The farmers' union. (Memphis, Mo.) 1891-1895, 1893-05-18
To the Members Of the F. and l. .. Of
Missouri:
Missouri:
PROSPECTUS.

| Directors, seven.
! Officers-Presi,lent, Vice President
Secretary, Treasurer and Manager.
| The Executive Committee Of the
Missouri State F. & L. u. has decided.
to issue this prospectus, believing tina,
the time has come when we should
take under our control the manage
ment Of our financial affairs and W.
therefore make this announcement
aud submit for Your consideration the
following plan for the organization OF
II mortgage Association. to be organ
lzed in the sole and exclusive interest
Of those OF our members vino are com.
PEELED to borrow Oh the security OF
their land:
First The object of this AssOcia
ton shall be the obtaining and lend
ing of money on the security of farm
lands at the actual cost of conducting
these operations.
Second. To effect this object the
Association should be conducted ON q
plan that is co operative and mutual
! in its benefits to each member of the
organization who may become Dor
! rover through its influence.
! Third. We believe that under the
same careful and thorough manage
ment that has characterized all the
work of the Alliance, it can be de
mon,trated and concIusively proven tc
investors all over the land that farm
Land securities are the safest in the
| financial market.
Fourth And with tins fact estab
lished We can put this Association on
such slong basis that we can COM
mand the unlimited confidence of GU,
friends who are compelled to borrow
and establish our credit for prompt
reliable aud honest dealings to suc.
III extent that the security we have
to offer will find ready sale at the
lowest ruling rates of interest.
Fifth. We believe that great por
ton of the distrust that exists in the
minds of both borrower and lender
has been the result of legal robbery
from both irresponsible and character
less agents at both ends Of the work
of mortgage companies, and because
of the unfair and uishonorable deal
ings that have for years characterized
the Work Of the majority Of middle
men, be they individuals, private firms
or CO operations in tie business Of ne
coating farm loans in this state.
Sixth. We believe that the grca
profit that have been paid in the shape
of dividcnls to The many companies
in the United States can be saved Il
our people through this organization
That these profits have been great ant
criminally exhorbitant is evident from
! the we'll known fact that within The
las. five wears as high 10 per cent i'll
terest and 10 percent commissions
have been charged the farmers of Mis-
sour. by the nc.o,iators of farm loans
several of the great companies have
sold the good will OF their business
for hundreds of LhousanS Of dollar,
in single instances. They have water
ed their stock and issued enormous
stock dividends oat of the profits re
allied from the interest and commits
sion paying farmers, and they have
collectively made millions Of dollars
Of the land judicially foreclosed am
afterwards sold ut enormous profits.
Seventh. We believe by our organ
ization We can eliminate the great ex
penses represented ~ the rentals pai(
for the magnificent offices in ralatia
buildings and salaries that individu
ally would in one year buy the fines,
farm in our state; the travelling ex
penscs that for Some companie.
amount to Il respectable fortune, nne
all this money paid by the interes
burdened farmer to perp~tuate a sys
TEN of doing business that III period.
Of farming depression. results in tn,
distrust OF the holders OF our mort
cages as to the value of their securit,
and entails on us premature and quicl
foreclosures with the consequent los
of our homes.
THE PLAN.
FIRST 1t is proposed that each Dor
rover shall be member of this As
ISOLATION.
Second. Incorporate under the law
of the state Join, Stock Association
Authorized capitol, S1.OOO,OOO; re-
quired to commence business, $25
10000; shares $500 each. Each 10,
rover to be stakeholder; the stock