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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Nov. 11, 1894)
10 THE OMAHA DAILY BE1S : SUNDAY , NOVEMBER 11 , 1891 , CHE OF We place on sale begin Just received from a We will offer , beglnnlng- On sale begln-lng- tomor Just nirived In time for ning1 tomorrow morning hnrd-up manufacturer In tomorrow our entire stock row , 2,000 yards Ingrain this Great Sale COO Oilk 103 plush and tapestry Parlor the east 600 hard wood extension of Wardrobes nt greatly Carpet rolls ; these from nre one nil of sample the Stoves , which will be sold lor Suits from one of the tension tables ; with each reduced prices ; special largest mills In the cast ; for less than the cost of best factories In the enit table Is a full set of leaves mention Is made of a lot patterns nre nil styllih the Iron ; every one guar these suits are worth every ( Intuited nntlque , worth of ilfty that nre worth and new ; price should be anteed to operate per ery cent of (13 , but our $15.00 ; our price beginning TCc per yutil , but we will fectly ; price should be price will be $12.50. our price tomorrow tomorrow sell them for 113.50 , but will be $30.50 $5.80 $7.50 - 38c $6.75 4,000 , yards Heavy Stair Carpet. . . . $ ,15 worth $ ,65 500 Base Burners $11.65 worth $22.60 Price , $5.65. 28 worth .55 uf . - . . 'H ' v p 3,000 , yards Ingrain Carpet . 358 Oil Healers 675 worth 12.50 For this stylish Drawer Cheffonler. It Is finished antique , well made Price $5.50 and well worth $10,50. 2,000 , yards Brussels C.irpct 54 worth 1.00 450 Soil Coal Heaters 5.00 worth 10.00 , solid Just oak best polish finish , ' .ins lart'o shelf for boolCH. Sells 1,000 , yards Velvet Carpal 75 worth 1.25 210 Cannon Stoves 3.50 worth 6.50 rlscwheie for $12.CO. 500 Smyrna Rugs 2.38 worth 5.00 53 Wood Stoves 4.25 worth 8.50 200 Moquctte Rugs . . . , . . . - 2.95 wort'j 7.50 185011 Heaters 4.90 worth 850 200 Kasrair Rugs 2.50 worth 4.50 340 CM Stoves 8.00 worth 16.00 100 pair Irish Point Lace Curtains. . 2.85 worth 7.50 68 Laundry Stoves 3.75 worth 7.0 ° 200 pair Nottingham Lace Curtains. . 1.25 worth 4.00 48 Ranges [ 5 holes ] 10.00 worth 19.00 3,000 , Window Shides 24 worth . 75 35 Parlor Coota 9.45 worth 17.50 225 pair Portieres 2.50 worth 6.50 1,000 , Joints Pipe 09 worth .20 PRICE , $9.45. 85 Art Squares 3.50 worth 8.00 1,000 , Elbows 09 worth .25 Price $21.75 For this new Btyle Parlor Cook Stove ; has larffe oven , 2 lids on top for cooking , and all For n 1'alnce Combination Folding lied , modern Improvements , reduced from $17.50. 200 Hassocks 45 worth 1.00 2,000 , Dampers 08 worth . 25 worth front and } 50 , finished folding antique bed In , with back. wardrobe In EASY TERMS. $10.00 worth of Goods , Presents Given Away $1 week or $ ( > month. This Week , $25.00 worth of Goods , With $10.00 $1.50 week or $0 month. worth of goods , $50.00 worth of Goods , w,1 ° Si-lnSllvo1' . Plntu(1 ( Ton With f2.00 - > .00 Woi'th of goods. . $2 week or $8 month. A $75.00 worth of Goods , Beautiful . Uisquo Fitrnro ' $2.50 week or $ 10 month. With f.JO.00 worth of goods , A $100 worth $3 week of Goods or $12 , month. FORMERLY PEOPLE'S MAMMQTH INSTALLMENT HOUSE. With Iliindsoine -B7.pj worth Picture. of goods , $200 worth of Goods , A Gumiino Oak Center Taljlo. $1 week or $15 month. Send 10 cents to cover pjstage on big ' 94 catalogue. Write for Bab ; C.irrhge and Stova Catalogues , mailed free. Open Monday and Saturdiy Evening ! . With An lilognnt $10'J worth Oak of llockor. goods. JAPAN'S ' SOSIII ASSASSINS The Empire Infested with Anarchists. Blackmailers and Political Strikers , THE TWO HOUSES OF PARLIAMENT Congressmen lit Four Hundred Dullnra n Year The Kmporor nnd Ills Connection with Mrmliurs iumncBo I'limnces Prosperity of the Country. ( Copyrighted , 1891 , by Frank Q. Carpenter. ) The war with China Is taking away from Japan , for a time , a class of men who have materially disturbed the government , I refer to the Soslil. These are like no other men on the face of the globe. They are a kind of a cross between an anarchist and political striker , nd though they exist in nearly every part of the empire , I have never seen them described In letters of travel. They are a pcullor feature of the modern Japan , nnd are the product of the old feudal sytcm married to the modern civilization. Japan , you know , was twenty-flvo years ago much like Europe during tlio middle ages. The Dalmlos , or no bles of the country , owned the greater part of the land , and each had a number of soldiers or Samurai about him. These Samurai were all soldiers , and the Dalmlo was expected to support them. When the revolution came and the Dalmlos gave up their estates these men were out of a Job. They took up with different branches of trade. A large