Show ABOUT BUILDINGS SOCIETIES interesting correspondence UP OX A SUBJECT OF ij I 1 by courtesy 0 of f branc francis Is cope esq sq we aro are enabled to publish the follow lne ingi correspondence between himself and an eastern expert in building Buil bull dlag societies cie ties I 1 SALT CITY I 1 February dunias thomas ga gaffney ney esq accountant r pa pa arlit adnan S sin SIK in slaving having just lust read your criticism ot the union savings and loan society ot chicago and ap relating the kind manner maimer itts its lone done I 1 make bold to send sena you a of the constitution and bylaws by laws copy d of Zions zions 41 benefit i 1 building society if for or your perusal and criticism if it 1 inot not inconsistent si Bi stent T the benefits of ave lust just dawood ie ano utah and there are three organized already and do doin doln ingwell aviu so far fa ds as the tak taking ing of share shares 4 is concern concerned dd the pioneer society of salt lake laue C city ty is based upon the denver anti anel philadel phi PUi ladel phia plan of selling money to the highest bidder the amount of premium to being paid the ogden building society also aiso sells its money to the highest blader bidder but the premium is deducted from the amount purchased at once the zions benedit benefit building society does not sell its money but awards loans to members in order of priority of application of course under this system we have always a number of applicants ahead of our money and we must depend entirely upon the in terest interest simple and compound and fines for our profits your ex experience fience as an expert will no doubt anae enable 1 you to determine whether our basis is 13 sound and satisfactory I 1 am very much interested in the success of building associations and especially ec a ally aily in zion ions lons benefit building society ciet clet being ein eln an active director of R the or organization ni tion 1 lawill will say gay me ste have some go good d financiers on oil the directory who will ill lii see t that at the funds are promptly and safely loaned I 1 am aware that our society does not offer such inducements to investors as to intending borrowers but the committe on constitution and ly by laws endeavored to make it a benefit society to the poor man struggling to get a home hore wu nd d did ici lil not take so much thought for the investor MY opinion however is that Z B B S will prove rove a fair investment even in utah twill 1 will add that while we have our funds lands at eight per cent per annum interest payable monthly money in utah is worth wort from hirom 10 to IS percent per annum auntie at the present time and banks will not loan money on good collateral security to their custo customers iners at less than 10 per cent for this cause some sonie people c 0 are afraid that 8 percent per cent is footo too low i v that it should not have been less than the current rate rire of interest the loans made nide by the society hm however vever are tire for a very long period and the interest is not ngu chant chann changed ged by the payment of contributions but only by special pre are payments in addition to aution each member occupies a dual position in the society an investor necessarily a borrower if he desires when there them are funds to loan As an investor he is entitled to a share of the profits which are added yearly to his credits As a borrower bor roVer he lie continues to par duli duil Jil interest terest on his loan until the shares salares mature or attain the par value of one hundred dollars eacil each we have endeavored to make Z B B S a savings society a aa well as a building and loan society so that a pa person can withdraw it at any time on 30 lays days notice no interest however is allowed for the current year that Is a member must continue his payments until the dividend is added to his credit in order to receive any interest on his contribution so far we have had about sixty shares withdrawn the owners of which have forfeited the entrance fees abathe and the interest their money has e earned arned up to the time of withdrawal this of course is another profit to the soe sob society lety we have been the means of building some very nice homes and redeeming other proal property that was heavily heavily mortgaged at a higher interest an and which might have been lost to its real possessors ses sors hence we are much encouraged 11 in our good work I 1 have just been loaned a copy of the building association amt and brome journal fer for december and january which contains your criticism of thet the chicago I 1 and I 1 have been much interested in at 1 its 8 peru perr perusal saland and intend to subscribe for it at anc once I 1 trust you wi will 11 ll not bof think mcl mci me obtrusive in writing you at such length aap if you have no time to answer I 1 sha shall 11 not feel slighted I 1 may inay feel disappointed yours respectfully y |