproat,
cashier First National bank, Baraboo;
N. A. Rainbolt, president Norfolk Ma
tional bank, Nebraska; w. S; DWein-
nell. attorney, Black River Falls, Wis;
f. B. Stoneman, f. p. Rundell. Off
cers-Presiuent, f. p. Rundell; secre-
tary, Charles l.. Sproat; treasurer, j. Ill.
Bishop.