SiebenbuÌˆrgisch-Amerikanisches Volksblatt. [volume] (Cleveland, Ohio) 1917-1971, 1950-07-20

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At the time when we made our
present operating agreement IN
! July 1916, we asked and were pro-
missed by YOU the sum of $4,000
for general advertising purposes
and the active support of all your
executive officers in procuring
loans from your members includ-
ing. as we understood it. free ad-
vertising in the Nolksblatt. For
reasons best known to yourselves
the $4,000 allowance for adver-
tising was never paid to us. We
had to pay the regular rates for all
our ads in the Nolksblatt, and |
have not noticed any efforts on
the part of your executive offic.
ers to help US get loans from mem-
bers, outside of DR.. Foisel who
brought us three loans. How nice
would it have been, if the three
ladies would have brought a few
loans in for the Nerband. All II
loans to members were acquired
through our own advertising
without !cur or Mr.. Martins
moving your little finger.
At our expense we sent about
eight thousand letters with adver-
tising material to the members OF
the local branches. of the Saxon
Churches and Of local German So
cieties. For advertising lor loans
over the German radio hour we
spent h57O.5O. BY letter dated
January lo,1o4o, we voluntarily
reduced our fees on all SO loans
from H1o to a straight ! % You
see we are not as hungry for gra'
Wy. as you think we are, and when
you consider that all your work
we are having done by highly
trained and we'll paid personnel.
you will see that it is not even
SKINNED milk.
4. You say that you reduced the
interest rate on the $2O,OOO.OO
mortgage we owed you from go
to $50. This is not correct. From
1929 to 1893 we paid you so on
that mortgage, from Januar lst,
1889. to the end of 1o43 we paid
you so. frow Jan. |, 1914 to the
date of full payment MAY 19+9)
we paid you 31zfo. You never
charged us less than 3HsT. |At
local bank we borrowed Sl75,OOO
at go because OF our good fnan-
cial standing.) You are not very
accurate. Mr.. Balthes, as to how
you use figures. If we would be as
inaccurate on your mortgage loan
accounts, what would tn costum-
ers say:
For the afore said interest ad-
justment we made all collections
on your mortgages, your rents
from your properties, took care OF
all repairs using our own cars and
gasoline, took care of drawing all
sales agreement. deeds mortgages
escrows from 1926 until 1916. We
never complained about this work
We did it gladly because we want
ed to do our share to help you re-
cover part of your losses on your
real estate.
| 5. You say that The Howe Saw
ings and Loan Company folded
up. If you imply that they were
insolvent. you are not correct. We
voluntarily changed our business
from a savings and loan compa-
ny to a mortgage and investment
company, because under no cir.
cumstances do we want to accept
any more deposits.
The old company at the time
of change over had solvency OF
over 35O%, because we had over
$50O,OOO.W left for the sharehold
crs after we paid off all savings
accounts with interests ($2O2,
485.77). You don't believe me
Sorry, my friend. l know yor
would not believe anything that
good about us, even if Arehange
Gabriel would come and tell you
And let me say this to you: A:
President of the Central Verbant
you are in a responsible position
You should therefore not repea
loose talk which may have receiv
ed from irresponsible people with
out making sure first that it wa
= correct. Because it was such loos
, | tall ,uhich scared xnanuSaxor Ge