, 1908-07-16
CRITICIZED.

VA sreoeAt article in The Republican
comparing the expense accounts Of the
Laramie and Cheyenne building asso.
Citations Drought forth a statement
from tn secretary OF the latter asso.
ciation.ft that ID worthy Of brief COM
stood that this paper has nothing but
the best wishes for the Cheyenne asso.
<tAeion and thak any comment made
10 lathe utmost good naith with the
single object of, aiding in the good
work 1t Is performing. The writer
been = patron Of building associations
TOR 2 period OF thirty years. He Is nov
. patron of. both the Laramie and
Cheyenne associations. His AK to
grind ieuthAt OF the interested stock
holdersAnaa tho citizen who has never
aost an opportunity to speak a good
word for the local building ana loan
associations.
The Cheyenne secretary refers to the
face that he keeps the stock register.
saying that some associations have all
this labor performed at the depository.
He places great stress upon this. say
ing that It isaimportant that the Sec
Rotary tshould do the work in order
that he may be familiar with the flnan.
cial AFFAIRS of the association. TIE
argument "a lame. AS the Laramie
association is fully so per cent larger
than the Cheyenne association in
point ct income, 1t would not appear
that IN practice the system complain
edeSfAasb been detrimental or that the
cheyenne system has been a better
one.l Thereis no reason why this work
should 1ot be performed at the de-
pcsftory. It is purely financial In
character and a financial account must
be kept by the depository in any event.
It Is not too much, either, to ask the
depository TO perform this service
without charge to the association. 1t
rs worth something to a bank to have
from S00-to 500 people pay montnly
dues over It's counter. 1t Is worth
something to a bank to have an aver
age building association deposit of
several thousand dollars without In
terest- 1t can afford to give some SER
vice In retun.
Earnings are compared by the Chey-
enne secretary and 1t IS shown that
the Cheyenne association is making
nor money for the lender than Is the
laramie association. Perhaps that
cAnnot be told with accuracy until the
irst series of the Cheyenne associa.
ton Shas expired and the stock can
celed. In hooking over the reports OF
the secretary It is found that In 1908
the stockholders were told that they
had made .126 per cent on their In
vestfnent.e In 1906 this had decreased
to .1175. In 1907 It was .11s. And in
1908 the present secretary says the
stock has earned .113S. It would ap-
pear that no one can tell what the
earnings OF the stock will be when
the first series arrives at maturity. as
Is the case In the Laramie associa-
ton. But the real test OF an associa-
tons success is not the earnings Of
the lender It IS more important that
the borrower. the home-builder, should,
get the money he puts into his home
at a reasonable rate OF interest. The
borrower IS the bone and sinew OF the
business and without him there can be
d success At Laramie associations
have been IN operation for a period of
thirty year. ana the man who desires
TO- 'buiA home understands that 4
beeHAsdzis above II per cent means that
thesinteFest rate to him viii be high.
AOheSenne possibly the demand for
money has been d little keener and
the further fact that building associs.
lions have not been I'M operation so
lone ssEave 'd0abkless contributed to
higher prdmiums,i'T The borrower has
NAdNnalshef rats ma,the; lender has
rsecssset4Ae H5sne0t.
e0oehftAor1urs0wOAtta tss1snasr arc
s4uf9 fntssesteA "a the e1penss aes
count GhaeeansssuuoeisA5sn stasssa