St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-09
SENSE VS.. NONSENSE.
The Latter Appeared in Two
Sections in the Trib-
une,
But Failed to Create the
Impression In
tended.
A Worthy Minneapolis Insti-
tuition Ably De-
Tended.
The Sense Appears in the Re-
marks of Several Good
Citizens.

The left-handed roast which the
Tribune undertook to give well-known
Minneapolis concern the other day has
created something of stir in building
and loan circles. The articles referred
to, however, utterly failed to accomplish
what they were intended to-name-
ly, to bring discredit upon the
American Building and Loan
association. A GLOBE man made
a few calls yesterday upon gentle
men known to be well Informed upon
such matters, and heard what they had
to say. In no case was there word
said that could possibly be construed
into an unfavOrable expression. All
seemed to consider the Trbune's attack
as uncalled for. Many pronounce it
malicious. The American is local
concern, of which every good citizen OF
unbiased mind is proud. Its manage
ment is open to inspection. and It's OIL
GERS invite the fullest inspection.
Some of the remarks made yesterday
will be read with interest just at this
time.
j. F. Reed, Vice President of the
Railway Building and Loan AssOcia-
tion-The national building and loan
associations, if properly managed, will
be permanently successful. The funds
are invested in first mortgage security.
Under the system of monthly payments
the security becomes better monthly.
and of course a loss to the association Is
almost Impossible. We have living
example of a national company in the
Burbeck Building and Loan AssOcla-
ton of England. They are now in their
fortieth year, and have assets amount
ing to over $40, 900. They are one of
the most popular institutions III England
to-day.
Byron Sutherland, of the Peoples
Building and Loan AssociatiOn-The
attack on the American Building ana
Loan association seems to me to carry
on its face its animuS-that, of rivals IN
business. cambria is evidently a local
building and loan association crank. and
all the people here who in this morn
ing's paper piOuSly turn their eyes to
heaven and eXclaim Il told you so, are
of the same stamp. They are ANXIOUS
to see ruined one of the best and most
important business enterprises of this
city. What are we all going to live Oh
here? Those few flour mills down at the
falls. and those saw mills up the river
won't support the 250,000 people
here, and when few enterpr!Slng
fellows like the officers of the American
start new business which. when de-
velOped, bids fair to bring large amounts
of capital here and employs large
number of people. they ought to be en-
couraged instead OF Snarled at by every
puny rival.
| have carefully examined the report
of the public examiner. published in
Yesterdays Tribune, and there is moth
ing in it in derogatIon of the stability OF
the company, or that doesn't tend to
prove its stock likely to prove profit
able investment to its holder. After
the Peoples, the American is the best
Building and Loan Association i'll the,
country.
Col. Hans Mattson. Secretary of State
-ReEhaps ias;a state official lshouid :
talk about corporations somewhat re-
Servedly. But every man has right to-
express an opinion on any subject. l.
am Just about as well posted on the
subject of building and loan associa-
lions, allow me to say. as the next one.
That article in the Philadelphia Ledger,
while apparently straightforward: Is
unfair and misleading. The American
is operated on good, sound principles.
| have no hesitation in saying this. Its
plan cuts into some of the
older institutions by introducing
new and more attractive feat
ures, and consequently it incurs
the enmity of many of them. But it is
certainly commendable, and have
great faith in it, 1t is absolutely safe,
and there can be no failure. Securities
ample and sufficient are deposited with
the state, and the most careful. con-
sentative business men can find no flaw
in this respect. And then another
thing. 1t is a great benefit to the poorer
classes, as it enables them to make bet
ter use of their earnings.
No, | don't wish to be quoted as in
dorsing any concern, but l will say that
the Americans policy is sound. There
is no question about it.
Emerson Cole, President Peoples
Bank-My opinion is that if the officers
of the national associations are honest
and do the business honestly, then the
associations are solid and perfectly safe
and the members will get a good invest
mpnt