The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1914-11-19

Vancouver, Canada, Oct. y, IVA.
Editor Freeman's Farmer:
Your communications of the Sd and
4th inst. and 14th ult. have been call
ed to my attention.
In reference to the attack OH this
society by the editor Of the Weekly
News Letter, Of the Agricultural De
partment at Washington, d. c., I
will say this, that upon several oc-
casions l have, in the defense of our
proposition, in fighting loan sharks,
building and loan associations, ETC.,
severely criticised the Monetary In
terests" at Washington, ID. c., which
is, no doubt, their cause OF undertake
ing to slap us in the face.
In reference to the Burrard Build
ing Society Of this city their loans
are now almost s250,000 and they
, are still making mo interest loans"
successfully.
The Pacific Loan Company, a CON
tract loan company at 8 per cent,
successfully wound up its business,
made all loans and paid all obliga.
tions in accordance with its loan con.
tracts and has residue left over OF
almost 100000, and Is at this time
money loaning institution in this
city.
The Home Loan and Contract com
pany of this city, with loans aggre-
eating nearly 100000, has made and
is still making mo interest loans"
and they are in q sound financial
condition according to their last re-
port.
Numerous cooperative loan contract
companies have existed in the Prov
ince of Quebec-one French company
as old as fifteen years.
The Hebrews of New York City
have a society that successfully make
loans at 4 per cent
The Standard Home Company of
Birmingham, Alabama, has loaned al.
most three millions of dollars on the
| contract plan at per cent and they
pay their depositors per cent OH
| moneys paid in. So that their mar.
gin is only per cent, ] per cent less
than charged by this society, our ad
vantage over them being that our
loans are accelerated as to time
The Security Building Company OF
Rochester. New York, has success
fully made contract loans upon ar
interest margin basis to themselves
Of 2 per cent for period extending
back over ten years, and the com
pany is successful. solid and sound
and meeting all obligations.
The Royal Liver Friendly Societ,
Of England, Ireland and Scotland ha,
operated a cooperative plan by which
they have disbursed in benefits ovel
fifty millions OF dollars and have &C
cumulated assets Of over sixteen mil
lion, five hundred thousand dollars
and they are at this time issuing /;
Home Purchase contract, the plan o
which. although not identically tn,
same as that of this society, its prin
cipals and plan are very similar.
In fact We have communication
from foreign experts who place on
contract in superiority over that o
any of the European cooperative
plans. That the plan is sound an
practical, there Is no doubt and tina
1t will eventually drive the LOAF
shark and usurious raters from tn
face of the earth there Is no .ques
ton.
We are going right down the lin
On the train Of our opposition-th
usurious raters at Washington, ID
c., and other places, and we are gla
to do 1t because 1t means discussion
! in reference to our Mutual Loan Sys
TEN, and discussion brings forth fact
and facts concerning our plan ar
most desirable because as resul
We are greatly benefited.
A bank that pays and per cen
on deposits and loans at 6 and pc
cent operates its business upon a
per cent margin, and is under grea
er expenses than we are and Is dom
business within small circle-on,
two or three counties, or one, two @
three states.
Our auditors calculate that wit
our present volume Of business tbs
our loans will aggregate for the con
ing year almost one million dollar
which loans through interest accr
tons will be continually growing lars
err.
For your further information,
desire to call your attention to tn
fact that this company Is conlDosa