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Show Vol. I, No. 19. SALT LAKE CITY, UTAH, JANUARY Home. Seekers Friend. The National Homeseekers association recently opened an office in the Dooly block in this city and started advertising extensively in the papers. It purports to have headquarters in the Teutonic building, 172 Washington street, Its business concern here, Chicago. outward from all appearance, consists of a small office furnished with a roller-to- p desk, a typewriting machine, a few chairs, two young men and some stationery. Among the latter is a folder which purports to explain the business of the association. Among other things stated in the folder is that the association invites investigation. Truth accepted the invitation and made a call at the office, where four young men from West Jordan were seen doing business with the young man at the roller-to- p desk. Three of the four entered Into a contract with the association by which each expects to become the owner of a modest home costing $1104 upon the payment of that sum in installments of $5.50 a month without interest. They expect to enter upon possession of the An institution styling Itself homes at no distant date.- As a prelim- inary to entering into the contract they each paid over to the gentleman at the roller-to- p desk $4 as an application fee. Truths acceptance of the Invitation to investigate has so far been confined to reading the folder and a short talk with the man at the roller-to- p dask, who, so far as any information conveyed by the folder or anything that Truth was able to discover in the office, is without a name. Truth has not yet made any Inquiry as to the standing of the officers of the company, whose names are given on the folder as B. H. Tallmadge, president; David H. and manager; Bandy, Harold N. Fletcher, auditor; Edward J. e, Boughton, attorney; Edwin R. secretary and treasurer. They may, so far as Truth knows, be. all millionaires and men of the highest character and standing. The investigation, consisting of a perusal of the folder and a talk with the nameless young man at the roller-'todesk, did not favorably impress Truth with the soundness of the system of the association as a purely business proposition. vice-preside- nt Tall-madg- D Price 5 Cents. 18, 1902. vestigate before investing, and whilst MINING COMMENT. so doing Inquire carefully HOW MANY applications preceed yours in the series. Mining stocks have been steady for IT IS POSSIBLE THAT THOSE the. past two weeks without any maPRECEEDING YOU WILL USE UP bears the date, hour and minute, in ALL THAT IS PAID IN, INCLUDING terial change in value. There have which it is signed and the contract is WHAT YOU PAY IN. been limited fluctuations in the stocks issued and numbered accordingly from most dealt in, but the general tendency our home office in Chicago, 111. Therehas been towards firmness and higher fore, every contract is issued in numerIt may be, however, that the Home prices. There is a strong feeling that ical order according to the actual time of making application. Then the Seekers association is purely a benevo- the bottom has been reached, and when opens up a higher plain of monthly payments during the time you lent institution. The principle upon the spring are waiting for your number to be which is looked for. all round prices it purports to do business is more reached are $1.50, payable between the 1st and 15th of each month. After suggestive of that than a business enyour number has been reached and you terprise. Figured down closely, the asDe Witt B. Lowe has taken an opare privileged to select your home the sociation to loan money to its tion on a purports group of claims adjoining the monthly payment of $1.50 stops and the members at 1 cent interest per per payment of $5.50 begins, which is the annum, in order that they may obtain G. & H. ground at Tonopah. The purtotal sum you are required to pay from homes, when It could get 4 or 5 per cent chase price is $250,000, of which 10 per that time on until the entire obligation on lirst-clasecurity. The association cent was paid down. is canceled. also constitutes itself a life and accident insurance company, assuming risks without medical examination and There is considerable excitement at Of the payments of $1.50 a month and charging no premiums for the protecTintic over the new finds of ore In the $5.50 a month, the folder states, $1 and tion It affords or purports to afford. In Is contract its it provided that if the Star Con. mine, samples of which assay $5 are placed in the home fund for applicant dies or becomes from any $90 in and 60 ounces silver to the the purpose of buying homes, 25 cents cause wholly or partly disabled after ton. gold is placed in the expense fund and 25 paying a number of Installments on his home the association will pay up the cents in a reserve fund to meet unfor-see- n balance so that the member not only The shareholders of the Centenial- contingencies and for the protec- does not lose the money he has paid in Eureka received the first of the week tion of members. At the rate of $5.50 but has the balance due paid for him. the quarterly dividend of 50 cents a a month it would require sixteen and This Is truly wonderful benevolence. share, amounting to a total of $50,000. years to pay $1104, the amount required to be paid on a $1000 home. The same proportion is mainAnother provision exhibiting great