The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-14
HOME BUILDER. AND
MORTGAGE LITTER
AFTER BUILDING YOUR HOME IT
HELPS RAISE THE MORTGAGE.
PRACTICAL PLAN IF YOU BUILD
and Loan AssOciatiOn-NO
Long Distance Loans.

The Minneapolis Savings and Loan asso-
citation, located in the Guaranty Loan
building, has Just declared it's regular
semi annual dividend of 5Hs per cent per
annum. This association has never paid
less than 51a per cent dividends during
the last fifteen years. 1t has loaned IN
Hennepin county nearly 81 SOC, 900, and
over 800 new dwellings have been built
in this city with money borrowed from it,
The 9anic Of 1893 and subsequent years
had little effect upon it, as it never failed
to pay its regular semi annual DIVIDEND
and it has on hand less than So, 500 of real
estate acquired through foreclosure dur
ing the hard times. 49,.
It's new method Of loaning money and
paying OFF mortgages is os simple, and the
interest which is at the current rate pre-
vailing on gilt-edged security is so rea-
sonable and the whole Ilan so equitable
that it commends itself at once to chose
who stop to Investigate ANY part or all
of the loan can be paid at any time with
out notice and interest stopped upon all
500 paymentsJat the time Of such pay
ments. All weekly or morthly payments
Of less than 500 are deducted from tho
loan On January and July l of each year.
and the next six months interest IS
charged only on the balance of the loan
remaining unpaid. The only requirements
as to payment Of loan is that there shall
be paid at least 81 every four weeks on
each 500 Of loan. and the balance Of tho
payments and time of making them is
left entirely to the borrower. There is no
commission charged for making the loans
and interest commences only when the
money Is actually paid out on the order
of the borrower.
This new plan Of paying off mortgages
has become so popular that the assocla-
ton cannot supply the demand for loans
fuyif h cfon N inc no in
creased deposits during the past six
months.
The association receives money from
those who wish TO deposit their savings in
large or small amounts, and the depositors
are secured by mortgages on hOmesteadS
in Minneapolis. Each depositor has an
interest in and Is secured by 600 mort.
cages which have actual value Of over
S4oO.O0O on homes in the city, and these
homes have a present cash value Of more
than double this amount
This association has adopted few
dOn'ts that may stand il the way Of some
who might otherwise want to take ad-
vantage Of its popular plan of loaning
money. 1t don't loan money outside Of
Hennepin and Ramsey counties; it don't
loan on property beyond certain limits in
this city; 1T don't loan or manufacturing
property; 1t don't loan or store buildings
in the suburbs; Il don't loan in large
amounts; in fact. it don't loan on any
thing except good security. The following
Is list OF officers and directors:
Jacob Stoft. president; Hans Simonson
and d. A. Lydiard, vice pr residents; P. NJ
Endsley, secretary and treasurer; Judge
r. G. Harvey, attorney; and besides the
above, the following are directors:
l.. t. Sheets, w. J. Bursell, H. NJ Pryts,
l. Oien. Fred II. Sanders, George w. Co.
burn, Alonzo Phillips. Samuel C. Todd
Call at Room K, Guaranty Loan build
ing for financial report and descriptive
pamphlet.