Hampshire, 14; New Jersey, 153; New York, 175; Ohio, 5; Oregon, 1; PLAN 7. Loans are awarded to shareholders bidding the highest premium. The premium bid is deducted from the maturing value, the borrower receiving the remainder. He gives security for the gross amount and pays interest thereon. A part of the premium paid in advance is returned to the borrower in case of the repayment of the loan before the maturity of the shares, determined by the length of time the scheme of the association assumes it will take shares to mature. Illustration: A shareholder secures a loan on one share of a maturing value of $200 at 10 per cent premium. He receives $180 in cash and pays interest on $200 at 6 per cent until his loan is satisfied. His monthly payments are as follows: Dues, $1; interest, $1. assumed his shares will mature in one hundred months. If he repays his loan before maturity, he will be allowed one one-hundredth part of the premium paid by him in advance for each remaining month. The number of associations operating under this plan is as follows: LOCAL.-Alabama, 7; Arizona, 2; Arkansas, 7; California, 29; Colorado, 12; Connecticut, 1; Delaware, 8; Florida, 2; Georgia, 2; Idaho, 1; Illinois, 219; Indiana, 86; Iowa, 5; Kansas, 34; Kentucky, 5; Louisi ana, 20; Maryland, 1; Michigan, 29; Minnesota, 12; Mississippi, 15; Missouri, 184; Montana, 2; Nebraska, 31; New Jersey, 38; New York, 25; North Dakota, 2; Ohio, 9; Oklahoma, 1; Pennsylvania, 351; South Carolina, 17; South Dakota, 6; Tennessee, 41; Texas, 7; Virginia, 2; Washington, 1; Wisconsin, 3; Wyoming, 3; total local associations, 1,220. NATIONAL.-Georgia, 2; Illinois, 1; Minnesota, 1; South Dakota, 1; Virginia, 1; total national associations, 6. PLAN 8. Loans are awarded to shareholders in the order of their applications or by lot. A fixed premium is deducted from the loan in advance, the borrower receiving the remainder. He gives security for the gross amount, and pays interest thereon either for a fixed period or until his loan is satisfied, according to the rules of the association. No part of the premium paid in advance is returned to the borrower in case of the repayment of the loan before the expiration of the period or the maturity of the shares. Illustration: A shareholder secures a loan on two shares of stock of a maturing value of $500 each. The bylaws of the association provide for a uniform premium of $10 on each share. In this case the borrower thereon. In addition to his weekly dues of $2 he pays $1.20 interest per week. The number of associations operating under this plan is as follows: LOCAL. Arkansas, 3; California, 6; Colorado, 3; Florida, 1; Idaho, 2; Indiana, 3; Iowa, 1; Kentucky, 14; Maryland, 5; Missouri, 1; New Jersey, 5; New Mexico, 1; New York, 29; Pennsylvania, 9; Virginia, 17; West Virginia, 5; Wisconsin, 2; total local associations, 107. NATIONAL.-Alabama, 1; Indiana, 1; total national associations, 2. PLAN 9. Loans are awarded to shareholders in the order of their applications or by lot. A fixed premium is deducted from the loan in advance, the borrower receiving the remainder. He gives security for the gross amount, and pays interest thereon, either for a fixed period or until his loan is satisfied. A part of the premium paid in advance is returned to the borrower in case of the repayment of the loan before the expira- . tion of the period or the maturity of the shares. Illustration: A shareholder secures a loan on five shares of a matur ing value of $100 each at a fixed premium of 20 per cent. He receives in cash $400, but gives security for $500 and pays interest on the same. His monthly payments are as follows: Dues at 50 cents a share, $2.50; interest on $500 at 8 per cent per annum, $3.334; total payments each month, $5.83. If the loan is repaid before the expiration of the eighth year after the issue of the series of stock on which the loan has been made, one thirty-second part of the premium paid will be refunded for each quarter of a year of the said eight years then unexpired. The number of associations operating under this plan is as follows: LOCAL.-Arkansas, 5; Colorado, 2; Illinois, 46; Indiana, 3; Iowa, 2; Kentucky, 1; Louisiana, 1; Michigan, 5; Minnesota, 2; Missouri, 2; New York, 3; Pennsylvania, 54; Washington, 1; Wisconsin, 2; total local associations, 129. NATIONAL.—Illinois, 1; Louisiana, 1; Tennessee, 1; total national associations, 3. PLAN 10. The premium, whether a fixed rate or determined by bid, is deducted from the loan in advance. The borrower receives the remainder and gives security for the gross amount, on which he pays interest. The interest is reduced periodically by crediting the principal with the amount of instalment dues paid in, and charging interest on the balance only. Illustration: A shareholder secures a loan on five shares of a maturing value of $200 each at a premium of 10 per cent. He receives $900, but gives security for $1,000, on which he pays interest at the rate of 6 per cent per annum. His payments during the first three months are as follows: Dues on five shares at $1 per share a month, $15; interest on $1,000 for three months at 6 per cent per annum, $15; total for first three months, $30. During the next, and each succeeding three months, the sum total of the dues paid in by the borrower on his shares during the preceding three months is deducted from the principal, and he pays interest on the remainder. His payments during the second three months are: Dues, $15; interest on $985 for three months, $14.77; total, $29.774. The amount on which he pays interest is thus reduced every three months until the loan is satisfied. The number of associations operating under this plan is as follows: LOCAL.-District of Columbia, 1; New Jersey, 15; Pennsylvania. 