, 1875-12-26
CORRESPONDENCE.

TIE prcrIE's BUILDING IND LoAa ASSOCIATION.
10 tie Editor Of The Chicago Tribune:
CHICAGO, Dec. 23.-Over the signature OF
''Frankford." " you publish IN your lssue OF the
18th inst, what purports to be friendly criti-
dsm Of the workings OF the Peoples Building
end Loan Association OF this city.
Ths criticism is truly temperate" but tbe
nissta:ements, doubtless arise from lack OF
knowledge Of the Association referred to. Be-
ing one Of several hundred youpg men interest,"
ed. I feel that I have right to notice !" Frank
tnrd's' structures.
Tour correspondent endeaTors to cast redec-
tions upon our Association because, as he
Claims, Ne arc not working under the Philadel-
phaA plan, and points out difference. in this
that they pay dues on stock monthly, whilst onr
payments aro made weekly I may cay that this
IL the Philadelphia plan with Chicago imp1ove-
neutA,
We admit this difference, but claim that it is
Eamate:ial to the plan {as I small attempt to
saoFl ours being positive Improvement re-
4airang very little more labor By the Secretary
Ed no addlG01al expense to the Association.
a pefson unfamiliar with the practical workings
q thase Associations would worry naturally con-
ncae that very much more labor would be re-
gQlfed 10 receive the dues weekly than monthly,
oos vary many Of our stockholders pay monthly,
quarterly, and even yearly, in advance. Our
plan accommodates many who are paid weekly
WaEee, md who thus save four t1Caes the amount
81 Thtoh they would were tie payments monthly.
das class is much larger 10 this city than in
Philadelphia, where payments for labor are
nads monthly.
The founders OF tho Peoples Building and
.qan Association believed in adapting their
maoe Of business to surrounding circumstances,
aad the wisdom Of their plan is proved by the
ptce*8 OF this institution.
The old plan Of building Associations in Phil
aoe2hta was TO tx the amount Of their capital
t'oeS At sum to correspond with the amount of
t9osc1phon obtaiped before organization, limit
N71pcon to stock WAS received after having been
operation q short time it being unfair to
a1asanAi Shareholders that their accumulated
Eu1sa should be shared BY new subscribers.
11Ae piaa Is stlu IN use to some extent. and un-
ee9 separate organizations, to the number OF
ssht Or ten. elect the same Secretary Tor such
esss eessoseaaon, be receiving salary Of from $3.50 to
eS@ from each, having one Office, open day and
I.:'salng, where the business Of ali the Assoc,a-
soas IL transacted (as in the case OF Francis II.
800. 80 corner OF Franklin street and Fairmount
s'saue philadelphia, to whom I would
sspscdul)y . refer your correspondent to
eeetannase nT statement). You will sec that
stoetetaIy Of several small Philadelphia Associ-
s.~at s~oas VII receive il the aggregate salary OF
sroun na% s?0oo TO g., 500, whilst his apparently
xt,t.s u E<lN 70 Souu WILL appear ID .uc
,,..sments Of each separate institution. This
s.a Has found deleetiTe, from the fact that. af
~ ue borrowing members had been supplied
n.s ase could to made OF the money except to
.a s4Ae dividends to non-bor1owing members
u%.aaeauently no large profits could be made on
so oinoneI iI aecucaulating during the last years OF
~ ne serial p!an Of issuing stock at etated peri
"a d;}, seral-yeally, or quarterls. ooVlates
E1saaaeaity OF ever lacking for borrowers, or
Estasceeaty Of combining several organizations
ro,s ~ - PURPOSE Of giving employment to one
stsssa 49, e saa1 he will devote hs entire time And
s@ 10 tha sntAnaxta Of the buaiues1. which