The labor world. [volume] (Duluth, Minn.) 1896-current, 1922-02-04
b! Loan
ASS0C'I| / ton ! ! !. To. !.
! open | n IN MARCH NJ /
! Directors TO Campaign Among
People toF i Deposits toPIo-
mote Home Building. !. !

49, : -.
The st. Louis County Building &
Loan association will open it's doors
for BUSINESS March Is. This was:
decided q meeting Of the. board
OF directors held at the associations
offices, BIT Providence building.
Monday evening. - - @..-
Deposits will be'sreceived from 81:
up and interest at the rate of AZ.
per cent will be paid on all time
deposits. A drive will be made,
among, all unions and union men be-
tween now and March is. All money
they possess that is not working will
be solicited. Any person may become
a depositor.. The: advantages of the
building and: loan association wiil
not be confined to union members.
Richard Dinham of the. Plaster
ers' union was appointed chairman
Of a boosters committee which will
canvass for the first deposits. Mr..
Dinham declares that the association
will have no trouble in getting
$4,000 .for+the opening. day. -"'And
the money will be as safe. too," he
adds, "as it will be in any financial
institution on earth"
..-. No Speculation.
"Our association is subject. to- the
supervision of the state banking do.
partment. 1t is not a speculative
institution at all. We merely accept
deposits and loan them out on. first
mortgage securities.t Our loans Will
be made: to builders of. homes and
other: structures. A committee con-
sisting of j. H. Opperman, A. G. Hob;
berstead. and. J: Lilljander, will: ex--
anime. and pass on all securities
after which they will. be approved as
to- their. legality by: our attorney,
Mr.. A. C. Mcknight, who will ex-1
anime all abstracts of title. -
"Our main object is not to make
money; but to use the money placed
in our trust to build homes. for the
workers, and to find employment for
building mechanics and laborers.
Our construction company will be
able to erect buildings for less
money. than private contractors: We
will give the owners the benefit OF l
our savings, and this. will be- done by
eliminating niiddlemen and all the
profit they have. taken out Of the.
building industry with mighty little
contribution to it. I
Savings of the Workers.
'In our study Of the money ana
Industrial question we have discov-
cred that. most Of the credit of the
world is sustained by the savings CT
the working people, They rent our
money and use it to make big money.
We have clipped a. page. from the
page OF the big fellows: We will take
a short cut from; the saver to the
owner. Of buildings, and we will make
a;dollar go farther than it has done
in years. All we need is the support,
confidence, and goodwill of the
common people" ...,..3..
The board of directors Of the
Union Service, company held a meet
ing on the same evening. The first
month of business was shown to he
satisfactory. Insurance is being
written in considerable amounts and.
more is. expected as present policies
held by, other agencies expire. The
directors of the Board OF Trade also
met, after. which the. three bodies
held joint meeting which which a.
general finance committee was
chosen. a.
g.: A number of applications for loans
to prospective builders are on file:
at the. company offices: If the de-
posits expected by: the building and
loan association are received, build
ing construction will. start by April l.