15; total local associations, 31. PLAN 11. The premium bid by the borrower is deducted from the loan in advance, the borrower receiving the remainder. He gives security for the gross amount and pays interest thereon. He has the option of not participating in the profits, and in lieu thereof has his interest reduced periodically by crediting the principal with the amount of dues paid in and paying interest on the remainder only. One one-hundredth part of the premium paid in advance is returned to the borrower for each unexpired month in case of the repayment of the loan before the maturity of the shares. Illustration I: The borrower participates in the profits. A shareholder secures a loan on one share of a maturing value of $200 at a premium of 10 per cent; the borrower then receives $180. He gives security for $200, on which he pays interest. His monthly payments are as follows: Dues, $1; interest on $200 at 6 per cent per annum, $1. Illustration II: The borrower who selects the interest-reduction plan does not participate in the profits. Taking the above loan, the monthly payments during the first year would be as follows: Dues, $1; interest on $200 at 6 per cent per annum, $1; total payments each month during the first year, $2. At the end of the year the principal is credited with the dues paid in during the year, reducing the interest-bearing debt to $188, on which the borrower pays interest during the second year, his monthly payments being as follows: Dues, $1; interest on $188 at 6 per cent per annum, 94 cents; total payments each month during the second year, $1.94. The amount on which the borrower pays interest is thus reduced annually until the loan has been repaid. The number of associations operating under this plan is as follows: LOCAL.-Pennsylvania, 1; total local associations, 1. PLAN 12. Loans are awarded to shareholders bidding the highest premium. The premium bid by the borrower together with the interest for the full term for which the loan has been made are deducted from the loan, monthly instalments in the time specified for the loan. No part of the interest or premium paid in advance is returned to the borrower in case of the repayment of the loan before the maturity of the shares. Illustration: A member secures a loan on forty shares of a maturing value of $25 each the first month of a new series at a premium of 5 per cent. It is estimated that the shares will require seventy-six months to mature. The interest on $1,000 for this period, fixed by the association at $428, and the premium bid by the borrower, amounting to $50, are deducted from the loan, leaving the borrower $522. His monthly payments then consist of $10 dues until maturity of his shares. The number of associations operating under this plan is as follows: LOCAL.-Arkansas, 2; total local associations, 2. PLAN 13. This plan is in every respect similar to plan 12, except that a part of the interest paid in advance is returned to the borrower in case of the repayment of the loan before the maturity of the shares. The number of associations operating under this plan is as follows: LOCAL.-Virginia, 1; total local associations, 1. PLAN 14. Loans are awarded to shareholders bidding the highest premium. The premium, if any, is deducted from the loan, the borrower receiving the remainder. He gives security for the gross amount of the loan, and pays interest thereon. The premium bid determines the time for which the loan is to run, the time decreasing as the premium increases. No part of the premium is returned to the borrower in case of the repayment of the loan before the expiration of the time for which it is made. Illustration: Weekly payments on each loan of $100 are as follows: Dues, 25 cents; interest, 15 cents; total, 40 cents. On a loan made at par these payments continue for eighty-five months; on a loan made at 10 per cent premium, payments continue seventy-five months, and so on reducing the time one month for each $1 of premium bid, except that on loans running for less than four years one month is deducted for each $1.25 of premium bid. The number of associations operating under this plan is as follows: LOCAL.-Kansas, 1; total local associations, 1. PLAN 15. Loans are awarded to shareholders bidding the highest premium. The premium is deducted from the loan in advance, the borrower receiv ing the remainder. He pays interest only on the amount actually received. No part of the premium paid in advance is returned to the borrower in case of the repayment of the loan before the maturity of the shares. Illustration: A member obtains a loan on one share of a maturing value of $100 at 10 per cent premium. He receives $90 cash and pays interest on this amount at the rate of 6 per cent per annum. His payments are as follows: Dues per week, 25 cents; interest per month, 45 cents. These payments continue until the share has reached the maturing value of $100. The number of associations operating under this plan is as follows: LOCAL.-Indiana, 4; Iowa, 1; South Carolina, 1; Virginia, 1; West Virginia, 13; total local associations, 20. PLAN 16. Loans are awarded to shareholders bidding the highest premium. The amount thus bid is deducted from the loan, the borrower receiving the remainder. The borrower pays interest only on the amount actually received. A part of the premium paid in advance is returned to the borrower in case of the repayment of the loan before the maturity of the shares. Illustration: A shareholder secures a loan on one share of a maturing value of $200 at 10 per cent premium. He receives $180 and pays interest on this amount. His monthly payments are as follows: Dues, $1; interest on $180 at 6 per cent per annum, 90 cents. These payments continue until the share has reached the maturing value of $200. One one-hundredth part of the premium paid in advance is returned to the borrower for each unexpired month in case of the repayment of the loan before the maturity of the shares. The number of associations operating under this plan is as follows: LOCAL.-Arkansas, 2; Illinois, 8; Indiana, 23; Iowa, 3; Kansas, 1; Mississippi, 2; New York, 1; Pennsylvania. 80; Tennessee, 1; total local associations, 121. NATIONAL.-Tennessee, 3; total national associations, 3. PLAN 17. Loans are awarded to shareholders in the order of their applications or by lot. The premium, a fixed rate, is deducted from the loan in advance, the borrower receiving the remainder. He gives security for the gross amount, but pays interest only on the amount actually received. No part of the premium paid in advance is returned to the borrower in case of the repayment of the loan before the maturity of the shares. Illustration: A member secures a loan on one share of a maturing value of $100. A fixed premium of 10 per cent is deducted in advance, the borrower receiving $90, on which he pays interest at the rate of 8 per cent per annum. His monthly payments are as follows: Dues, 50 cents; interest, 60 cents. The number of associations operating under this plan is as follows: |