The Century Mining company ditained on homes up to $10,000. As a concern for the poor home-seekis can business how rectors have levied an assessment of 10 purely proposition any association pay for a home in cash that the association agrees that after cents a share on the capital stock of and extend the payments to recoupe it- a person has paid for a period of six the 0. company, which will produce self over sixteen and years months or more his installments of $1.50 free of interest? That is the first snag a month on a contract for a $1000 home, which presents itself to any one who The the same will, if he desires It, be rehas the least idea of business. The annual meeting of the Lower man at the roller-to- p desk attempted turned to him with 6 per cent Interest. an explanation by saying that the When a member pays $1.50 per month Mammoth was held on Monday. The homes were paid for with the money re- it appears from the prospectus that 25 financial statement showed that during ceived from the home seekers, that the cents of that amount goes to the ex- the year $74,041.46 had been realized first applicants get their homes first, pense fund and 25 cents to the contin- from the sale of ore, which was all exand the money paid in by all the appli- gent fund and $1 to the home fund. The pended on the mine. The directors cants goes to pay for the homes of the expense and contingent amounts are elected were J. D. Wood, Josiah Barapplicants in the order of their applica- absolutely gone,' used up. How, then, nett, James ' Chipman, Elias A. Smith, tions. The folder says no definite pe- can the association that back to a W. H. Dickson and John A. Kirby. riod can be stated when a contract will member wishing topay The draw out? mature, that is, when there will be suf- practice, if it can be carried Into pracficient money on hand to enable any tice, amounts to the association paying applicant to select and receive his 56 per cent per annum interest to the At the annual meeting of the Great home, and while he is waiting the subscriber for the amount of his sub- Buffalo Mining company the old board monthly payments of $1.50 for a $1000 scriptions while the association lends its of directors was as follows: home go on as do proportionately larg- members money at 0 cent per per E. Street, W. er monthly payments for higher-price- d means It has of Otto Leifer, S. J. Paul, C. A. annum, and the E. Lyons. Dr. T. and Ira Jackson homes. So far as known to any one, it .earning money isonly from loans to its appears that the monthly payments members. What a great benevolent Work is progressing nicely and the property is in good condition. might go on for 100 years before the ap- heart this association must have! or heirs his the have Is note might Another point worthy of plicant that privilege of selecting the home. Again, the association is a copartnership. It suppose new applicants cease coming, is so unselfish that it allows its memThe mine and mill at the Midas in where is the money to come from to bers to receive its profits and incidentpay for the homes of the later appli- ally each individual member is liable Deep Creek will be in full operation cants without the later applicants hav- for the debts of the company wherever next week. : ing to wait until the last payment is and however contracted. This little in who them made by those outrank fadt, however, is not mentioned in any order of priority? of the companys literature, as far as It Is reported that the Daily-WeTruth knows. The operations of the and Quincy mines of Park City are to association appear to be spread over United States,- and there ap- be consolidated and that negotiations Before the investigation by Truth had the entire to be but one fund for the pur- to that end are about completed. pears gone very far the young man at the chase of homes, one common jack-po- t, roller-to- p desk became exceedingly and carrying out the spirit of benevoit may be that the money paid in The .chute of ore. in the hungry, no doubt exhausted by his lence Lake subscribers is applied for Salt by found It imperamornings work, and tive to go to lunch, thereby bringing the purchase of homes for members in Northern Spy at Tintic, formerly very the investigation to an end before it New York or San Francisco and vice productive, has been recovered. The versa. strike is said to be very extensive. had been well begun. j 2-- 10 ss two-thir- ds 4 er $15,-00- two-thir- ds . re-elec- ted 12-1- t . . . - It appears to Truth that the associations undertakes .too much, and the language of the folder is calculated to mislead the average reader. In the folder the plan is set out as follows: By the terms of our contract you are enabled to secure a home and the use thereof by making monthly payment of a less amount than you would be required to pay as rent, and this amount is applied on the purchase price of your home; or In discharging a mortgage the monthly payments will amount to less than your interest and will be on the principal. In making anapplied application to this association for a $1000 contract you are required tp. pay an application fee of $4. This application - i - st - lead-beari- ng The Logan and Ogden beet-sugA big strike in the Centennial-Emm- a to home seekers advises Truth accept factories are soon to be enlarged. That ground at Alta is reported. The full the invitation of the association and in is good news. ar ex- - |
