The Cook County news-herald. [volume] (Grand Marais, Cook County, Minn.) 1909-current, 1919-01-15
COOK COUNTY FARll q. 3.
LOAN AssO OCIATION.


5Anauh Meeting. Stability Of This.
Cooperstivs Enterprise Conclu- 3=.s
sively Demonst trated. s#ss
The annual meeting Of the Cook
County Farm Loan Association was:
held at the court house on Tuesday,
14th inst, at which officers were.
elected as follows: Fl II Il i. $=::=== s=. ) r.
L Presids G. Murphy; ..=%:.z*s 3 3
! Vice president Andrew He'd dstrom;
Secretary treasurer VIM. Clinch. :.
Board of Directors -.Alphonse ELL
quist, Isaac Hagen, Andrew He'd
strom, S. G. Murphy, Ole Allen, Peter
Wannebo. ..sls - =sss=..s. I.
. There was a good attendance at
the meeting, denoting the I active
spirit of cooperation that is making
the great enterprise of which this
association is. a part a splendid fin
ancial success. The Cook County as.
sociation now has AZ members, hold
ing 227 shares of stock in the Fed
eral Land Bank, the total loans in
the county being $22, 700. 90: The as
sociation has been organized only
about a year and, considering the
newness of the scheme of coopera-
tion upon which it. stands, it's sue
cess has been most encouraging. The
Federal Land Bank authorities have,
however, recently adopted regula-
tions that seriously curtail its field
of usefulness in a frontier commun-
ity like this. It is now required that
a borrower must be able to make a
living on his land; which rule, if en-
forced in the beginning, would have
prevented the establishment of this
association here. 1t is hoped that a
modification of this rule may be- se-
cured so as to make the institution
a help to all bona fide settlers i'm the
development of agricultural in the
county. ...., .@........ .-,..
The secretary-treasurer received,
too late to be submitted at the as
sociation meeting, a letter from
President Quamme, of the Federal
Land Bank of St. Paul, in which,
with justifable pride, he shows the
great work that has been done since
the Bank was organized, about .
year and a half ago. During this
period it has made 1888 loans, total
ling, $22,555,4o0, distributed in
North Dakota, Minnesota, Michigan
and Wisconsin. The paid in capital
stock of the bank is $1,823, ,269 (every
borrower being stockholder in pro-
portion to the amount of his loan
To help the Bank get started, the
Government subscribed for $4,000 of
the capital stock. This stock is now
being taken up. by the Bank as fast
as possible, $52,131 of it being re-
paid on November 1st last, and, ev-
entually, all Of the stock in the Bank
will be owned by the farmers who
are borrowers from the Bank. It is
noteworthy that of this immense
business there were only two ninety
day delinquent payments, amounting
to $49.9O, due the Bank on January
1st. Reviewing the work done and
outlining the policy of the Bank
President Quamme says:
'In order to safeguard the system
we have been forced to reject and
refuse great many loans. This has
been done, not only to protect the
Government, the Federal Land Bank,
and the bond buyer, but especially
to protect our borrowers and the
Farm Loan Associations. AS the
Farm Loan Associations and the
members are liable for the loans
from the association Of double the
amount of the stock subscribed, it
becomes of great Importance to the
Farm Loan Associations that every
loan that is accepted is one that will
strengthen the Association, and that
none be taken that will become a
burden upon the Association as such.
"The first year of our operation
was, of course, the organization per-
iod of the Bank and we had heavy
expenses during this period and
practically no income until we began
to close the loans and place them
on the books. The business came xin
in great volume however, and the in
come increased from month to
month as loans were added. The
profits during the. last six months
have been such that all Of the ex-.
penses from the organizations Of the
bank up to January 1st have all been
paid, leaving a net surplus Of $16,-s:
493.O3. The Bank has volume of
business on its books that will in
sure SUI us steady net profit OF over
$15, 600 a month and this will hn IN