New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1920-01-07
$4s7, 900 IN LOANS
COMPLETED TO DATE,
Continued from page /.

I Continued from page 1.
Ulm Building and Loan Association
April 2, 1896, and at the close Of BUSH
ness June 80, 1896, the mortgage loans
Of the Association aggregated $35,1O0.
The business Of the Association kept on
increasing, until it had mortgage loans
aggregating the sum Of $102,200, Jan.
IL, 1908. Then came periods Of financial
depression and the mortgages dropped
down to 500, 400s on July !, 1906 to.
$92, 300 on Jan. 1, 1909, and to $88,4O0
! on Jan. /, 1911. From then on, business
| picked up again and on July l, 1915,
the mortgage loans totalled $106 400.
Since then there has been a steady in
crease so that on Dec. 81, 1919, the sec
Rotary was able to report total Of $146,-
400 in mortgage loans outstanding.
Loans Aggregate $4S7, 600.
! During the whole time of its existence
the New Ul1a Savings and Loan Asso-
citation has completed 479 loans, aggre-
eating total of $487, 900. The smallest
loan was $10O and the highest loan was
$4,000.
Interest on Loans Decreased.
Up to July /, 1919, out OF each 25c
paid on loan stock 15c was credited to
| the interest account and 10c on the
principal. Since July 1, 1919, only 13c
| is credited on interest account and lie
on account of the principal. This change
/ means that the loans will be repaid in
almost two years less time than under
the old agreement. 1t is only because
! the business has reached its present
total that it was possible to make this
reduction and still continue to pay. the
lsemi-annual dividend that has been
paid for some years past.
History of Organization.
c.. w. H. Heideman, who at that time
| was station agent OF. the Chicago and
Northwestern Railway Co.; in this city,
Twas the prime mover in having the New
Ulm Building and Loan Association
Incorporated. mcensed because an I'M
scrupulous representative Of national
building and Joan association of Minnie
I:apolis was selling stock in his associa-
{ ton to citizens of New Ulm, under a
!! gross misrepresentation of facts, Mr..
/ Heideman got a number of business
men together and the result of their
II 4Ia f>f
the New Ulm Building and Loan Asso-
citation. This was organized Feb. q,
I 1888, and commenced business March
! Is, 1889. The incorporators were:&C.
i w. Heideman, Jos. A. Eckstein, Peter
| Scherer, c.. l.. Roos, -. G. PAIL, VIM.
( Hummel, Rev. Alexander sBerghold,
Fred Pfaender, Vim. Brust, Jacob Kloss-
ner, Jr., A. C.,Ochs and Chas. Stuebe. Sr.
! The First Officers.
J The first officers of this association
were: C. w. II. Heideman, president;
Rey. Berghold, vice president; Fred
Pfaender, secretary, and E. G. PAIL,
treasurer. Only one of the original
Iincorporators Of the New Uln Building
and Loan Association is still a director
of the present association, namely,
Jacob Klossner, Jr.
Dayton Plan Adopted.
/, The first association operated under
what was known as the serial plan.
1t developed, however, in a very short
time that this plan was not as equitable
as it should be and it was then decided
to form new corporation to operate
under the plan known as the Dayton
plan This is the plan still in use and
has proven a success.
Helped Many Home Builders.
| Building and loan association are or
ganized primarily for the purpose of
assisting deserving citizens to get homes
of their own and if there should be any
| in New Ulm who have no home Of their
own and who desire to own one, they
should not fail to call upon the secretary
who will explain the plan Of the Asso-
citation. The Association has helped
materially in the building up Of New
Ulm and is entitled to the earnest and
1 hearty support Of the entire citizenship.
! FIRE DEPARTMENT ELECTS.