nuiu ber wont Into the army. Some were employed In the new government , and today the class Is practically wiped out. Springing from It , however , are these bands of Soslil , who are young inert , many of whom are ready to sell themselves and their swords to the High est bidder. Every politician lias a number of them connected with him , and every political meeting Is filled with them. They carry sword-canes , and during elections the papers are full of the attacks of one band of Soshl upon another , and of statements as to hqw ono prominent man , accompanied by his Soahl , was met by another states man , with his Soahl , and how the two fought the matter out on the street. During my stay In Japan one of the mem bers of Parliament was waylaid by the Soshl of his opponent and well pounded , and an other man , also a member of Parliament , was attacked about 0 o'clock In the morn- log , while on his way In a Jlurlksha to the house * of representatives , by ten of these Soshl. One of them threw a bottle of rcJ Ink and sulphuric acid at him , and It struck him on the shoulder , but fortunately did no damage. Ho luckily happened to have two of his own Soshl with htm , and these men ran after the Soshl of the opposite party \ylio throw the bottle and caught him and handed him over to tint police. This Inci dent occuircd on the 22d of last May , and floin my notes \\hlch I took at the time I flea that on May 19 the Japanese papers record , how twenty Soshl attacked the otllco of a political newspaper and stoned the cd- llpre. The moit of the olficlals In Japan have some of these Soshl with them when they go about over the country. In some eaten they ride en the outside of the car riages , and In others they follow along on fpot.A A SET Of PROFESSIONAL THUGS. Thee Soshl are numbered by thousands , au'l ' it Is surprising how well they are or ganized. Outtlde of those who are attached to tin , ' j.Glllclanit. | them ore bands or so cieties of tticmio \ work together for their mutual benefit , and who are. In fact , bands uf thugs , assatslni , blackmailers and strlk- cw Borne of them give their services for their food and clothe * , and for $2 or $3 a day they will do anything , It they are ar rested you are expected to pay them for the time they tiny In prison and to send a few luxuries now und then to the Jail They are not at all fond of for eigner * , and they form a large part of the anti-foreign element of the country. I heard uf 6tie. Instance of a foreigner who had some trouble with a girl. There was a question o § 19 between them , and the girl had frlcndi among the Soshl. The leader of one of the > ands called upon the man and told him he nust pay. Ho refused. They then said they vould Inform his employers of certain prac- Ices which ho had been carrying on , and vould mix them with lies about others. They hreatened to assault him , and he finally concluded that the cheapest way out of the matter was to pay the bill. When he handed over the money they gave him a receipt guaranteeing that he would not be troubled > y any Soshl In the country. AMERICAN MINISTER AND THE SOSIII. The action of the government as regards these people has shown that they were evl- lently afraid of them , and It has been the wonder of forelgneis that they have not been put down. They have carried on their work openly , and a slgnboard was recently stuck up In one of the main business parts of Tokyo which read : "Soslil provided here. Terms moderate for the day or month. " Among1 the men , In fact , who have shown much nerve In the matter are our American minister and the Uev. Clay MacCauley , the head of a school In Tokyo and a Unitarian minister of great prominence In Japan. For tome reason or other the Soshl became incensed at Ur , McCauley , and they warned him that he must give up his school. They told him that he would bo mobbed If ho did' not , and they made all preparations to carry out their threat. Dr. MacCauley went to the American minister , Mr. Dun , and told him the situation. Mr. Dun , who , by the way , Is one of the best men who has ever represented us at the court of Japan , was very Indignant , and ho at once went to the f orclgn office and told the secretary of state that the government was responsible for keeping the Soshl In order , and that he proposed to drive with Dr. MacCauley In the legation carriage down to the school on the day fixed for the mob , and If they were Insulted or attacked In any way the American government would hold the Japanese- government responsible for It. The Japanese officials at once took the matter In hand and the Soshl were put down upon this occasion. The streets leadIng - Ing to the school were lined with police , and the result was that Dr. MacCauley passed tl.tough unharmed and