The labor world., 1922-08-19
BUILDING AND LOANS.


without a strong building and loan
association for many years until April
last when the workingmen Of the city
launched the st. Louis County Build
ing and Loan association, capitalized
at $5,o0o,o0o,ooo.
Frcsn the day the association began
business until now it has been earn
ing money for its stockholders, maxi
ing loans to builders and constructing
homes at cost for its borrowers.
No organization of any kind any
where, conducted on such a plan, Is
operated with less overhead expense.
The St. Louis County Building and
Loan association has passed the ex.
perimental period. Its officers and di.
rectors are proud Of every loan they
have made. There is not single elc-
ment of chance in the business. Stock
holders and depositors have an abso-
Lutte guarantee Of sure and certain
return on their investments and saw
ings. Their money is as safe in the as
sociaton as it would be in the strong
est financial institution on earth.
That is no idle boast. That is fact.
No money is loaned except on guilt
edged security, and that security IS
real estate in growing sections of the
city and county, and the improve
ments thereon. Duluth union men have
faith in the city's future, and because
of that faith they are putting their
savings into proposition that will
help to build the city.
There is room for more than one
building and loan association in Du-
luth. There can not be too many Of
them, that is if they are honestly
managed. The Chamber of Commerce
announces that it is about to organize
like association with capital stock
of $2,500,0 900, which is one-half of that
of the union labor association. It has
brought an expert to the city to see
that it is started right. It is being
boosted by the daily papers in a most
commendable manner, something they
did not do when labor launched its
building and loan association.
There is no reason why the two as.
sociations can not get along in per-
feet harmony. If there is to be rivalry
between them it should be the making
of both. There will be hot race be-
tween them for deposits and the more
they both get the bettek it will be for
the city. New homes will spring up as
if by magic. That will mean work for
building mechanics and laborers, for
woodsmen, mill workers and factory
employees, which in turn will bring bus
mess to merchants and bankers. It
spells prosperity for many.
If the workers can but learn the
Importance Of keeping control Of their
savings by depositing them in their
own institutions they will soon WELD
a greater power and influence than
they now do. There is no question
about that. It is largely the savings
Of labor that are used to defeat the
workers in the oft recurring contests
they are compelled to wage for higher
standards. Should they retain control
Of those savings their enemies would
be without sinews to war against
them.
The st. Louis County Building and
Loan association offers to the work
ers of Duluth an opportunity to place
their savings in an institution that
will be their own for all time. The
association is so constituted that its
control will always be in the hands of
union labor, and it will be directed
by officers primarily named by the
unions.
That association was this week ex.
amined by a representative of the
state banking department. Its bust,
ness was carefully investigated; every
loan was scrutinized and the associa.
tion was warmly commended for its
soundness and for the fine work it
has done since its organization. That
tells the story. Learn the power of
money.
$s PLAYING CHEAP POLITICS..
There was nothing political in the
deep waterway meeting held in Du
/ luth last week at which Senator Frank
II Kallo1x WAS the soln sneaker M