Omaha daily bee., 1902-07-27

and permancy. Among this class are Judge
Dexter Of New York, Judge Stern Of Chi
cago, Messrs. Brown, Clarency and Carson
Of Philadelphia, and D. Eldredge Of Bos-
ton. These men adhere to and uphold the
old system Of serial associations founded
for the purpose OF enabling members to
secure homes. 1t is this class Of associa-
lions that have. made Philadelphia a city
of homes, and Of which there are now 1,115
in the state of Pennsylvania. In all other
states, however, particularly In the central
west, the serial plan is no longer in favor.
A majority of association are operated on
the permanent plan. The difference in
the two plans is this: The serial compre-
hends a group Of shareholders whose shares
mature together. The permanent plan is
one in which each members shares con-
stitute a series in themselves. maturing
independent Of all others. The serial
method provides for stated weekly or
monthly payments in shares, and by this
means secured a larger ratio Of members
to assets. In the permanent plan, in most
instances, not only are advance payments
on stock encouraged, but also deposits of
lump sums Of money, paid up stock is is
sued and loans made on acceptable real
estate security other than homes.
Evolution in Systems.
This evolution in the original system Of
home getting by cooperation provoked the
questions above stated and a sharp, ex-
tended debate by advocates of each. II Is
impossible to give an adequate synopsis Of
the debate In this letter. A condensation
Of the papers which provoked the debate
would not do Justice to the authors. But
an outline OF the general proposition will
interest the average reader.
Advocates of the original or serial sys-
tenn maintain that 1t is the safest and best
method OF furthering the fundamental prin-
ciples of cooperation In home making. It
restricts membership to the wage earning
class, to people OF limited means, who are
enabled to save a portion Of their earnings
weekly or monthly and thus secure either
a home or a fund for old age. for sickness,
hard times or like emergencies. 1t does
not encourage or invite the investor look
ing for profit. 1t does not trench on the
domain Of banking speculation. In its es-
sence, the serial plan is the rock founda-
tion of home getting by cooperation and
departures from It are fraught with grave
dangers to the growth and success of the
movement.
Advocates OF the permanent plan, and
they were In the majority. displayed marked
ability in combating the arguments Of
the serial supporters. They likened the
suggestion to return to ancient land
marks to a proposition to abandon electric
lights and return 10 the tallow dip. The
evolution in all things material in the
United States resulted in making the ma
tion the dominant power in the industrial
world. Shall We abandon the present COM
manding position and go back to the primi-
tive trade methods OF the sos In industry.
trade and m and in national do
main the republic has expanded TO an extent
little dreamed Of even ten years ago. II
there be danger In this expansion the ma
tion is competent TO deal with II when It
arises. All progress is forward. old ways
and old systems Of business are gone for
ever. This is also true of cooperation.
The primitive methods OF the founders OF
Incorporation In home getting are no more
sacred than a thousand bygone methods in
manufactures, commerce and trade and like
the latter must give way to more practical
modern methods. improved as experience
warrants. The trend Of the argument here
outlined was a reiteration Of the progress
siSe policy urged upon Nebraska sssocia-
tions by Hon. P. L. Hall Of Lincoln. former
secretary of the State Banking Board. DR..
Hall expressed the opinion that Nebraska
associations should broaden their methods
and extend their usefulness so as to fully
loccupy the neid abandoned By savings