unmolested by even a look. HOW MR. DUN SURPRISED THEM. The American minister Is by no means a coward , and It would not be safe for a Soshl to attack him. He stands fully six feet In his stockings and he weighs about 200 pounds. He has lived In Japan for /ears , having been sent there In the first place through the Influence of ox-Senator Allen G. Thurman , who Is his uncle. He speaks the Japanese as well ns the English , and he v > ns employed In the legation as Interpreter and confidential secretary for tome tlnm be fore his appointment as minister. Last New Year , when out driving , with his coachman and his footman on the scat , he saw three of the most desperate Soshl with sword canes In their hands on the road In front of him. He knew they did not like him , but he told the coachman to drive slowly. As the Soshl saw him they ranged themselves on both sides of the road , to that his car riage would have to pass between them , and as It came opposite one of them yelled at him the Japanese word for "fool , " never supposing that ho would un derstand It. Mr. Dun raised his hat , and In the politest and most polished of Japanese paid him the compliments of the Now Year. The Soshl was thunderstruck. He looked very sheepish and turned away. WHGRB THE SOSHI COME FROM. I asked a number of the prominent men of Japan , Including Count Ito , whence the Soshl came , and I was told that they were In most caies disaffected and unsuccessful students. Thousands of young- Japanese have been studying professions , ami there are hundreds upon hundreds of lawyers and doc tors more than are needed. The government places are all overcrowded , and the universi ties have been turning out gradu ates by the hundreds a year. The brightest students have been picked out by the government ami sent abroad to finish their educations. When they have come back they have been given positions , and those who were not so fortunatehave hail to stay out. The "outs" have banded to gether , and they have formed there organ izations , which are , to a certain extent , in surrectionary In their tendencies. They would bo a bad element In case of a revolu tion , and they form one of the worst features of the new Japan. They hang around Parlia ment , and they have been growing In numbers rapidly up to the time of the present war. This will probably carry off a good many of them. THE JAPANESE PARLIAMENT Speaking of the Japanese Parliament , It Is the baby congress of the world , and It Is one of the most Interesting legislative bodies In existence. It has two houses , which sit In a building not unlike a great seaside hotel In Its architectural structure. It Is made of frame , and Is of two stories. It Is situ ated In the center of Tokyo , not far from where the Shogun laid down the barbarous laws of the past , and Just outsldo of the moats which run round the palace grounds. There Is a wall around It , and when the houses are In session you see about 500 black jlnrtkshas , with bare-legged men In butler bowl hats sitting In them and waitIng - Ing for their masters , who are Inside. You have to go through a narrow entrance , so small that only one man can get through at a time , In getting to the reception room and also In going Into the hall , and this Is probably to prevent the danger of a rush by Soahl or others. There are plenty of officers dressed In uniform , and there Is as much icd tape as about the houses of Parliament In London. The two houses do not look much unlike our senate and house. The desks run In concentric circles back from the rostrum , on which the presi dent and vice president sit , and they are more like school desks than like those of our congress. The seats are made so that they can be turned tip like opera chairs , and some members from the back districts , who have been more accustomed to sitting on the floor than on chairs , now and then get up and kneel on their seats or sit cross- legged upon them. They do not keep their huts on , as they do In England , and their modes of prccedure are more like the Reichs tag than those of our congress. The most of the members dress In European clothes , though now and then you find one wearing a kimono. THE TWO HOUSES. The membership of the two houses Is about the same. The upper house Is called the house of peers , and It contains about 300 members. It comprises the aristocrats of the Japanes'e empire , and contains , In the first place , all the male members of the Imperial family of the age of 20 and up ward. Thus , ' the crown prince will -be a member of this house when he gets to be 20. It also contains members selected from the eleven princes and twenty-eight mar quises , eighty counts , , 355 viscounts and twenty-nine barons of theempire. . These men have to be elected by their