The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1891-06-05
They Promise Too Much.

" aJlOual bullulnB ana loan ASSO'
ciaiion5 are not all without expert.
enoe, and the experience has been
charged up to the stockholders at 8
high price by some of them, as IL
shown by the reports that comes from
Minnesota Just at this time. If the
oldest and the most prosperous fail to
redeem their promises, what can be
expected of those that have nothing
but promises to recommend them Z
Minneapolis enjoys the distinction oil
being the home of the National and
two of her institutions as being the
oldest and largest National Building
and Loan Associations in existence.
The Union Protective and the Ameri-
can of Minneapolis were organized in
1886 and 'S7, and have been bright
stars in the National armament
The Union Protective is known as the
father of the species, regular pdte1
fdmiLiaS, and advertised itself as the
''Oldest and largest OF the NATIONALS
The American is called the "JumbC
of Nationals" And up to a shorI
time since the anthrOpic agents
of the younge t member of the fami-
ly pointed with pride to these two
Anticipated Institutions, with their
millions, to show how successful the
National system was being operated,
and as a matter of charity consent to
let you in on the ground fl jor, pro-
vided you paid him 81 90 Oh the share
Of $50 or 800 of stock, and little
change each month to pay expenses
20 per cent per annum for expenses
is the very moderate charge for in
vesting your money. These two
premaIurely antiquated Associations
would have continued to furnish
advertising material for the entire
family il it had not been that State
Examiner Kenyon "smelt sma
size mouse" and upon investigation
found a whole family of rats eating
up the meal. He exploded a bomb
in their midst and they scampered
away. The president of the Protec
tive Union took himself to Chicago,
where he is reported az paying twenty
thousand dollars for the control OF d
prosperous young National, and il
descr. bed in the National l.. Herald,
a paper published in Minneapolis, in
The interest of National Associations,
as IAN unprincipled adventurer auI
professional building society lOOtCr, b
man OF easy virtue, who was trained
III cowboy finances, graveyard H.
5urance and wildcat inVestmel
schemes" This is what the Nation
al Herald has 10 say about the char
acter OF the man VINO orig Ited the
National Plan, and who organized the
first National Association,
The Union Protective promised t.
mature its stock in five years time
upon sixty monthly payments. Tn,
sixty payments have been made anO
the time at which the members eX-
pected to reap the rich harvest IL
more than an hundred fold profits
But, alas alas for human eXpecta
lions and y 4tional promises, tho
Association was all right-tEe suia
ries had been paid regularly, out the
anxious Stockholders were not in it, }
no, not in it. They were duly notified
TO either continue to pay up the
monthly dues until the officers de-
cided to let them out or quit and take
what they could get.
The concern Is now being re-organ-
ICED they admit it is impossible foI
them to carry out their plans; expert.
ence is not equal to estimates. Toe
examination Of the American, the
Jumbo" National of Minneapolis
discloses the fact that 1t is in a des'
perate cOndition-ln the last stages OF
consumption; the officers have con
\
81 of the principal, making IL net loss
for the year to the stakeholder, al
figured up from Mr.. Keny ms repoTl
by the Home seeker. The viz ms
are scattered all over the Union, and
several of our own citizens have bean
hit by this conc 5rn, and the only con
ISOLATION We can offer is, i've told you
80"
Why multiply figures and facts to
show that well conducted Hon {
Associations are safer, more economl-
cal, and therefore more profitable
than any National Association, which
requires the admission fee OF $l.00 pt ]
share and 20 per cent per annum Ia
pay the expenses, When you deposit
your money with home Building
and Loan Association, it is reinvested
where you can keep an eye on it all
the time. II you send IL away and
entrust it to strangers to reiuve5t, you
never know whether il is being used
to furnish capital for some favorite
speculation or loaned out to mem
bers. 1t is alleged that one OF the
Nationals, doing business in Column
bia, is running bank; another is in
terested ia an Insurance Co., while .
third is building forty 1taonsanC
dollar Office. We do not know VIVA
side speculation the officers of the
other ASSOCIATIONS have engaged in.
Moral-Keep your money at home
invest in the Ho ne Ass1eiation which
has proven itself by nearly ten ye Irs'
experience that it is safe, sound
eq litabie, economical AID profitable
a good thing both for investor and 70
borrower.
Office; North Main Street, Co
! lumbia, Tennessee.
G. w. WITHERSPooN, Sec.