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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 ten shares of a maturing value of $100 each, at 10 per cent premium. He receives $900, but gives security for $1,000 on which he pays interest at the rate of 64 per cent per annum, and an additional fixed premium of 121 cents per share. His weekly payments are as follows: Dues at 25 cents a share, $2.50; interest on $1,000 at 64 per cent per annum, $1.25; premium, $1.25; total payments each week, $5.

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

LOCAL.–California, 1; Indiana, 1; Missouri, 1; New Jersey, 1; total local associations, 4.

NATIONAL.-Florida, 1; Illinois, 1; Mississippi, 1; New York, 1; total national associations, 4.

PLAN 45.

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 on the same. In addition to the premium deducted in advance, the borrower pays a fixed instalment premium at the same time with his dues and interest until the loan has been settled either by repayment or by the maturity of the shares. 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 member secures a loan on ten shares of a maturing value of $100 each. A premium of 10 per cent is deducted from the loan in advance, the borrower receiving the remainder, $900. He gives security for the gross amount, $1,000, and pays interest and a fixed premium of 5 per cent per annum on the same. His monthly payments are as follows: Dues at 75 cents a share, $7.50; interest on $1,000 at 5 per cent per annum, $4,163; premium on $1,000 at 5 per cent per annum, $4.163; total payments each month, $15.83). A rebate of one-eighth of the premium deducted in advance is refunded for each unexpired year, if the loan is repaid before the maturity of the shares.

The number of associations operating under this plan is as follows:
LOCAL.--Illinois, 1; total local associations, 1.
NATIONAL.-Illinois, 6; New York, 1; total national associations, 7.

PLAN 46.

Loans are awarded to shareholders bidding the highest instalment premium in addition to the fixed premium, which is deducted from the loan in advance. The borrower gives security for the gross amount and pays interest on the same. The instalment premium bid is paid at the same time with dues and interest. 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 ten shares of a maturing value of $100 cach, at a premium of 2% per cent per annum, or 5 cents per week. A fixed premium of $10 per share is deducted from his loan in advance, leaving him $900. He gives security for $1,000 and pays interest on the same at 6 per cent per annum. The weekly payments are 25 cents per share, which includes dues, interest, and premium. Every six months the interest and premium are deducted from the total payments and the remainder is credited to the stock as dues. The total payments on ten shares for six months are $65; this amount includes $30 interest and 813 premium, which, deducted from $63, leaves $22 to be credited to the stock as dues.

The number of associations operating under this plan is as follows: LOCAL.-Indiana, 2; total local associations, 2.

PLAN 47.

Loans are awarded to shareholders bidding the highest premium. The premium is either deducted from the loan in advance or paid in instalments as the borrower may clect. In the latter case it is divided into a certain number of equal parts, which are paid at the same time with dues and interest. 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 I: A member 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 and pays interest on the same at the rate of 10 per cent per annum. His monthly payments are as follows: Dues at $1 a share, $5; interest on $1,000 at 10 per cent per annum, $8.33}; total payments each month, $13.33).

Illustration II: If the borrower elect to pay his premium in instalments, the amount of the premium bid, taking the above case, would be divided into one hundred equal parts, one of which is payable monthly at the same time with dues and interest. He receives the full amount of his loan, for which he gives security, and on which he pays interest. His monthly payments are as follows: Dues, $5; interest, $8.33}; premium, $1; total payments each month, $14.334. These payments continue until the entire amount of the premium has been paid, after which the borrower pays only dues and interest, until the loan has been settled by repayment, or by the maturity of the shares.

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

PLAN 48.

Loans are awarded to shareholders bidding the highest premium. The premium is either deducted from the loan in advance or paid in instalments, as the borrower may elect. In the latter case the pre

periodically at the same time with dues and interest. When the entire premium has been paid in advance, a part of it is returned to the borrower in case of the repayment of the loan before the maturity of the shares.

Illustration I: A member secures a loan on ten shares of a maturing value of $100 each, at a premium of 15 per cent. He receives $850, but gives security for the gross amount, $1,000, and pays interest on the same. His monthly payments are as follows: Dues at 50 cents a share, $5; interest on $1,000 at 5 per cent per annum, $4.163; total payments each month, $9.163. In case of the repayment of the loan before the end of the eighth year, one-eighth of the premium is refunded for each year that remains to the maturity of the shares. Shares are supposed to mature in eight years.

Illustration II: If the borrower elect to pay his premium in instalments, the amount of his premium bid, taking the above case, would be divided into one hundred equal parts, one of which is payable monthly at the same time with dues and interest. He gives security for $1,000 and pays interest thereon at the rate of 5 per cent per annum. His monthly payments are as follows: Dues on ten shares at 50 cents a share, $5; interest on $1,000 at 5 per cent per annum, $4.163; premium, $1.50; total payments each month, $10.663. These payments continue until the entire amount of the premium has been paid, after which the borrower pays only dues and interest until the loan has been settled by repayment or by the maturity of the shares.