own order and their number Is restricted. In addition to this there are some whom the emperor has made members on account of their learning and of the services which they" have done for Japan , and It Is probable that the present war will largely increase this number. Then there are certain members , who come from the different counties and districts In Japan , who have been nominated by the emperor and who are chosen by the vote of the fifteen men In each district who pay the highest taxes. Those who are members on account of their blood or have been ap pointed by the emperor are for life. Those elected by different orders and by the tax payers are for seven years , With all this It Is questionable whether the upper house contains the brains of Japan. The hquse of representatives , like that of our own. Is the noisiest and the ablest. It also numbers 300 , and any man can bo a member of congress who Is of Japanese birth and over 30 years of ago and pays a tax of not less than $15 a year. A Japanese has to be 25 years old before ho can vote , and voters must have a similar tax-paying qualification to members of congreig. A LAND OF LOW SALARIES. Japan Is a land of low salaries. The offi cials do not got half as much as ours , mid the members of the house of peers and of the house of representatives receive 800 Japanese yen and their traveling expenses. The yen Is now worth about CO cents , so they receive In reality only $400 a year. Our congressmen , yon know , receive $5,000. The presidents of both houses receive 4.000 yen , and the emperor appoints the ofllceru of the house of peers , and ho selects thoio of the house of representatives from three can didates who are elected by tha house. All of the voting In the Japanese Parlia ment U done In secret ballot. There Is a great deal of speech making , and the repre sentatives grow very excited when they dls- cusi the measures relating to the Govern . The emperor has the right to dis solve Parliament , and. he has dismissed the last two houses because they seemed In clined to cut down the expenses beyond the possibilities of running the government. The dissolution caused a great deal of excitement over the country , and the new election was much feared by the administration. The country seemed to be torn up by the dif ferent factions , but this has been all done away with by the war with China , and the emperor will get the money he wants from now on. . JAPANESE FINANCES. Speaking of Japanese finances , It la won derful how the people have come to the as sistance of the government In this war. The bonds have been subscribed for even more eagerly than they were during our civil war , and millions of dollars more money has been offered than IB needed. Tho- condi tion of Japan at the time of the war was per haps as good as that of any government In the world. The debt was practically nothing and the treasury had a surplus of more than twenty million dollars. As soon as war was declared the people began to send In contributions , and patriotism ex ists to such an extent that the richest' men of Japan would impoverish themselves rather than see the country lack money. Japan has for the past generation been on the up grade , and Its people have been fast growing wealthy. A look over the Japanese stock reports shows that nearly every Institution In the country Is paying dividends , and some pay as high as 10 and 20 per cent The railroads have all been giv ing good profits to tha stockholders and the stock Is not watered there as It Is here. There are now about 6,000 stock companies In Japan , the most of which have sprung up within the past ten years , and some of which began In 1877. The emperor has great power over Parlia ment. and the constitution Is so adroitly worded that he can act Independent of it. The laws provide that congress shall vote- all thu money , but that the last budget shall be In force in case a congress Is dissolved without passing new appropriation bills. The emperor can veto all laws , and he can proclaim a law when Parliament Is not slt- tlnc He still holds the chief command of army and navy , the right to make war or treaties and he can peace , and to conclude , confer such titles and pardons as he pleases. Parliament has no right to interfere with his household expense * . , and his cabinet go before the different upuscs and defend the administration. I don't know that the law provide where congiesa shall meet , but the fact that the empwor has called them to Hiroshima , which Is. I Judge , nearly 400 miles west of Tokyo , shows that he can do as IIR pleases In thU.nnatter. Thcso companies cfabrace mines , railroads , allk factories , cottonn factories , banks and all sorts ot mercantile flrms. In about 500 of the factories staam , is now