Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1896-12-29
with nothing and in two years
loan out $44 .5O0?,'s -...*

with nothing and III two years
loan out "a ,500?!','' ... s.. -. - !.
We answer: Just as a mutual
insurance company starts with
nothing, but. collects monthly
or stated dues from its mem
bers, and thus get ST, 900 OF
s., 900 to pay death losses with.
The preliminary expense of orga.
nization must be advanced by
the incorporators, and then the
association collect a certain stated
amount monthly on each share of
stock. AS soon as the associa-
ton gets $500 or $1,000, it loans
it to one of the mem bers on good
real estate security. Properly
conducted it is absolutely safe;
in fact, the safest kind of invest
ment. Anybody Can pay cash
for shares and thus secure abso-
lutte safe investment for money.
1t is, in fact, carrying out the
principle Of our successful NUT
ual local fire insurance in the
money-loaning business. IT is
NOT BANKING, Banking is an
expensive and. risky business.
In the latter you depend on one
person, the cashier, to transact
the business. In the building
and loan association all the bust
ness is done by d board ofdirec-
tors, who meet every month and
transact the business. The Sec
rotary is simply a clerk for keep
ing the record, and, as rule, is
the only officer who gets a salary
or is paid for his work. This is
why the expenses of the associa-
ton is next to nothing on the
amount of the business trans
acted. There are, of course,
plenty of general building and
loan associations: now doing bus
mess all over the state. But a
local association is safer and bet.
ter in many respects. Every
body knows everybody, and no
bogus security can be saddled
onto Il local concern. In short,
what they have done and are
doing in Fergus Falls can be
done in Willmar.
Understand this is no one
mans Or clicks concern. The
association must be organized
under the laws OF the state, and
will be under state supervision,
and will be d strictly mutual
concern, where the majority of
votes elect the officers to trans
act the business. There is no
politics connectedt with it any
more than there is with a. town
fire insurance association.
Now, while we know of mum
Der of men here in .Willmar that
could start it, we think it is bet
ter to have the county generally
represented from the start. Our
farmers are now getting a little
money every month from the
creamery business, and most of
them would be able to carry
enough stock to- finally lift the
mortgage Of their farm. Hence
we are decidedly;in favor of Civ
ing the farmers full representa-
ton at once. At the request of
friends of the move we will take
steps to. have a'meeting called
some time in the near future for
the purpose of temporary orga-.
nization. Hence we ask all those
who wish to join to write US at
once. We ought to have at least
half dozen from every town
ship of the county. Notify US at
once and we will call a meeting
and then you act as you think
best. Let US begin the new year
with a business organization that
will enable the ind ustrious to
save the small odds and ends for
a home for the family and old
age: DR.IC. JOHNSON. >j:
- ::--:,' : "a
An Orange Battery.
During a lecture on tho .a11hiaot ri