The number of associations operating under this plan is as follows: LOCAL. Alabama, 4; Arkansas, 2; California, 3; Colorado, 7; Connecticut, 7; Delaware, 5; District of Columbia, 2; Florida, 8; Georgia, 3; Idaho, 1; Illinois, 60; Indiana, 97; Iowa, 11; Kansas, 11; Kentucky, 30; Maine, 27; Massachusetts, 100; Michigan, 20; Minnesota, 13; Missouri, 54; Nebraska, 9; New Hampshire, 2; New Jersey, 48; New Mexico, 2; New York, 111; Ohio, 226; Oregon, 1; Pennsylvania, 295; Rhode Island, 5; South Carolina, 3; South Dakota, 3; Tennessee, 13; Texas, 2; Virginia, 2; Washington, 7; West Virginia, 16; Wisconsin, 17; total local associations, 1,227.

NATIONAL.-Alabama, 2; Illinois, 3; Indiana, 5; Iowa, 1; Kansas, 1; Minnesota, 1; Missouri, 10; Nebraska, 2; New Hampshire, 1; New Jersey, 1; New York, 4; Pennsylvania, 1; Tennessee, 8; Texas, 1; Virginia, 2; Wisconsin, 1; total national associations, 44.

PLAN 28.

Loans are awarded to shareholders in the order of their applications or by lot. The borrower receives the full amount of his loan and pays interest on the same. The premium is a certain rate per cent per annum, or a certain amount each month or at such periods of time, as the rules of the association require.

Illustration: A member secures a loan of $1,000 at 6 per cent interest per annum and at a fixed premium of $6.25, payable monthly. He pledges ten shares of stock, payable monthly, at 62 cents per share to be applied to the payment of the loan. He is also required to carry one additional share called premium stock for each $100 borrowed, to be applied to the payment of the premium. His monthly payments are as follows: Dues, $6.25; premium, $6.25; interest at 6 per cent per annum, $5; total payments each month, $17.50.

The number of associations operating under this plan is as follows: LOCAL.-Alabama, 3; Arkansas, 2; California, 1; Colorado, 1; District of Columbia, 1; Georgia, 3; Illinois, 46; Indiana, 103; Iowa, 18; Kansas, 3; Kentucky 8; Louisiana, 1; Maryland, 11; Michigan, 9; Minnesota, 8; Mississippi, 3; Missouri, 38; New Jersey, 1; New York, 7; Ohio, 93; Pennsylvania, 36; South Carolina, 1; Tennessee, 3; Texas, 1; Virginia, 5; West Virginia, 11; Wisconsin, 1; total local associations, 418.

NATIONAL.-Alabama, 1; California, 8; Colorado, 3; District of Columbia, 2; Georgia, 7; Illinois, 19; Indiana, 10; Iowa, 5; Kentucky, 15; Louisiana, 1; Maryland, 3; Michigan, 2; Minnesota, 13; Missouri, 3; Nebraska, 2; New York, 17; North Dakota, 1; Ohio, 3; Oregon, 3; Pennsylvania, 2; South Dakota, 2; Tennessee, 5; Utah, 1; Virginia, 4; Washington, 2; West Virginia, 2; total national associations, 136.

PLAN 29.

Loans are awarded to shareholders bidding the highest premium. The premium bid is either a certain rate per cent per annum or a certain amount each month or at such periods of time as the rules of the association require. A certain number of these premium instalments are deducted from the loan in advance, the borrower receiving the remainder. The payment of the remaining premium instalments begins either at once or at the expiration of the period covered by the advance payment and continues during the entire term of the loan, or ceases at the end of a fixed period. The borrower pays interest on the gross amount of the loan.

Illustration: A member secures a loan on five shares of a maturing value of $200 each, at a premium of 50 cents a share per month. Twelve premium instalments are deducted in advance, the borrower receiving $970. Borrower thereafter pays in addition to his monthly dues and interest on his loan a monthly instalment premium of $2.50 until twelve months prior to maturity of the shares upon which the loan is made. The monthly payments are as follows: Dues at $1 a share, $5; interest at 6 per cent per annum, $5; premium, $2.50.

The number of associations operating under this plan is as follows: LOCAL.-California, 8; Illinois, 6; total local associations, 14.

PLAN 30.

Loans are awarded to shareholders in the order of their applications or by lot The premium is either a certain rate per cent per annum or a certain amount each month, or at such periods of time as the rules of the association require. The premium for a certain period is deducted from the loan in advance, the borrower receiving the remainder. The payment of the remaining premium instalments begins either at once or at the expiration of the period covered by the advance payment, and continues during the entire term of the loan, or ceases at the end of a fixed period. The borrower pays interest on the full amount of the loan.

Illustration: A member secures a loan on ten shares of the maturing value of $100 each, at a fixed premium of 50 cents a share per month. The premium for the first six months is deducted in advance, the borrower receiving $970. During the first six months he pays only dues and interest on his loan. After six months his monthly payments are as follows: Dues at 60 cents a share, $6; interest at 6 per cent per annum, $5; premium at 50 cents a share, $5; total payments each month. until maturity of shares, $16.

The number of associations operating under this plan is as follows: LOCAL.-California, 1; total local associations, 1.

NATIONAL.-New York, 1; total national associations, 1.

PLAN 31.

The premium, whether a fixed rate or determined by bid, is either a certain rate per cent per annum or a certain amount each month or at such periods of time as the rules of the association require. The bor rower receives the full amount of the loan and pays interest on the same; but the principal is reduced periodically by the amount of dues paid in, and interest is charged on the balance only.