used , and In something like 300 thb' power Is steam and water combined , Evcryr Institution publishes reports as to Its business , and It Is possible to learn Just how the , country stands finan cially Since the war * prices have gone up everywhere and on .the top of all this the. rice crop and the Ua crop of the present year are about one-tWrd larger than usual. Thin nils the p o ota of the farmers with money awl : It adds millions to the wealth ot > the country. In estimating the expense * of the present war , the economical living * the JfP-ne .nun be taken Into account.i The clothes for their soldiers cost less thaiuonrs , and they can be fed on one-thlrd the. amount required for any army of the same ! size In Europe. The government has conslflerable available property - erty oitslde of tfiat which she Is getting In the way of loans. She owns many good paying Industrie ? , and among others a large part of the railroad * , which pay a good Interest - terest above their cost and operating ex penses and which could be sold. I am told. for something like $60,000.000 In case of necessity. Rev Everett S. Stackpole , D.D. , who hai been himself a Methodist missionary , has pumished a book entitled. "Four and a Half Years In the Italian Mission ; a Criticism on Missionary Methods. " He believes that the appointment of apostate Homan Catholic priests as preachers at Methodism has. been a , grave mistake. Instructive Facts Collected by tlio National Commissioner of Labor. MUTUAL TrTI T IN THE UNlTED STATES A Valuable Work Drilling with the Oriel" , Development anil Present Condition of liiilltllnK ' " "I Loan Ansotla. thins How They Operate , The ninth annual report of Hon. Carroll D. Wright , commissioner of labor , Is de voted exclusively to the development of build ing and loan associations In the United States. It Is the first work of the kind un dertaken by the national government , and is remarkably complete , considering the dif ficulty of securing the necessary data. There Is not only a large variety of building and loan systems In vogue , but an almost total lack of uniformity In reports of associations. Until a very recent period state authorities , while encouraging their development by the enactment of laws , did not attempt to safe guard them by ofllclal supervision. Tha widespread growth and popularity of the movement , and the attempts of speculators to employ It as a cloak for their schemes , provoked a general demand for state regula tion and restriction , which was readily granted by the authorities of many states. As the movement spreads other states will doubtless follow , and In a few years official examination and restriction will be complete and effective , as well as uniform. Few reports Issued by the government treating of an economic subject possesses as great a value as the present work. It covers every phase of building and loan as sociations , the various methods In vogue , the occupations of shareholders , the aggregate business transacted In 1893 , as well as the number of associations In the several states and their development. The mass of Instruc tive statistics Is supplemented with a sus- clnct history of co-operative thrift In the United States , and the laws governing as sociations In the various states. A summary of the report was published In a bulletin Issued last summer , but It was meagre and unsatisfactory , and did not do justice to the comprehensive bcope of the work or the subject matter. The marvelous growth of co-operative homo building , having Us Inception only fifty years ago , and devel oping its greatest popularity in the last twenty years , Is a phenomena which astounds economists and experienced financiers. Com missioner Wright says these corporations , doing a semi-banking business , conducted by men not trained as bankers , offers a study In finance not equaled by any other Institu tions. EnRland , France , and some other countries have kindred Institutions , but no Where have they grown to such vast proportions tions as In the United States. WHAT THE FIGUUES TELL. The number of building and loan assdcla- lions In the United States in 1S93 was 5,838 , of which number 5,598 were local , or state associations , and 240 national. The total dues paid In on Installment shares In force with the profits on the same aggregate $450,667,694 , of which the nationals reported $37,020,366. "A business represented by this great sum , " says the report , "conducted quietly , with little or no advertising , shows that the common people , In their own ways , are quite competent to take care of their own savings , especially when it Is known that but thirty-five of the associations now In ex istence showed n net loss at the end of their last fiscal year , and that this loss amounted to only $23,332.20 , " Pennsylvania leads all states with 1,079 associations , and U followed III this order : Ohio 721. Illinois C69. Indiana 444 , New York 418 , Missouri 133 , New Jer ey 288 , Maryland .140 , Kentucky 148 , California 133 , and Massachusetts 115. In the thansmUsourl states North Dakota reported C In 1893 , South Dakota. 