Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1894-02-10
THE BILL DENOUNCED
It's Bad EGC Oh Benefit and Build
Ing Societies,
INSTANCES CrrEDBS col. WEBER.
No Far a. Ills Association IL Concerned
yarlan's Bili. n Passed, Would Com.
pell II 10 90 Out Of Business.

passed the House a low days ago ami
which has FOR its office, the taxing Of
debts secured by mortgage, and trust
deeds. II IL believed by apparently a
large majority OF all Glasses u business
mon and persons qualified to speak that
the measure is peculiarly ill-,lmed at
the present. Perhaps the most vigor'
Gus opponents the bill has are those
engaged In promoting building aocie-
ties. II Il claimed by them that It will
cause them to wind Up their Affairs
and 10 out Of business.
This idea il clearly set forth In the
following interview had with Colonel
r. @. webber bya NEWS representa-.
tive today;
"Mr. WebbsT, the NEWS would like
you to express youropilion on the bill
10 tax mortgages aud trust deeds, and
the effect the passage Of the measure
would have on Ziouis Benefit a Build
log Society, OF which your arc prcsl-
| dunt.0
"Aiy opinlon,n said Mr. wobber, sis
that the society would have o 20 cut
Of business should tho bill become
law"
"would the elect DO 20 serious as
that, anu u 20 why2"
"fhe reason the result would be 90
serious In our case Ia from tue fact that
under the bill we would have 10 pay
the tax on tho securities held BY ~,
aud as tho rate Of Interest charged by
us issj low, wo would Mt be able O.
continue under the additional expense
thus inCutfri.n
"But could you not increase the rate
OF iui ssll charged your bortoweu2"
"Pfouahly We might, but N We DID 20,
WI wouli DO departing from the ofigi.
nal motives and ideas Of the promoters
Of our slcio,y and which policy IL
clearly defined la our constitution ami
by laws.
"WOuld you object 10 state what tina.
policy was Hnd it2n
"a tho time OF the organization Of
the society, aud prior 10 the agitation Of
the subject, II was seen that some
society or organization was necessary,
In order 10 encourage tho young men
Just starting ia lilo 10 deposit "A small
portion " his savings. and where.
by both tho young man aud
tue poor man working for hls
daily wages might DO able through tho
cooperation Of the many 10 procure
for themselves homes Of their own
that they might bu encouraged ~ do
40, instead OF drifting Into tho hablt Of
paying rent which was beginning 10 DO
this only thing that they could DO under
tue circumstances which were then
arising. Such was tho condition Of
things nj the time when the agitation,
rusulting IN the organization OF our
society, was first commenced. After a
long and careful consideration OF the
question our iCOnslitutiOn and bylaws
were framed aud adopted. The main
idea aud the most AuXi0usly de.
sired 10 be realized was that
n was 10 be society for tho
poor or working man, 10 help them 10
procure homes Of their owl at tho
least possible expense aud burden ~
Thorn. With this end IN view the con.
slitution provides that loans shall be
maize u It's members only, and then
only Tor the purpose OF procuring, Te.
taiuiug and improving their homes,
aud for none other 70 further assist la
this object 10 was further provided that
no person could hold more than iiny
shares Of the capital stock Ia theit own
name thereby making IL imp5s,ible Tor
the society 10 fall In the hands u rlou
men, and Its objects defeated, 10 serve
the interest OF that class. Tue rats Of
intefest was placed low via. at per
cent por anLum, which nj tnRt
time was remarkable reduction
from the rates then In demand.
"When was tho organization ei.
fCoted2D
"In June, 1888"
"Has the society been successful
aiucs its organization, and could you
give mo any facts a. 10 what II has ne
cOmplisheu2"
1--WE most certainly think the slule-
" has boon successful. According 10
the last annual report, we nave ia the
ten years Of our eKistepce as society
loaned 10 our members some tjs2,.
10000, IN number Of loans some biO, all
made with but few exceptions TO the
poor man, there has been repaii on
these loans little over fifty
per cent OF the total amount
loaned, which must represent nearly
$500, 900 OF uuencumberrd real estate,
owned by these people az homes and
which they probably wOul not be In
POSSESSION Of but Tor tho opportunity
furnished bythis society.
"What would be- the cOst 10 the Dor.
rover II he waited until his stock ma.
tured, before oauoeling his debt2
.'rhat depends upon how snon after
Joining the society hu receives his
loan. Many of those who have 70.
ceiytd loans on this lirst series OF stock
Issued aud which reached maturity II
January last, their losuB only cost them
three and thtev'quaTter per cont p1F
aunum, while some Of the earlier Dor.
rowers have paid some four ani three.
tenths PER cent
"Your society then has for lls object
the be4eft OF the poor man2I'
ayes sir; II In essentially the society
Of the poor man, It has been the poor
man VINO has contributed 10 ita success
both % an investor as borrower,
Ia fact It may DO termed society oil
borrowers rs at all times the demand
for loans Is greater than we can sup
ply.
"rho taxing Of our securities under
tho pending biil In the Legislature,
would be- aburden that | am afraid We
could not carry, one reason being that
We could not compete with outside
associations In making loans a.
they would have no tax to pay. II Il
ultO double taxation IN ita worst form