, 1908-01-21

There ire a few pomts. about the Association that do lot seem to be entirely
clear to everyone which it might be well to explain here.
A person must own stock in the Association before bidding in a loan.
Dues must be paid on or before the 2Gh of each month, as the money is
loaned o that night and ne day late subjects N to a penalty just a great as
if one month late.
A loan can be paid off at my time, but interest for the current month must
be paid, as the money lies idle until the coming 18th of the month.
Persons wishing to make a loan must not expect the Trustees to tell them
exactly how much they cn borrow on a certain piece of property Trustees
will gladly estimate the amount but ire forbidden to commit themselves until
money is borrowed out
l will also annex a few donts:
Don't feel harsh toward members of the Board of Trustees if you do not
get as much money m a loan as you desire. They are giving a good deal Of time
without pay, and have to be yer more careful when loaning other peoples money
than when loamng their own.
Don't be led into believing you pay double interest You borrow out $4,000
a share an pay back $1,000 Where has the difference between these amounts
come from? Why from the earnings of the Association. In other words, the
borrower shares in the profits the sam as the investor.
Don't believe in the knocks a person who is not a member gives the Asso-
caton. 60 to any member you choose and see if he is lot more than pleased
Don't spend too much time listening to the investor complaining about low
premiums, Think of the backbone Of the Association, or the borrower and see if
he is getting a square deal A f" people forget that the Association is not rn
for the investor To be sure, he is necessary, but the purpose Of the Association
is to help the home builder and the home buyer.
During the past year the Association has handled an immense amount of
money, Over $Iooooooo has been loaned, which is about onethrd of the total
the past year. which is a record that will stand for some time, think. The
disturbance in financial circles will no doubt be felt by the Association to a
allotted the coming year.
While the amoun of money handled has increased, the expenses have been
lower than ever, or one-ffth Of N per cent of $TI,5o827 the total amount
handled during the year 1907 against one-hrd of one per cent for the year 1000
1t might be of interest to see just what has been done with this $ror62ooo
loaned the past year: $3SS36oo has been used by twenty people in building new
houses; $4+3o3oo has been used by thirty people in. purchasing homes from
former owner gone out of Laramie $2o3o25 has been used by ten people in
making improvements N their property and thus helping the town; $,5645o has
been used by seven people to pay off mortgages which were hearing = bjabcr rme
of interest All of this money remained in Laramie. The remaining $z8o625
was used by five people in various ways, such as investing in other local enter
pHses helping pay for a university education, etc.
In summing up is there a better word possible than the word Mutual"
which W. find in the name of our Association? You want a house erected fr a
home. You go to the contractor and pay him a stipulated price. He in turn
hires the stone mason the carpenter, the brick layer, the pIaaerer, the plumber,
etc These several mechanics pay on their stock in the Building Association and
ts. is loaned ito you to help you pay the contractor After a while the house
is paid for and the very ones that you paid for doing the work have helped sup
ply you the money to pay for the sam In other words, the money has simply
circulated in your own town to the benefit of everyone and you have your home
What is nor beneficial to a town than a healthy Building Association?
Respectfully submitted,
R G. FITCH,
Secretary