14 , Nebraska CC , Iowa 81 , Kan sas 71 , Colorado 42 , Wyoming 6 , Utah 5 and Montana 7 , Illinois has the largest number of national associations 38. Of the 5,838 as- coslatlons In the country , 4,614 has reported the number of shares Issued , the number being 20,455,799 , an average of 1 133.1 shares to each association ; 5,767 associations re ported 3,649,479 shares pledged for loans. Taking the summary of the 4,269 associa tions , classifying shareholders as to sex , out of a total of 1,227.442 members , 919,614 were males and 307,828 females. The total num ber of shareholders In all associations reporting was 1,745,725. WESTERN PIONEERS. Grand Island Is the parent city of building and loan associations In Ncbrobka , the plon- neer association being organized January D , 1882. Omaha followed the good example April 10 , 1883. It took eleven years for the movement to cross the state of Iowa Into Nebraska. The pioneer association of the farmer state was organized at Clinton Janu ary 1 , 1870. From Nebraska It Journeyed to Kansas In 1883 , and In the name year took In Dakota territory at Watertown. Of the 66 associations In Nebraska In 1893 , 4 were national ; 59 of the locals and 1 of the na tionals follow the serial plan of Issuing shares , 3 of each follow the permanent plan. Sixty associations had issued 404 scries , ma tured 11 scries , and made In force 391 kcrles. Sixty-eight associations reported 9,060 shares In force , of which number 7,251 were held by males and 1.S09 by females. Thirty-one associations had loss than 100 shareholders and 1 had inoro than 500 and less than 700 ; 38 associations had less than 60 borrowers , and 1 had 175. HOMES ACQUIRED. The beneficial results of building and loan associations Is shown by the table , giving the number of homes and other buildings acquired by borrowers during the lives of the associations. On this point 4,444 associa tions report 314,755 homes acquired and 28,459 other buildings. Of this number 2,676 homes and 292 other buildings were acquired In Ne braska , 8,093 and 499 , respectively , In Iowa , and 1,187 and 128 in South Dakota. Sixty-four Nebraska associations foreclosed 128 mortgages , valued at $110,651 , and sus tained a loss of $8,497. To determine the occupation of sharehold ers In Nebraska associations , eight repre sentative associations were selected and tabu lated as follows : Accountants , bookkeepers , clerks , etc. . . . 23. > Agents , bankers , brckers , etc 82 Artisans and mechanics 193 Corpoiatlon officials 19 Farmers , gardenem , etc 18 Government officials uiul employes 60 Hotel , boarding house and restaurant keepers 29 Housewives and housekeepers 323 LahoierB 211 Lodges , churches and societies 3 Manufacturers , contractors ; capitalists , etc CT Merchants and dealers 179 Alill and factory employes CO Persons engaged In the professions 13' ! Salesmen and saleswomen 91 Superintendents , foremen , etc t2 The average of ago of all associations In the United States Is 6.2 years. Of the locals 2,391 are under 5 ycarsof ago , 2,163 under 10 , 589 under 15 and 433 over 15 ; 22C of the nationals are under 5 years and fourteen over 5. One association In Pennsylvania Is 42 years of age. Nebraska had eighteen aso- clatlons under G years , forty-six under 10 and two over 10 years. THE VARIOUS PLANS. The commissioner of labor found no less than sixty-eight premium plans In opera tion among the building associations of the United States. Associations loan their funds to shareholders In sixty-eight different ways. The most popular plan Is to put the money up and let desiring borrowers bid , the offer of the highest premium getting the loan Rut this plan has Its variations. Homo asso ciations have a fixed premium lute , and al low the Intending borrowers to draw lotn for the order of ( heir loans. In Missouri , Illi nois OIK ) most western states associations fol low one of two plans. The first of these two plans awards the loan to the bidder of the highest premium and deducts the premium from the face of the loan. An Illustration belt explains how this works. A shareholder secures a loan on one share of a maturing value of (200 at 10 per cent premium. He receives $1SU In cash and pays Interest nn } 200 at C per cent until his loan la tattsfled , III * monthly pay ments are at follows : Dues , $1 ! Interest , (1 It Is assumed his inure will metura In 10) months. If ho repays hit loan before ma turity ho