The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1919-06-18
Farm Loan Bank
Now Well Started
CHARTER ARRIVES THIS WEEK
OFFICERS ARE ELECTED:
CORPORATION FORMED BY
TEN STOCKHOLDERS
w. H. GOLD PRESIDENT
NEW INSTITUTION ONE OF ONLY
FOURTEEN BANKS IN THE
UNITED STATES: GREAT
BENEFIT TO CITY

An important corporation was form
ed at Redwood Falls last Friday when
the ten owners of the Federal Farm
Loan Bank of Redwood Falls met and
incorporated. All the members of the
new company are interested in the
Gold-Cooper Security Company and in
the Gold Brothers Security Company
and all the stock will be held by these
ten representatives of these companies.
The incorporators are ]. A. Gold and
his sons e. S. and L. A. Gold of Big
Stone, Geo. Clark of Big Stone, A.
G. Miller of Marietta, J. P Cooper, w.
II. Gold, r. "A. Cooper, r. B. Cooper,
and G. w. Gold.
The new corporation is differed as
follows:
w. H. Gold, President.
J. P. Cooper, Vice President.
j. A. Gold Vice President.
G. w. Gold, Secretary Treasurer.
E. S. Gold, Assistant Secretary
Treasurer.
The Federal Farm Loan is now rea-
dy for operation and this week will see
the work well started Geo. Clark was
in Redwood Falls Monday working
with G. w. Gold on systemitizing the
future work with a view to purchasing
the books and other necessary equip
ment for carrying on the work of the
bank. These supplies will be purchas-
ed by these two gentlemen and w. H.
! Gold when they go to Minneapolis
Wednesday to attend meeting of
bankers.
The operations of the bank will COW
er forty counties in the best section of
Minnesota and twenty-five of the best
portion of South Dakota. These will
give an enormous field, and the pres
ent plan of operation is to divide into
territories of about four counties each.
al will be given the exclusive right to
make loans in each of these smaller
districts and they will in turn send in
to the headquarters bank only the
safe and satisfactory loans, thus MAX
ing all business transacted through
this bank doubly safe. These field
men are now being selected with the
greatest discretion from among the
farm loan agencies of the territory and
the system when completed will be
composed only of the most trustworthy
men and institutions to be found.
1t may not be known to all the resi-
dents of the state who are SO greatly
interested in the founding Of this
splendid new institution that, until APP
plication was made for the Redwood
Falls Federal Farm Loan Bank there
were only thirteen such institutions,
in the United States. 1t is tremen-
dous honor as well as an untold benefit
to Redwood Falls to have the four
teenth link of this chain of Federal
Banks located at Redwood Falls and
that it is SO located is 20 be credited
entirely to the vision and foresight of
w. FL. Gold, J. P. Cooper and James
Gold of Big Stone. While the men
holding stock in the company will un-
doubtedly profit by il, their profit viii
be small in comparison with the benfits
to Redwood County and in fact to all
of this section of Minnesota. No 9TH
er institution started in the city with
in the past several years has, it is safe
to say, the significance nor Importance
of this one.
1t is not the aim of the new institu-
ton to handicap in any way the func-
ton of the Redwood County National
Farm Company now operating in Red
wood Falls. Loans accepted by the
Federal Loan Company will be in most
cases large than those permitted by
law to the National Company and thus
the two will be supplementary, both
serving a real need in the commune
ty. The Company just formed has
paid-up capital of $3.50, 900 and is per-
nitted by laws under which it is or
ganized, to issue bonds to fifteen times
its capital stock. After this maximum
is reached there must be an increase
in the capital stock.
Because of the immense possible
ties for business through this bank the
Federal Farm Loan Board has stated
that it will locate Federal appraiser
at Redwood Falls and another at Big
Stone. This will insure good service