The daily gazette., 1876-09-01

thereby greatly retarding the progress of the
A Associations and compelling those who do
borrow to pay both dues aud interest much
longer than they should. And at the maturity
Of the lat series il become necessary to adopt
| some plan whereby the amount due the MEM
bers Of that series sheuld be paid.
1T could not all be paid at once and to pay
according to number certficate or alphabet
cally seemed to be arbitrary and unsatis 'ac-
| tory to the first series members, finally they
| decided that the money to which there are
| entitled monthly lbeing q of the rcceipts)
| should be sold to the highest bidder in order
10 establish h preference impartally among
themselves, and the premiums that they pay
sh all not go to the benefit of the associations
| but be kept separ ate and be paid back to the
members of the first series. pro rata. in addi-
| tion TO the interest at y per cent on the whole
amount due from the date Of the maturity Of
their shares thereby rendering the invest
ment one much to be desired by any. as it
always pays over 9 per cent ard the longer
1t continues the lorRer will be the rate OF IN
terest paid. And as to the security for the
payment of the amount due, it may be con-
sidered first class botn in quality and in guam
| tity. consisting Of bon Is and mortgages for
double the amount due. an! these are in
crea ing monthly while the, amount due is
being as rapidly diminished. Nothing can
be more ,ato oc sure TO be paid and the in.
tereat paid will not only be g per cent bul
will be increased to Z or per cent or perhaps
more, by reason ofthe premiums that are
divided exclusively among the holders Of the
matured stock. The question il very often
and with propriety asked rs this the expe-
| rience of all associations operating on the
Sc rial plan?' Its. when an association al :
lows 5 orc years to elapse before issuing n
series as did some in this city, some of whose
members about years before II, was done,
agitated the question OF Introducing the
serial plan" which if done at thai time
would have AVOIDED the present indebtedness
and shortened the time of ''runzing OUT to
aboutSl2 years but those who could not see
the possibility of the plan" where greatly in
the.maiority and the measure had 10 sumber
But.where an association issues its ID series
the second or even the third wear after or
ganization, no difficulty can well arise as to
the paying off of II series al maturity. for the
~eason that there is allowed from ~ to Is per
cent interest to those who wish to withdraw
and TO I Ose who borrow is allowed a liberal
deduction On the premium bid for loans, SO
that tn investors after time withdraw theft
money a1d those who wish TO borrow do so
under the lberal terms offered. The result is
that atthe maturity Of SERIES the shares
are so nearly all retired that the few remain
ing Ones form no barrier to the speedy clos
ing up OF series. at any monthly meeting
during the last years members of the first
series who are not paid OIL, had the oppoItu-
nifty Of taking their money and 10 per cent
interest per annum IN addition or could have
borrowed il on the most liberal tcrps. but
they seemed to consider 1t apparently to
their advantage to 10 otherwise. they will be
asked to do so but not required. The writer
has known dissatisfaction 10 be create by
Offering the fall SUN ofi20O, for each share.
10 members on the ground, that they did not
want It, having no better and safer pla, 10
inyeS 1t.
So that it is clear, that to satisfy all r.
simply impossible even with our clear open
and equitable mode of operation, which in
vtes Investigation. The object of our a'sO
ciatons as briefly stated in their laws snail
lie the accumulation of aiund from monthly
dues. fines. premiums on Leans and, interest
on Investments for the benefit of its mem
hers which shows clearly how the fund
shall be DISPOSED OF. The IL ost liberal terms
were made for both borrowers and investors
that their money might be obtained, and il n
iew who. choose not to avoid themselves of
the privi ed yes. il cannot be consI Iered that
the ass ociations have (as some would say)
acted in bad faith Those members who did
not take their money PRIOR TO the maturity It
the first soties will continue to receive it
monthly with per cent interest until fully
p2id which at fdrthest cannot be very long
GEO, c. MARIS.
No. Ridges Fool ior Inihnts aul Ingalids
See lyprt i4pmguf