Page:History of Goodhue County, Minnesota.djvu/761

 HISTORY OF GOODHUE COUNTY 663 he needed. It also aimed to keep as much trade as possible with-; in the limits of the county. During its existence it has done considerable good, and while at the presenl time it is not active, plans are on foot for its reorganization and revivification. The Red Wing Building Association was incorporated in April, 1877, and for nearly live years conducted its business upon the plan known as the "premium system,'' in general use by the building associations in this country. Five years' experience demonstrated that this system, however well it might work in large cities in times of prosperity, were not adapted to periods of depression in smaller communities. In October, 1881, the association adopted an entirely new and original method of loaning its funds. Under this system, known as the "interest system." it loans its money on approved real estate security for terms of from three to ten years; the principal and interest beine payable in equal monthly installments. Every monthly payment made by the borrower pays all his interest and also reduces the principal of his debt. Upon the expiration of the term the debt is entirely paid off and the mortgage cancelled. This system has become deservedly popular. It has been Hie means of securing homes for many citizens, because it has afforded them the easiest, surest and cheapest way of buying ;i home or paying off an in- cumbrance which has ever been devised. Under this system the association has been remarkably prosperous. The first officers ■were: President. J. M.. Hodgman; vice president. S. J. Willard; secretary, B. B. Herbert; treasurer, A. AY. Pratt; attorney, 0. M. Hall; directors. J. At. Hodgman. William Howe. B. B. Herbert, A. AY. Pratt, J. Mclntire, T. K. Simmons, L. A. Hancock, F. Joss, 0. M. Hall, N. 0. Werner, M. Kappel, C. H. Boxrud. ('. R. Brink. The present officers are: President, 0. M. Hall; vice president. S. H. Haynes; secretary. A. P. Pierce; treasurer, W. H. Putnam; directors, F. W. Kalfahs, 0. D. Anderson, 0. M. Hall, 0. L. Haw- kanson, S. D. Haynes, C. E. Friedrich, P. Jorgenson, A. P. Pierce, William Remshardt, W. H. Putnam, GL Lillyblad, C. S. Dana, Fred Davis and E. C. Erb. The Scandinavian Benevolent Society was organized February 19, 1869, and incorporated August 1, 1871. The officers at that time were: President, Charles Kempe ; vice president, Nicholas Lovgren ; secretary, J. G. Gust af son ; treasurer, Olaf Peterson. The relief committee was : T. G. Pierson, John Melander, John Swanstrom, B. Dunnell and H. Skoog. The present officers are: President, J. 0. Hanson ; vice president, O. L. Hawkanson ; re- cording secretary, John A. Anderson; financial secretary, John F. Erickson ; treasurer, Andrew Lindgren. The order is purely a local one and has about 225 members. The Red Wing Humane Society was organized about the year