The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-01-31

di cot benefit to everyone In the vicinity.
Thege conai iorati0na should be given duo
weight when We come 10 fix the relations
betwesn this borrower and tho invsstor.
The borrower, M q rule. Ia less able to pay
the highc rata of interest than the non
borrower Ia to 1.-Two without IL, and tho
sooner this fact 10 realised the better II will
be for all concerned. Keep your bus,ne
''boomin0s hy making lonns that will
be satisfactory to this borrower and thus
induce others to come in. Keep your funds
up by appealing to local y lido and by ns-
suring investors o tai return on their in.
vsstments and you will soon DO 10 ming
thousands where yon now loan hundreds.
Az yonr pteliminn y meeting in August
the subject OF utilization with the Unitcd
States league wa discussed nj som length,
and ! hore you will take such steps at this
time rs will insure the carving out Of this
proposition. There nre many reasons why,
In my opinion, tlIis should be consum-
mated. but they are such AZ will readily oc-
cul to ench OF you, and | will not follow
the subject fu ther.
1 feel that l would not be doing my full
duty to the members OF this league or to
tbs public at inrg II | should close thss,
remarks without saying a few words on the
subject of the National Building q Loan
associations of tho country.
II Inns been we'll sa,d that there Ia no good
thing but has lts counterfeit. and this say
ing ~ particularly applicable to building
and loan associations. The great success
OF the cooperative local societies prom pted
INSCRIPTIONS men to institute what is
known as national building and loan 1880
Citations claiming for them all the advan-
tages of the locala, when in reality the only
esemblance was IN the name. They had
stolen the livery of heaven to serve the
devil in. This WAS soon painfully apparent
to their thousands of du!es, scattered from
one end Of the country to the othor who put
ialth In thelr promises aud Invested In their
concerns. 1t scems to be their motto to
get all they can and keep all they get. They
make promises which the sim lest calcutta
ton VIII show never can be iulf ed. AS far
as 1 have been able to learn there is not an
institution Of this kind in the whole country
that has been ieported by a state i~nspecto
whose business was in satisfacto y condi-
ton and l think l can say without fear of
contradiction that not one of the nationals
has ever matured and paid Ut a share of
stock in full. Their offices seem to be self
appointed and their self-apportioned sal
aries absotb n large percentage of their re-
celpts. The bad odor thus given the name
is the greatest difficulty We have to contend
with in recruiting the ranks of the leRiti-
mate organizations.
A burned child breads the fire and it is
not easy to induce tho average man to lay
hold Of what. to all appearances. is the very
thing that burned his inQe s once, without
etLohk dAkuLueAbbl W pIOF0 ~ 10 AOb ~
This will answer In a measure the question
30 often asked by the uninitiated why it ia
that the local societies arc so bitterly op-
posed to the Nationals.
The local organizations are working to
build mp and strengthen the communities
in which they are locat d., confirming their
business to their own neighborhood. SO that
the condition of the business and the char
Actsr of the men who control it may be
known to every member who will take
pains to lnqui 9. The o ficors arc elected
annually by the members of the association
and every member is eligible to any office
within the gift of the society.
The officers Of the nationals, "a l said
before, seem to be self elected. and / am
quite sure that the great bulk Of stockhold-
e,s have nothing whatever to say in the
affairs of the association. The pa ties who
o ganize these concerns are the officers all
the time and they take a certain percentage
of the reoeipts-nmounting to from 10 10 30
per cent, seldom or never less than the for
msr-put it in their pockets as salary and
then !romise their customers that they can
mature thei, stock in a shorter time and
with a lower rate of interest to the boz ROVER
than the local organizations, whose entire
receipts, with the exception of from one to
two per cent. goes into the loan fund.
Lot any one who believes these statements
too harsh look into the matter through the
reports of inspecting officers in the east. OF
ask some Of their victims. whose names are
legion, and l hin they will agree that
have said nothing but what is true. l hope
at our next annual meeting we will have
prepared ourselves better than we are now
repaired to take up and discuss the many
topics of interest. and | hope and trust thai
the officers of the associations who are
members of this league will interest them
selves in securing and forwarding to our
secretary such statistics or other matter as
will be of interest o. value to the institu.
ton, and that they will endenvor to rally in
full delegation ON every association al
our next meeting.