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Show SALT LAKE CITY, UTAH, JANUARY Vox;. 1, No. 20 Association. National r ; Truth regarding the-Nation- al tract holders would wait long years before the maturity of their contracts. . . -- - . - As-'sociati- on. - -- n COMPANY, in but secured a handsome profit qu his investment; at the same time, he is protected to the extent that should death intervene at any time, his wife, estate or beneficiary would receive the full maturity value of his stock the same as if it had been carried by him N But if in a country like England where competition is close, and growth in business exceedingly slow, and all commercial operations are conducted along conservative lines, such associations operate successfully for hundreds of years, there can be no reasonable grounds for assuming that in America, now upon' the threshold of one of its most pronounced eras of growth, progress and prosperity j there will' be any check in the business of the association sufficient to deprive even the great grand children of the present generation1 from enjoying the privileges and benefits to be obtained under the plan of this association. The institution simply undertakes to equalize the burdens, and it does this not in a spirit of benevolence but as a matter of business and receives for its labor in that regard 25 cts on each monthly payment of $1.50 and $5.50; this is the total of the expense fund, another 25 cts in like manner goes into a reserve fund which Salt Lake City. Last weeks issue of is used for the ' purpose of carry ing of sickness or Truth devoted its front page to an members who, because are to keep up unable of the National nonemployment, alleged investigation ; Home Seekers Association. In this their payments. members Such are as carried for belied its the least instance at paper name. There was but little truth in many months as the association .has the statement made by the investigator made advancements on the property, and still less of the spirit of. judicial protecting the member for a period of fairness, which certainly should have 1 year and 8 months. This accommo characterized the investigation. The dation is in the nature of a loan, to the entire production breaths a spirit of member by the association form the thinly veiled sarcasm and plainly ex- reserve fund and must be repaid by tlje pressed distrust. Notwithstanding the member before the expiration of the unfavorable impression received by the contract. There is no insurance clause, editor of Truth who during his pur and in case of the death of a member ported investigation failed to state his anyone to whom the contract is assigned name, business or purpose, the institu- may carry j out the conditions to be tion is a purely business proposition performed and receive the benefit of all conducted along lines where all mem- previous payments.- - There is nothing bers share equally in the benefits. It mysterious or secret about the plans of., does not seem that the language of the this association. Each and every confolder explanatory of the association tract receives a number based upon the can be ambiguous to the man or woman day, hour and minute of its execution of ordinary intelligence. Every state- and all contracts mature in numerical ment therein made is in. simple English order under the following conditions: Every member making monthly payplainly and unequivocally expressed. The association undertakes no impossi- ments under his contract to the associabilities, makes no promises that it can- tion pays into the home fund $1.00 of not fulfill. So much of the article as is every $1.50 paid and $5.00 of every quoted from the folder is true; the re- $5.50. When this fund reaches $50 a mainder is either ambiguous, unintel- contract matures, and the home selected by the holder of the matured conligible or false. The editor of Truth comments up- tract is paid for by the association in on the plan sent forth in the folder as twenty monthly payments, and not in if it was some new and untried scheme, cash, as stated by the writer of the that if not exposed would defraud the article appearing in Truth. The assno money and receives .unsuspecting and qullible. The method ociation-loans is not an untried one; similar, associa- no interest; its commission for carrying tions have existed in England for over a on the business and negotiating the ' century, they are still solvent, and are sales has already been explained.' It still buying homes for their members receives in all $50 for every thousand upon practically the same lines as those dollars of the purchase price of the of the National Home Seekers home, but the distinction to be observed The principle is the one up- between the methods of the associaon which the entire system of fraternal tion and those of the ordinary real insurance rests, and no risks are as- estate agent who conducts a small busisumed by either the officers or the ness, is that owing to the magnitude of members of the association. If the the business of tne association it can population and. busines of the country afford to receive . its commission in were decreasing instead of increasing, monthly payments of 25 cents, each. . Cents. .The three young Salt old age, through the maturity of his lastweek in there might be some ground for the Lake men who the Colorado stock to $2000, in about 120 months, represent Home contention of Truths editor that con- INVESTMENT-LOA- Seekers Association caused much comment and more investigation of the plan on which the association operates than it