, 1897-09-22
WILL CLOSE BUSINESS.
THE LAST PAYMENT ABOUT TO
BE MADE TO THE LARAMIE
MUTUAL.

II mas lpNNu Il Ncis 'u''VSoAul Ehato>
citation. and Has Melted investors
Just a Little Under IL Per Cent
Some Of the Benefits Laramie Has
Derived From Building Societies.
Tomorrow night a local institution OF
thar ordinary importance will
practically close its business and go ont
OF existence. The Republican refers to
me Laramie Nh ual Building associa-
ton. l. was organized and he first pay
meat upon the sock was made in July,
1SSS.and il has therefore run Ill months.
rs capital stock was | 800 shares at a
could obtain a loan al less premium than
Is per cent, tAe actual par value was $40
per share. The total amount Of money
handled has n"en in excess OF 5000, 900,
and me expense 0: handling this nor
nous sum has been less than one-fitth
o. one per cCnt per mum. The aSsOci-
aii0n has ever been fortunate in the
selection OF its officers. and from be-
ginning TO end the losses have been trifi-
ing indeed. All the officers with the ex-
cep,ion Of the secretary have served
without pay, and the secretary's salary
has been a very small matter when the
magnitude OF the interests involved is
taken into consideration.
Readers Of The Republican will be in
teresrei 10 learn how the investor has
Jared in this association, which has con-
Quoted its business through n @: the
race. a period during which real estate
values fell more than 40 per cent. TAX
ing one share OF stock as a basis we find
that the investor has paid to the associa-
ton Sill. and has received in return
$40. providing, of purse he has been
fortunate enough 10 invest the money
which he has been compelled to take
from the association so as 10 make the
interest which he paid-a very easy
hing 10 do. l. will be seen that the
stakeholder has made $50 per share. He
has had Sill invested for 551a months
the whole amount for half the length Of
time-which at simple interest amounts
to between II and II per cent. Is there
any business man in the Gem City tina,
can look back over the past five years
and say that he has made any more than
| his in trade?
Laramie's building associations have
been a great help to he community. Thu
first was organized here in 1878, and
since that time many a poor man has
Eeen assisted in obtaining a home
through their aid. Many business mar
has been helped out OF a tight place by
having a few shares OF stock in a build
ing association as a reserve. Fol Is
lyears these organizations have inculcated
habits Of thrift and economy in oui
midst, and it is not too much TO say thai
they were the means OF saving many
financial wrecks during the dark days
o. the panic. They have taken the place
CT the savings bank and have afforded
a safe investment for small sums, upon
which interest begins from the time OF
investment.
Under the recent enactment Of the leg.
islature stockholders in local building
associations will be privileged to with.
draw from the association at any time
receiving all the money paid in and
certain percentage besides. This per cen
has not yet been fixed by the local asso'
citation now running. but 1t is understood
that the trustees will make a bylaw pro
viding for the same rate that the loca
banks pay. namely. 4 per cent. This
will do away with that objection which
has been 80 frequently urged in the past
that persons losing their situations and
compelled t leave the city must make .
sacrifice in order to dispose OF theil
stock.
In view O. the marvellous success
which has been attained by the loca,
building associations in the past. it seems
strange indeed that many people in Lar
annie still send their money to Denver
and o,her outside concerns. Right how
probably more than 81. 900 per month is
going to outside associations. Invari-
ably people who have invested in the
foreign associations have been disap-
pointed in the results, and very few in
deed have made as much as local Wyo-
ming associations will guarantee with.
drawing members. In some outside as.
sociations stockholders have been com.
PEELED to sacrifice almost ali thAir in.
vestment. while in many cases % pei
cent and less has been accepted in settle
ment. The reason for this is very ap-
parent to the person who is OF an inquir-
ing turn OF mind. The associations OF
the large cities generally pay their Off
GERS fancy salaries and give their agents
4 nice commission upon issues OF
stock, thus running their expenses very
high. Again they loan money In many
states and sometimes they lose very
heavily in property being u~ndervalued,