The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1895-11-14
ANENT THE LOAN ASSOCIATION

An Erroneous Impression Corrected.
MR.. EDITOR:
The impression has gained ground
that the KenOsha branch of the
National Building and Loan associa
ton is a one man institution. In other
terms, under the management of
Messrs. Bassett and CoweIl and that
our people fear to risk their money in
an association to be handled largely by
one or two men.
This idea is not correct, and for the
sake of the success Of this association
and the general great benefit it will be
to Kenosha in the future, it might be
we'll to inform all who are looking into
the matter for investments, as we'll as
a means for building, or borrowing
money on their homes. that -Messrs.
Bassett and Cowell have nothing what
ever to do with the management of the
Kenosha branch of the National Build
ing and Loan Assertion and that un-
der our state law governing associa-
tons of this kind they cannot receive;
receipt for, or handle one dollar of the
money belonging to the association.
Both of the gentlemen named are
stock holders of the association and are
entitled to vote their stock at any re-
gular meeting, but further than this
they have nothing what ever to do with
the management.
Mr.. Cowell when asked about the
matter stated that he will in no case
act as an officer on the local board or
accept place on the board of directors
preferring that the local management
snail be conducted by other and older
residents of the city.
AS we understand it, the stock hold
ers have the exclusive right to elect
their own officers and board of directors
to have full charge, direct and manage
the affairs of the association here in
Kenosha. the same as any other stock
company. And the correct position OF
Doth Messrs. Bassett and Cowell are
simply that of agents or solicitors for
the association at large, with no
power or authority whatever to handle
any of the funds or bind the association
IN any manner whatever, except they
have the power conferred on them by
the officers and board of directors
themselves.
If our people will look into this mat
ter carefully themselves and read the
literature of the association which
Messrs. Bassett and Cowell will be
pleased to furnish, they will soon be
convinced of three facts and that this
institution =, or soon will become of
great benefit to cur city. It has fur
nished the means by which thousands of
men in America are owning their
own homes. 1t is a benefit to society
at large. The best antidole today for
strikes and lockoIts, and hard times
and has the hearty endorsement Of all
who have given it a careful study.
Philadelphia is called the city OF
homes, +" for the reason that it is the
foundation place Of all Building and
Loan associations.
We are informed that as soon as q
sufficient amount of stock is subscribed
the Sock holders will rect and elect
their own officers and boards of direc-
tors and appraisers, who will operate
undera state charter which comes direct
from the state to the Kenosha Associa-
ton as branch of the National Build
ing and Loan Association of Milwau
kee. The local board to be elected by
the stock holders will have the hand
ling Of all the funds of the local asso-
citation and will approve Of all loans to
be made. Each stock holder will have
a voice in the association and the right
to say how his money is to be invested
or he has the right to withdraw lis
noney with all accumulated prof any
Time he wishes TO do SO, as provided by
our state law, so the impression that
the institution is to be one man af-
fair is certainly not correct one.