The Ward County independent., 1922-12-07
MUTUAL BUILDING & LOAN ASSN
Is FORMED; $5,000,000 CAPITAL

Articles Of incorporation for the
Mutual Building and Loan Associa-
ton of Minot, will be sent to the Sec
retary of State today.
The association will have capital
ization of $5,000,000.00, and the fol-
lowing incorporators will be the di-
rectors:
Aksel Bratsberg, Robert NJ. Gra-
ham, w. E. Borene, Max Johnson,
Clarence See, Ray Miller, A. M.
Christensen, G. D. Colcord, H. NJ. Will
son, John w. Morrell and George w.
kemper.
The organization will be perfected
within a short time and it is expected
that the Association will start it's
campaign for investors shortly after
the first of the year. 1t is expected
that loans will not be made for five or
six months.
A. W. NiuNair, manager Of the Far
go Nuildiny and Loan Association,
met with a number Of Minot men
Tuesday noon and explained at con-
side able length the methods of form
ing d mutual building and loan asso-
citation.
Citations, those with permanent
guarantee fund, certificates being is
sued on the guaranteed return and
the profits going to the original Or
ganizers, and the mutual association
like the one being organized for Mi
not where all who buy stock share in
the net profits.
Mr. McNair has no interest what
IL 1,,,%
came here at the request of number
of Minot men to start the new organ
ization off on the right foot. He has
been the manager Of the Fargo Build
ing and Loan Association since 1917
and is a mighty good man. He states
that Minot is admirably located for
such an organization. A Building and
Loan company is always welcomed by
the banks for it helps to build up
community. 1t gets people into the
habit of saving and they will not only
save to pay regularly into the Asso
citation, but it has been the history eV-
erywhere such associations are form
ed, that the savings accounts in the
banks pile up, thru the thrift habit
that is encouraged. Banks as a rule
do not care to make loans on resi-
dences and when they do SO have to
find investors elsewhere. In Fargo,
not more than one loan in ten applica-
tions can be made and there is always
large waiting list. In this way the
association is enabled to pick the best
loans. AS a rule, 60 per cent Of the
total value Of the property is loaned.
An effort will be made to secure a
large number of investors who will
pay in stated sums monthly. Six dol
lars paid in each month for 10 years
will give the investor a paid up GER
tificate of $l,O00.00.
Mr.. McNair stated that the Fargo
company was organized AZ years ago,
but not until recent years has it op-
Grated very extensively. 1t now has
capital Of $4,000. 100000, the same as
the new Minot company will have and
has membership of 1900.
C. D. See, one Of the organizers,
stated at Tuesdays meeting, that a
survey Of Minot showed that At per
cent of the residents of Minot live in
their own homes AMI So per cent in
rented houses. This does not take
into consideration apartments and
flat buildings which would bring the
latter percentage up much higher.
Everyone present stated that they
would back the proposition whole
heartedly and there is no question but
what it will go thru in a very sue
cessful manner.
The directors are to give all the
time they can afford without the hope
of remuneration. The affairs at first
will be conducted at small expense.
AS soon as enough money is in the
treasury, the first loan will be made.
AS soon as> the payments from the
first loans are received, a fund will be
created for additional loans.
1t was stated at Tuesdays meeting
that Minot could use 100 new homes
at once.
Clarence See, Ray o. Miller and A.
M. Christensen were selected as a
committee to complete the organiza-
ton.
j. Walter Bond stated that the Havre,
Mont. Loan company in five years
succeeded in building 81 attractive