Word: co-op
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...year-old dream for Murray Lincoln, 61, dedicated mentor of the U.S. cooperative movement and longtime (1920-48) boss of the Ohio Farm Bureau Federation, sixth biggest U.S. farm cooperative. Lincoln is going into housing as zealously as he first sold Ohio's individualistic farmers on the co-op movement and, later, on founding a variety of noncooperative corporations originally backed by co-op money. Today he is the $75,000-a-year president of the Farm Bureau Mutual Automobile Insurance Co. and eight subsidiary companies, including Peoples Development Co., which is building Lincoln Village. Their total assets...
...Ohio as a bank agricultural agent; in 1920 the group of local and county farm cooperatives which had banded together the previous year as the Ohio Farm Bureau Federation asked Lincoln to become its executive secretary. He expanded the federation to 59,313 members with 230 co-op service stores, where the farmers bought $36 million worth of goods a year at reduced prices, and with a marketing co-op which sold $19 million in members' products a year...
...Borrowed Capital. The co-op members complained that they had to pay auto-insurance rates as high as those of city drivers, although they diri most of their driving on safer country roads. So, with $10,000 borrowed from the federation and pledges from members for 1,000 policies, Lincoln started a mutual auto-insurance company as a private enterprise. It was a success from the start, and later began selling policies to city people, too. It now operates in 13 states and the District of Columbia, ranks fourth among all U.S. auto insurers, second among mutuals. As chief lure...
...Secluded Suburbia. Although Lincoln resigned from the Farm Bureau co-op after the war, he did not stop expanding. He added a radio broadcasting company, an auto loan company, a mutual investment fund. He got into housing in 1947, when he started Peoples Development Co. to build 34 homes in housing-short Bellevue, Ohio at the request of the National Machinery Cooperative. To finance home loans at Lincoln Village, he started Peoples Mortgage Co...
...campus houses, probably Saville, may be converted into a French House next year. The main objection to this change, suggested by the French Club, is that it would take up a house which might better be converted into a co-op...