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

LOCAL.-Illinois, 1; Michigan, 1; Minnesota, 1; Pennsylvania, 2; total local associations, 5.

PLAN 49.

Loans are awarded to shareholders in the order of their applications or by lot at a fixed premium rate. The premium is either deducted from the loan in advance or paid in instalments as the borrower may elect. In the latter case the premium is divided into a certain number of equal parts, which are paid at the same time with dues and interest. 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 I: A member secures a loan on five shares of a maturing value of $200 each, at a fixed premium of 15 per cent. He receives $850, but gives security for the gross amount, $1,000, on which he pays interest at the rate of 10 per cent per annum. His monthly payments are: Dues at $1 a share, $5; interest, $8.33}; total payments each month, $13.33. 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 II: If the borrower prefers to pay his premium in monthly instalments, it is divided into one hundred equal parts, one of which is payable at the same time with bis dues and interest. He receives

full amount of his loan, for which he gives security and on which he pays interest. Taking the above case his monthly payments are as follows: Dues on five shares at $1 a share, $5; interest, $8.33}; premium, $1.50; total payments each month, $14.83). These payments continue until the entire amount of the premium has been paid, after which the borrower pays only dues and interest until the loan has been settled by repayment or by the maturity of the shares.

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

PLAN 50.

Loans are awarded to shareholders bidding the highest premium. The premium is either deducted from the loan in advance or paid in instalments as the borrower may elect. In the latter case the premium is divided into a certain number of equal parts, a certain number of which are deducted from the loan in advance and the remainder paid at the same time with dues and interest. The borrower gives security for the gross amount of the loan and pays interest on the same. 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 I: A member secures a loan on five shares of a maturing value of $200 each, at 15 per cent premium. He receives $850, but gives security for $1,000 and pays interest on the same. His monthly payments are as follows: Dues at $1 a share, $5; interest on $1,000 at 8 per cent per annum, $6.663; total payments each month, $11.663.

Illustration II: If the borrower selects the instalment plan, and the premium bid is 30 per cent, the total premium of $300 is divided into one hundred and twenty equal monthly instalments of $2.50 each. Twelve of these monthly instalments are deducted in advance, leaving the borrower $970. He gives security for $1,000 and pays interest thereon. His monthly payments are as follows: Dues on five shares at $1 a share, $5; interest on $1,000 at 8 per cent per annum, $6.663; premium, $2.50; total payments each month, $14.163. These pay. ments continue for one hundred and eight months, after which only dues and interest are paid until the loan has been settled by repay. ment or by maturity of the shares.

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

PLAN 51.

This plan is in every respect similar to plan 50, except that borrowers in this case pay no interest.

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

PLAN 52. Loans are awarded to shareholders bidding the highest premium. The premium is either deducted from the loan in advance or paid in instalments, as the borrower may elect. In the latter case, the premium is divided into a certain number of equal parts, a certain number of which are deducted from the loan in advance and the remainder paid at the same time with dues and interest. When the entire premium has been paid in advance a part of it is returned to the borrower in case of the repayment of the loan before the maturity of the shares.

Illastration I: A member secures a loan on ten shares of a maturing value of $100 each, at a premium of 15 per cent. He receives $850, but gives security for $1,000 and pays interest on the same. His monthly payments will be as follows: Dues at 50 cents a share, $5; interest on $1,000 at 6 per cent per annum, $5; total payments each month, $10. In ease of the repayment of the loan before the maturity of the shares all the premium paid in advanee with the exception of one-forty-eighth part for each full month the loan las run is returned to the borrower.

Hlustration II: If the borrower elect to pay his premium in monthly instalments, the premium is divided into forty-eight equal parts. One of these parts, equal to $3.124, is deducted in advance from the amount of the loan, leaving the borrower $996.871. He gives security for $1,000 and pays interest on the same. His monthly payments are as follows: Dues on ten shares at 50 cents a share, $5; interest on $1,000 at 6 per cent per annum, $5; premium, $3.121; total payments each month, $13.12). These payments continue until the entire amount of the premium has been paid, after which the borrower pays only dues and interest until the loan has been settled by repayment or by the maturity of the shares.

The number of associations operating under this plan is as follows: LOCAL.-California, 3; total local associations, 3.

PLAN 53.

Loans are awarded to shareholders in the order of their applications or by lot at a fixed premium. The premium is either deducted from the loan in advance or paid in instalments as the borrower may elect. In the latter case the premium is divided into a certain number of equal parts, a certain number of which are deducted from the loan in advance, and the remainder paid at the same time with dues and interest. The borrower gives security for the gross amount of the loan and pays interest on the same. 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 I: A member secures a loan on five shares of a maturing value of $200 each at a fixed premium of 15 per cent. He receives $850, but gives security for $1,000 and pays interest on the same. His monthly payments are as follows: Dues at $1 a share, $5; interest on $1,000 at 8 per cent per annum, $6.663; total payments each month, $11.663.

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