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, $8.331; 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, $11.66%. 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 payments continue for one hundred and eight months, after which only dues and interest are paid until the loan has been settled by repayment 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.

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 $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 case of the repayment of the loan before the maturity of the shares all the premium paid in advance with the exception of one-forty-eighth part for each full month the loan has run is returned to the borrower. Illustration 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 $3.12, is deducted in advance from the amount of the loan, leaving the borrower $996.87. 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, $3.12; 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.

Illustration II: If the borrower selects the instalment plan, the premium, a fixed rate of 30 per cent, equal to $300 on a loan of $1,000, is divided into one hundred and twenty equal instalments of $2.50 each. Twelve of these instalments are deducted from the loan in advance, leaving the borrower $970. He gives security for $1,000 and pays interest on the same. 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 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, 7; total local associations, 7.

PLAN 54.

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. 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 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 at 7 per cent per annum. His monthly payments are as follows: Dues at $1 a share, $5; interest on $1,000 at 7 per cent per annum, $5.833; total payments each month, $10.83. Such part of the premium paid in advance as the board of directors may determine is returned to the borrower in case of the repayment of the loan before the maturity of the shares.

Illustration II: If the borrower selects the instalment plan, the premium, a fixed rate of 30 per cent, equal to $300 on a loan of $1,000, is divided into one hundred and twenty equal instalments of $2.50 each. Twelve of these instalments are deducted from the loan in advance, leaving the borrower $970. He gives security for $1,000 and pays interest on the same. His monthly payments are as follows: Dues on five shares at $1 a share, $5; interest on $1,000 at 7 per cent, $5.83}; premium, $2.50; total payments each month, $13.33. 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:

PLAN 55.

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, which are paid at the same time with dues and interest. The borrower pays interest not only on his loan but also on the balance of the premium remaining unpaid. 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 one share of a maturing` value of $200, at 20 per cent premium. He receives $160, but gives security for $200, and pays interest on the same. His monthly payments are as follows: Dues, $1; interest on $200 at 6 per cent per annum, $1; total payments each month, $2.

Illustration II: If the borrower selects the instalment plan, the premium is divided into a number of equal parts equal to the number of months remaining of the existence of the series of stock upon which the loan is made, calculating upon the basis of eight years for the existence of each series. Assuming the loan to have been made at -the beginning of a series, the premium of $40 would be divided into ninety-six equal parts of 413 cents each. The borrower receives $200 and pays interest on both principal and the premium remaining unpaid. The interest on the premium is averaged yearly, making all monthly instalments payable during any year equal in amount. The monthly payments during the first year are as follows: Dues, $1; interest on loan, $1; premium, 413 cents; interest on premium, 183 cents; total, $2.602. Monthly payments second year: Dues, $1; interest on loan, $1; premium, 413; interest on premium, 16 cents; total, $2.571; and so on, interest on the premium decreasing each year by 2 cents per month. The premium is averaged annually as follows:

37.50

Compute interest at 6 per cent per annum on

The number of associations operating under this plan is as follows: LOCAL.-Mississippi, 1; Pennsylvania, 4; total local associations, 5.

PLAN 56.

This plan is in every respect similar to plan 55, except that loans are made at a fixed premium rate instead of to the highest bidder. The number of associations operating under this plan is as follows: LOCAL.-Pennsylvania, 1; total local associations, 1.

H. Ex. 209—27

PLAN 57.

Leans are awarded to shareholders bidding the highest premium. The bid may either be a gross amount to be deducted from the loan in advance, or a certain amount to be paid periodically. In the first case the premium is deducted from the loan in advance, but the borrower gives security for the gross amount of the loan, and pays interest on the same. 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. In the second case the borrower receives the full amount, gives security for the same, and pays interest thereon, and such amount of premium periodically as his bid requires.

Illustration I: A member secures a loan on one share of a maturing value of $300, at a premium of $30. The borrower receives $270, but gives security for $300, on which he pays 6 per cent interest per annum. The payments are as follows: Dues on one share, payable weekly, 50 cents; interest on $300 at 6 per cent per annum, payable monthly, $1.50. These payments continue until the share reaches maturity, unless the loan is previously repaid, in which case it is again awarded to the highest bidder, and the former premium shall be paid to the original borrower, provided the premium be no less than the original; if less he loses the difference, and if more the advance of the premium goes to the benefit of the association.

Illustration II: A member secures a loan on one share of a maturing value of $100, at a premium of 5 cents a week. He receives the full amount and pays interest thereon. His weekly payments are as follows: Dues, 20 cents; interest, 12 cents; premium, 5 cents; total payments each week, 37 cents.

The number of associations operating under this plan is as follows: LOCAL.-Illinois, 2; Indiana, 3; Michigan, 1; Missouri, 4; Ohio, 1; Utah, 1; total local associations, 12..

PLAN 58.

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 either case he gives security for the gross amount of the loan and pays interest on the same. 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 twenty shares of a maturing value of $100 each, at a fixed premium of $25 a share. He receives $1,500, but gives security for $2,000, and pays interest on the same at the rate of 6 per cent per annum. His monthly payments are as follows: Dues at 50 cents a share, $10; interest on $2,000 at 6 per cent per