Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-07-08

/ lied In this city on the ufoaN ''7'' 20,
mutual help, with the knowledge Of
course thut many wore needing l"sl
such security as % proposed % give
and many moro were DESTROYS oi snch
help AZ Il was created 70 impart'
At the date u thi4 equalization old
fashious and muihoI. we're 10 transit
ton stat. /. man wanted 70 build
or makean addition to the home al
ready bul', mechanics hal become
indisposcd TO start ous year, and
adding a little annually, complete a
house nfter three or four attempts, as
had boon the trastics from both pov.
orly and nccseNly-tho foundation
one senpon, the walls, sometimes the
roof another partial pla8icrIng next
and finished when ready. There was
no satisfaction to any worsmen in
this and It was expensive TO the
builder. sun asatulo be paid Ia any.
thing AMI everything and needed the
house even from the start
Asths barter or trade method declined
10 Utah ami money became more
reachablo, builders aud improvcrs be-
snn to borrow, 70 mortgage aud build
at once; but tho rates OF interest being
from I b n per cent per month aud
upward, In experience II was found to
be more than rent, in fact an ubor-
nous tax through which many homes
eventually lapsed 70 the mortgage.
The arlisan, the man Of daily OF weekly
wnges, realized In his little dugout "
log cabin that II he deferred supply.
lug accommodation TO his growing
family until he had the money on
hand, he would Lo but little, and TO tax
his credit SEEMED In every way unde-
sifable or TO be like asking favor; anu
10 came about decided era OF non.
Improvement.
When tbs ahove.named society was
Perfected anu incorporated many
hailed 1t az the dny.dawn Of deliver
ancc. Others Tor fear IL would TAIL,
gave It neither Enforcement nor
patronage. But the few hopeful ones
subscribed for stock, ana now and then
men who had money came iu-those
who never expected 10 borrow bat en-.
tered IN Investors and partly 10 aid
promis,ng cause, Many VI this class,
however, drew out when investment
elsewhere seemed more profitable Tor
the time. The incorpoptors ana
officers were none OF then selisceking.
Every position save that Of the secre.
Ialy was an unpaid aud honorary yet
onerous one. Expenses were at II
minimum, 90 II need not call Tor sur.
prize that success was almost newt.
able frOm the start.
II IL understood Of course that the
monthly subscriptlon per share Is but
my cents, or six dollsrs per year, out.
side Of the entrance fee, which Is ten
cents per share. Each share is sup
posed to reach par, or one hundred
collars In value, ns the outcome Of con.
unued investment and accumulated
Interest, II cautious management IL the
rule. That this has been tho case will
be fully demonstrated at the close Of
the present year, when the flrst series
Of stock viii mature, anu all stock.
h lders holding that series will receive
their hundred dollars for al invest.
meni Of about sixiy.three; and
as new series Is issuod IN
July Of each year, succeeding
years viii enjoy Que OF ptrpetually
series. From the beginning
up to date every investor will have
received nine ana thrco.quarters per
cent per auuum for his money twha,.
ever the soriesl and yet II he has been
a borrower from the society interest ON
his loan viii have been but eight Der
sent per anuum. The facts are that
no money Is ever permitted 10 remain
in the trouury. Rather mas the dc.
mand always exceeded the supply.
Nenr six hundred thousand dollars has
been loaued Uy the society To liz mem.
bers wi bout adelalcation or foreclosure
II mortgage of any consequence. it,
members number niue hundred, and
deliLquel cIes rs to prompt payment,
whether Of stock OF Interest, have
never reached beyond the present stains
Of one dollar and third por member.
Nearly one hundred th0u.and dollars
has been declared IN Dividend; anu
upwards Of one.ihird that amount has
been paid out, the balance being
credited to borrowers aud stable In.
vvs,Urs.
Who can estimate the sense OF de.
ltvorance from worry anu anxiety when
mortgage has been lifted by thesocie-
tyG Who can estimate the increase q
comfort in homes enlarged or Improved
10y 10 beuehcent an organization?
Who cannot sec tue sumulus
given to maria q by the possibility OF
~ personal home Tor tho young couple
just starting iuto life? What Of the
creation OF ihe spirit OF thrift, OF ambi.
ZION, Of progressive Independence In
the breast OF young man through
memOership accumulation? What Of
the realized abstraction la sickness, or
when out OF omploymunL or II called
TO mhaionary NE, where man owns
nia own home, and neither he nor his
Amily are suuiec, TO any landlord IN