The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-17
The Northern Michi-
gan Building and =
Loan.
nome Of Its Advantages
"'er o'her Associations Doing Busi-
ness In This Part OF the state
Other News.


homesteads. loaoing money to members
thereof only. and Of furnishing safe and
profitable method OF investing the saw
ngs OF its members.
ADVANTAGES OF THE NORTHERN MICHIGAN
BUILDING AND LOAN ASSOCIATION.
The main office OF the company is In
the county where practically all it's bust
nees IL done.
Its books are open to the inspection OF
all stockholders at any time.
Its loans are made upon property ex-
amined by the directors personally and
under their immediate supervision,
Its small percentage OF expense In con-
Quoting it's business.
The ease and quickness with which
loans or investments may be made.
The safety and strength OF the institu-
ton.
COMPARISONS.
All national associations or State as
s1ciations doing business oil over the
state and country, as for instance the
National Loan and INVESTMENT company
OF Detroit, the Michigan Savings and
Loan association OF Drtroit. and the
Capital Investment Building and Loan
association OF Lansing, make loans and
do business all over the State. Their
officers cannot personally inspect the
properties Offered as security, and in con-
sequence. very many bad loans are
made.
Each OF the above named companies
deduct between 10 and 20 per cent Of the
dues paid in for expenses and have So
called expense fund. Besides that. they
deduct the membership fee, transfer fee,
attorney fees and fines, and turn it into
the expense fund. The Northern Michi-
gan Building and Loan association has
no special expense fund, and it's expenses
amount to but 4 per cent OF the amount
Of its receipts.
On examination OF the reports OF the
different companies you will find that the
amount earned by the Northern Michi
gan is largely in excess Of that earned by
other companies, for the reason OF the
saving OF from 10 to 20 per cent in ex.
pense alone. For example: The Mich
gan Sayings and Loan association OF De
troit on December 1, 1895, shows that
on stock issued December /. 1889, stock
holders had paid In per share $72, 10 pei
cent, or ~ 20, had been deducted for ex
pense, leaving $64 80; the profits or
each share amounted to $3527, making
the stock worth $1O0.7, that is, it hac
matured its first series stock in ak years
The report OF the Northern Michigan
Building & Loan Association on tn,
same date shows that it's stock issued OF
December 1, 1859,
That for one share 500 90 was paid or s72 O
for two shares, the
amount paid by
other associations .-.
for one share,
frOnt....... ..-......H % 10 ~
$50 50 q share or SLOT 3
Value OF stock of Michigan Savings and
'" $50 e sSuIp5 = ,s.s. ,oO y
showing that there is an advantage Of. o. q
In favor "f the Northern Michigan at
that time.
On examination Of the reports OF othe
associations you will find the same or {
greater difference will exist. 'f-
WHY DO PEOPLE OF THE COPPER CoUNTR,
MAKE INVESTMENTS IN FOREIGN Asso.
CATIONS WHEN THEIR OWN HOME
ASSOCIATION WILL MAKE MORE
MONEY FOR THEM? ~
Isaac Hecktola, q miner, or slaborini
man at the Atlantic mine, paid to the Ma
tional Loan & Investment Co., Of De
troit, 1910; when he withdrew he re
ceived only 1888, 80 that he not onl.
lost his interest, but also $22 Of his prin
| cipal.
He also had twenty shares OF stock Il
the eighth series in the Northern Mich
gan building & Loan Association, ant
has given notice to withdraw the sam
when it is worth $50 a share. Accord
| ing to the rules OF the association thre
months after such notice he is entities
to $50 per share. so that he had pail
into the Northern Michigan 500 and re
ceived, when the three months' time wer
| up, 81 900, making net profit Of $500
These are facts and we have the state
ments and figures to show them. Til
same comparisons will apply to stocl
on which loans are made. For full par
ticulars apply to the secretary or any Q
the assistant secretaries Of the Northern
/ Michigan Building & Loan Association
Next Friday evening at the Hancocl
congregational church, an oyster suppe