Illustration: A member secures a loan of $200 on one share, at a premium of 10 cents a month. He receives the full amount and pays interest on the same. The payments each month during the first year are as follows: Dues on one share, $1; interest on $200 at 6 per cent per annum, $1; premium, 10 cents; total payments each month during the first year, $2.10. Payments each month during the second year are: Dues, $1; interest on $188 at 6 per cent per annum, 94 cents; premium, 10 cents; total payments each month during the second year, $2.04; and so on, the interest being reduced each year until the settlement of the loan.

The number of associations operating under this plan is at follows: LOCAL.-Maryland, 1; New Jersey, 6; Ohio, 224; Pennsylvania, 36; total local associations, 267.

PLAN 32.

This plan is in every respect similar to plan 31, except that the principal is periodically reduced by the amount of the dues and premiums paid during the preceding term and interest charged on the balance only.

Illustration: On a loan of $200 on one share at a monthly premium of 25 cents and at 5 per cent interest, the payments each month during the first year are as follows: Dues, $1; interest at 5 per cent per annum, 83 cents; premium, 25 cents; total, $2.08. Payments each month during the second year are: Dues, $1; interest on $185 at 5 per cent per annum, 77 cents; premium, 25 cents; total payments each month, $2.02; and so on, the interest being reduced each year until the settlement of the loan.

The number of associations operating under this plan is as follows: LOCAL.-Pennsylvania, 5; total local associations, 5.

PLAN 33.

This plan is in every respect similar to plan 31, except that the principal is periodically reduced by the amount of the dues paid in during the preceding term, plus a certain part of the premiums, and interest is charged on the balance only.

The number of associations operating under this plan is as follows: LOCAL.-Pennsylvania, 1; total local associations, 1.

PLAN 34.

This plan is in every respect similar to plan 31, except that the prin

the preceding term, plus the dividends accrued, and interest is charged on the balance only.

The number of associations operating under this plan is as follows: LOCAL.-Ohio, 18; Pennsylvania, 1; Wisconsin, 1; total local associations, 20.

PLAN 35.

This plan is in every respect similar to plan 31, except that the principal is periodically reduced by the amount of the dues and interest paid in during the preceding term, and interest is charged on the balance only.

The number of associations operating under this plan is as follows: LOCAL.-Indiana, 1; total local associations, 1.

PLAN 36.

This plan is in every respect similar to plan 31, except that the principal is periodically reduced by the amount of the dues, premiums, and interest paid during the preceding term, and interest charged on the balance only.

The number of associations operating under this plan is as follows: LOCAL.-Ohio, 1; Pennsylvania, 12; total local associations, 13.

PLAN 37.

The borrower has the option of paying interest on the full amount of his loan during its continuance and participating in the profits, or of having his interest-bearing principal periodically reduced by the amount of the dues paid in and receiving no dividends. In the first case this plan resembles plans 27 or 28; in the second case, plan 31.

The number of associations operating under this plan is as follows: LOCAL.-Ohio, 8; total local associations, 8.

PLAN 38.

The premium, whether a fixed rate or determined by bid, is either a certain rate per cent per annum or a certain amount each month, or at such periods of time as the rules of the association require. The borrower receives the full amount of the loan and pays interest on the same. An arbitrary reduction in the interest rate is made periodically. The reduction of the interest rate may continue until the loan has been repaid, or until it has reached a certain rate, at which it continues until the settlement of the loan.

Illustration: A member secures a loan of $500 on one share, at a weekly premium of 10 cents. His payments each week during the first year are as follows: Dues, 50 cents; interest, 60 cents; premium, 10 cents; total payments each week during the first year, $1.20. Payments each week during the second year are: Dues, 50 cents; interest, 57 cents; premium, 10 cents; total payments each week during the second

year, $1.17; and so on, reducing the weekly interest 3 cents each year until the loan has been settled by repayment or by the maturity of the share.

83.

The number of associations operating under this plan is as follows: LOCAL.-Indiana, 1; Kentucky, 5; Ohio, 77; total local associations,

NATIONAL.-Iowa, 1; total national associations, 1.

PLAN 39.

The premium, whether a fixed rate or determined by bid, is either a certain rate per cent per annum or a certain amount each month or at such periods of time as the rules of the association require. The bor rower receives the full amount of his loan and pays interest on the same at a uniform rate for a certain period or during the continuance of the loan. The premium is periodically reduced until it has reached a certain rate, at which it may continue for a certain period or until the loan has been satisfied.

Illustration: A member secures a loan on ten shares of a maturing value of $100 each, at a premium of 25 cents per share per month, interest at the rate of 53 per cent per annum. His payments each month during the first year are as follows: Dues at 55 cents a share, $5.50; interest, $4.50; premium, $2.50; total payments each month during the first year, $12.50. Payments each month during the second year are: Dues, $5.50; interest, $4.50; premium, $2; total payments each month during the second year, $12; and so on, reducing the premiums each year 5 cents per share per month for five years, after which the premium is discontinued.

The number of associations operating under this plan is as follows: LOCAL.-New Jersey, 1; Ohio, 2; Pennsylvania, 1; total local associations, 4.

NATIONAL.-New York, 1; total national associations, 1.

PLAN 40.

Under this plan the premium and interest are combined. The bor rower pays such rate of premium and interest on his loan as his bid or the rules of the association require. He receives the full amount of the loan.

Illustration: A member secures a loan upon five shares of a maturing value of $200 each, at 6 per cent per annum premium and interest. His monthly payments are as follows: Dues at $1 a share, $5; premium and interest on $1,000 at 6 per cent per annum, $5; total payments each month, $10. These payments continue until the loan is settled by repayment or by the maturity of the shares.

The number of associations operating under this plan is as follows: