The Calumet news., 1912-06-17
BUILDING and
LOAN CONCERNS
C. D. HANcHETTE, OF HANCOCK,
is INTERVIEWED WHILE IN
MENoMlNEE.

c. ID. Hanchette. general manager
OF the Northern Michigan Building &
Loan Association, and c. III. Moss,
cashier of the Citizens National Bank
OF Houghton, director of the organi-
zation, were in Menominee yesterday
and were entertained by their local
representative. J. n. LaBillos, says the
Menominee Herald Leader. They were
taken for ar automobile ride through
Menominee and were deeply impressed
by the beauty of the city and its SUBJ
stantiai evidences OF prosperity. They
visited Menominee for the purpose OF
inspecting property on which applica-
tion had been made for loans. The
securities were approved and the loans
granted.
In the course of an interview with
n representative Of the Herald Leader
on building and loan associations ir
the upper peninsula, Mr.. Hanchette
said:
"rhe Northern Building & Loan
Association Of Hancock, Mich. was
organized in 1889. At that time the
Marquette, Ishpeming and Menominee
associations were in active operation.
having been organized a short time
before All of the associations We're
successful at the start The three
were in race for several years TO sec
which would be the largest. The
Marquette association after a num-
her OF years changed it's plan of doine
business. Because of the change many
withdrew and practically made it inn
possible to get new loans. The af-
fairs of this association were settled
up and paid good profits to most OF
the stockholders. A few Of those who
remained in 10 the end had to take
real estate or settle at small sacri
flee. but ninety-nno out of every one
hundred stockholders realized good
profits from their investment
THE Ishpeming Building & Loan
Association. during period of de-
preston in the iron industry, was not
able TO raise any more money and
many of the stockholders had to with
draw so that they liquidated with
practically the same results obtained
in the Marquette association.
THE Menominee Building & Loan
association was prosperous for a good
many years and at one time had as
sets in the neighborhood of one-half
million dollars. For some reason 1t
was determined advisably by the man
agement to wind up the association
and from the best information obtain
able the association paid out one hum
dred cents on the dollar
The copper country was really
more prosperous continually than eth
er the iron country or lumber coun-
Try around Menominee, so that the
Northern Michigan Building & Loan
Association rapidly forged ahead and
has now become the leading associa-
lion of the state and is among the Few
that have in excess Of S2,OOO,OOO capi-
tai. II was realized in the early ms
tory of the association that 1t would
not pay to take excessive interest
from the borrowers and for many
years the loans have been made Tor q
straight per cent. In 1911 more
money came into the Northern Michi-
gan Building g. Loan Association than
could be loaned in the copper country
and they decided to branch out anc
loan in the larger cities In the upper
peninsula. starting first in Marquette
In the first year of business in Mar
ouette they have loaned about $l0O,Oo'
and are now making loans IN Me-
nominee. Escanaba and Iron Noun
tain. They restrict their business
however, TO loans on homes only
Loan associations in Massachusetts
New York, PennsylSania and ohi'
have been signa..y successful.
"From late report from the stat'
commissioner of Massachusetts, IL ap'
pears that in the last thirty years ONLY
seven associations In that state liqul'
dated Five OF them paid TO tnei
tockholders one hundred cents on th'
dollar. one paid 50 cents on the doi'
lar. and another 90 cents on the oo'
lar. COMPARED with other financia
institutions. this record shows up th'
peculiar safety of investments IL
building and loan associations. Ihcr'
is very little chance to lose money
loaned upon bone.
The Northern Michigan Building @
Loan association has been instrument
al in helping hundreds OF people
the copper country 20 obtain NOM
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