will be aliened one one-hundredth part of the premium paid by him In advance for each remaining month. The other plan of crtat popularity the loan to the bidder of the highest . nre. mlum , with this difference , that tlj borrow" ; recolves the full amount of the loan Instead of hay ng the premium deducted from th maturing value , as In the other plan. For " " ' ? member secures a loan , of $2 000 , requiring ten shares of stock , having hid a premium of 10 cents a share monthly ? He receives the full $2.000. Ills monthly ; inyments are as follows : Dues , at $1 a sharev ? IO ; Interest ! on $2,000 at 6 per cent per an. num. $10 ; premium , $1 ; total payments eacli month , $21. Thcso payments continue until the loan Is settled by the maturity of th shares 01 by repayment. LOANING METHODS , "Tho purchase of a share , " says Commis sioner Wright , "binds the shareholder to the necessity of keeping up his dues , ana thus secures to him not only all the benefits of a savings bank , but the benefit of con stantly accruing compound interest , This accomplishes the first feature of the motive of a building association. The second Is that of enabling a man to borrow money foir building purposes. Ordinarily , a share * holder who desires to build a liousa , nnd hap secured a lot for that purpose , may borrow money from the association of which hek \ a member. Suppose a man who has secured his lot wishes to borrow $1,000 for the erec tion of his house. He must be ths holdup of five shares In his association , eich sharer having as its maturing value $200. Hlo live shares , therefore , would be worth , when matured , $1,000 , the amount of money whlcl ) he desires to borrow. The process by whlcli he can borrow this money differs from that of borrowing1 money from- savings and other moneyed Institutions. In a building- and loan association the money Is put up at auction , usually In open meeting on the night or at the time of payment of dues. Those who wish to borrow bid n , premium atiova the regular rate of Interest charged , and the one who bids the hlgheet premium 1 awarded the loan. The man who wishes to build his house , therefore , and desires to borroxv $1,000 , must have flvo rhnroi of steels In the association , must bid the highest premium , and then the $1,000 will be loaned to him. To secure this $1,000 ho gives the association a mortgage on his property , and pledges his five shares of clock. To cancel this debt he Is constantly paying hi' monthly ; dues , until such time as the constant pay ment of dues , plus the accumulation of profits through compounded Interest , ma * lures the shares at $200 each. At this time , then , ho surrenders his sharps. an.I the mort > gage on hU property Is canceled. " That Is what a building association Is In theory , and that Is all It should be In pracV tlce. Those asBoc.atlons which stick closest to this simple plan result In the greatest profit and the most satisfaction to the entire mem > Imrshlp. Those which borrow niomy or re * cclvo deposits at Interest , In addition to tli dues , complicate the theory. They Increftifl the dimculty of management , add an clement of speculation and of danger , and may , op- may not , come out all right. With the asso > c atlon which confines Iteelf to Its true tho- cry there Is no risk and no doubt of the re * suit. Affcoclatlons organized to pay salaries to officers , to Increase the huglnoss of nomy real estntci dealer , to furnish work to a builder , or to do anything but what Cam * mtssloner Wright sets forth so clearly as the legitimate purpose of these Institutions , art ) mistakes. The principle of limiting the number o | shares which any one tharchoMcr can act quire Is cardinal In the model building agio * elation , The Nebraska law limits the hod ] > Ings | o ten shares In each name , but a shard- holder may hold any number he 0)100309 ) above ten In the name or nunus of oth > ( persons. His voting power Is limited , to tjia number of shares , ten or under , n lit * name , and generally ten shares by proxy. In the country at largo 2,513 associations allow erie vote to each shareholder , regardless of the number of shares held , and 2,55ft allow one vote per share. Limiting Die number ot shares diminishes : the danger of 111" manage * mcnt falling Into the control of an unscrupur Ions clique. When shares arc well scattered the directors do not get together and vote too ofllcerx $200 a month salaries nnd Indulge ID other extravagances of which a recently coU lapsed association In Illinois it furnishing aa object lesson. England has the advantage of uy In infotw of railroad travel. In l&OS not * single pal * nont'.or of the 40,000,000 conveyed during thi first six months of the year wai killed whllf traveling ; on the trains. '