ever enjoyed in the same space of time in this, region before. ' The gentleman referred to in Truth as the young man at the .roller top desk proved to be DVH. Bandy, vice president and general manager of the company.1 Mr. Bandy called upon Truth and complained that the article in the paper had done his institution an injustice and asked to be allowed to make his statement and refute alleged misstatements by Truth: Trtjth publishes the following signed by Mr. Bandy. It. in no. wise vouches for any portion of the article, but reserves its right to comment upon it and accepts the invitation of Mr. Bandy to do so. Mr. Bandy writes: ff : Price 5 A POPULAR. COMPANY. well-know- The article published 25, 1902.' this city, are introducing a most attractive plan for the investment of small or large earnings. In connection with the Hartford Life Ins. Co., relatively One of the strongest Life Companies in' America, COLORADO INVESTMENT the . . to maturity. L LOAN CO. (which, probably, is withAfter payments have out a peer among National Building been made extended protection will be and Loan Cos of America,) is offering granted him, preserving all rights in a policy which embraces the best fea- event of death for a period equaling the tures of .the Insurance Cos. number of months for which payments united with the most approved plan of have been defaulted Those who are thinking of building a the most conservative Loan Companies of the United States. home, protecting their estates, or of Persons desiring to save systematic- doubling their money in 10 years', can ally can do so safely and profitably by find out how it is done by applying to' making regular r monthly payments. the city agency of the company. The Officers of the Company repreThe Companys system of loaning enables its members to secure homes on sent some of the brightest business the monthly payment plan while the men of Colorado. Mr. George E. the treasurer, being the Vice' plan of insuring each member in an Old Line Life Ins'. Co. is without a President of the First National Bank peer in any institution where savings of Denver. For further details apply to Messrs and profit to its shareholders are its cornerstone. The member makig.an P. P. Musser,.W, B. Dougall Jr., V. monthly investment of $10 is not only D. Bowring, 159 Soutn Main Street, provided with a- bank account in his Rooms 2 and 3. Advt' six-month- Old-Lin- s 4 e - - ' Ross-Lew- in J . I - When the holder of a matured con- to every officer of any court, or repreof the governments au' . . thority. Write us up again Mr." Editor, we are pleased to see the interest you manifest in an institution that gives to the poor man the opportunity to escape from the domination of landlords and ' money sharks. . See the .association's display ad in another column of thte tract selects his home, the association sentatives after appraising the property and examining the abstract of title in order to protect itself and the holder of a matured contract causes a deed to be executed in the name of the member holding the contract. This deed is . - . placed in escrow so that all parties to the transaction are secured. At the end af 20 months the association has com- - issue. and the title rests fileted its payments h of to the equity the contract holder. He then has 15 years in which to complete his monthly payments of $5.50 per thousand, but he is piiyeledged to increase the payments at any time and so hasten fulfillment of the contract. Should he be unable to meet any of these payments the association will carry him for as many months as they have, made advances on the home and thus protect him in case of misfortune or adversity. It is urged by the writer of the article in Truth that being a copartnership all members are liable for its debts. But the association has no debts and cannot incur any, the expenses are fully covered in the' manner above explained and its officers and representatives handle only the money received from the members, 'and are bonded with the American Bonding & Trust' Co. of Baltimore, Md., in amounts that are an absolute guarantee of the faithful performance ox their duties as the paid agents of the contract holders,- - and the protection of every D. L. Bandy, Vice President and Manager. one-tent- . ' member. con. This association has nothing to ceal and courts the freest and most complete of impartial investigations. Its representatives stand ready to explain its methods of doing business, not only to every fair' minded citizen, but Truth considers the foregoing as no refutation of anything which was published in this paper a week ago. It merely deals in glittering generalities and bold, unsupported assertions. .Take one of the assertions, that there is no insurance clause in ' the r plan. The clause appears in the contract as follows: It is agreed and understood that in the event of the death or total disability of the party of the second part (the investor) at any .time, after the maturity of this contract, .the parties of the first part (the! association) shall give a good and sufficient deed to the property herein referred to, to him, his heirs or devisees as the case may be, and- shall discharge all. of theirl-lienupon it, and in this event all' payments by the second party; his legal representatives or assigns upon this contract shall- cease upon proper: proof of the death or total ' disabUity as aforesaid. And the liabilities assumed in this paragraph by the first parties may ' be dis-charged in each instance by the Bald first parties assuming and paying the . -- - s . - . w 3 |
