Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-07-22
s. u
AND LOAi
1H[ THING FOR US
Marshalltown Citizens should
Find Interest in Grin
nell's Association
HAS NOT LOST ONE CENT
HAS NOT LOST ONE CENT
Has Loaned $4,000 Since Jan. I and
Ton Per Cont Of the Population Are
Members - People Can Save Money
and Can Build Their Own Homes on
Money Borrowed at Six Per Cent.

Last Thursday the editor OF the
T-R. received a letter from an old
business acquaintance In Grinnel who
is the secretary Of the Mutual Home
Loan and Savings Association of that
town, stating that:
"a man who has borrowed money
of our local Building & Loan Associa-
ton, wants to build home in Mar
shalltown, and borrow $1,000 on 1t OF
our association. We are pleased with
satisfied customer, but under the
statutes we cannot loan money out or
this county; and wish to suggest that
local building and loan association
benefit to the community, as we'll as
safe and profitable alike to the mem
bers, borrowers and lenders alike. |
will gladly give any Of your citizens
the benefit (without cost of any
knowledge may have acquired in fif-
teen years. experience in managing
both serial and local building and loan
associations. ]. f. WILSON"
without losing dollar Of the mem
loan association for Marshalltown was
such a good one and contains such
tremendous possibilities for the build
ing of our city, that the T.-R re-
quested Mr.. Wilson to write an extend
ed account OF his association, which he
returns as follows:
About twenty years ago loan asso-
Citations sprung into popular favor
among borrowers and investors. and
the new methods of securing titles to
real estate and homes for the man Of
limited means received much atten-
ton and patronage. Grinnell, Iowa,
considered the matter and in Septem-
Der, 1887. a few business men agreed
to become the incorporators Of the
Grinnell Building, Loan and Savings
Association. They began business Oc-
tober / Of that year and continued In
successful work until January, 1907.
without losing a dollar Of the mem
bers' money. The growth Of the So
ciety was quite slow for the first few
months but toward the close of 'SS
several influential men were added to
the membership. Their influence and
money put the association in good
working condition and prosperity fol-
lowed. a
The popularity Of loan associations
soon attracted the attention Of pro-
motors, some Of them interruptions
from the start, and as a result all our
larger cities became headquarters for
one or more Nationals" and their
agents canvassed every town and ham,
let in Iowa looking Tor investors.
Their wild promises Of 100 per cent
interest In five or, six years, caught
thousands Of suckers and money
flowed into the treasures Of these as
sociations from every direction. The
domestic locals could not compete be-
cause they didn't dare promise 800 for
q $50 or $50 investment. However,
a few years experience satisfied many
victims and they clamored for redress.
The next legislature took up the matter
and drastic loan association law was
the result, and many fake institutions
went out of business. The Grinnell
association reincorporated and cOntin-
ued in business, more prosperous than
ever before. It's headquarters for
about seven years was with Brainard
& Wilson. In 1895 this firm dissolved
partnership and the loan association
went into new quarters with Mr.. Brain
ard. Mr.. Wilson then organized a sec
ond association on new plan, under
the name of the Mutual Home, Loan
and Savings Association" Minimum
payments for borrowers in the new So
ciety were placed at % cents per week
for 500, the maximum payments be-
ing any amount less than the whole in
debtedness or equal to it.
The new association became popular
and soon led the older association, but
both prospered and continued to help
the man Of small capital to secure q
home, and continued to encourage 9TH
ers to save part of their wages from
month to month. Influential men con-
scented to give their time and attention
to the work as directors land all monies
that came into the treasury were care
fully invested. Many families learned
for the first time how to save a part
of their income and new homes We're
being paid for in all parts of our city.
In January 1907, Mr.. Brainard re-
tired from the management of the older
society and the directors of the two
associations decided to call an election
to decide the question of consolidation.
The vote was practically unanimous