Maryland, 3; Michigan, 7; Minnesota, 9; Missouri, 29; Nebraska, 8; New Hampshire, 10; New Jersey, 22; New York, 10; North Carolina, 2; Ohio, 2; Pennsylvania, 69; South Carolina, 1; South Dakota, 1; Tennessee, 4; Virginia, 2; West Virginia, 2; Wisconsin, 2; total local associations, 270.

NATIONAL.-Alabama, 1; Colorado, 3; Florida, 1; Georgia, 2; Illinois, 13; Indiana, 2; Iowa, 1; Kentucky, 5; Louisiana, 1; Michigan, 2; Minnesota, 9; Montana, 1; Nebraska, 2; New York, 9; Pennsylvania, 1; Tennessee, 9; Utah, 1; West Virginia, 1; total national associations,

64.

PLAN 4.

Withdrawing shareholders receive the dues paid in and a fixed portion of the profits.

Under this plan withdrawing shareholders receive the dues paid in on the shares upon which withdrawal is made and a fixed portion, varying in different associations, of the profits apportioned to said shares.

Illustration: The maturing value of a share is $200 and the dues per month $1. A member whose shares are two years old has paid in on each share in dues $24, and the profits apportioned each share are $2; 50 per cent of such profits can be withdrawn; therefore, if the member withdraws at the end of said two years he will receive on each share the dues paid in, $24, plus 50 per cent of the $2 profits, or $1, which makes the total amount that may be withdrawn on each share, $25.

The portion of the profits allowed on withdrawal ranges in different associations from 5 to 95 per cent.

Among the associations reported as operating under this plan the following modifications and regulations are found:

1. One association allows, in addition to the dues paid in, a fixed amount on each share upon which withdrawal is made instead of a fixed portion of the profits apportioned.

2. In one case the fixed portion allowed is not a fixed portion of all the profits apportioned, but a fixed portion of those remaining after deducting the profits of the first year.

3. No withdrawal is allowed to be made upon shares which have not been in existence for a certain specified time, which varies in different associations as follows: Six months; one year.

4. No profit is allowed if withdrawal is made upon shares which have not been in existence for a certain specified time, which varies in different associations as follows: One month; two months; three months; six months; nine months; one year; eighteen months; two years; three years; five years.

5. No profit is allowed and but 95 per cent of the dues paid in can be

6. A fixed portion of the profits apportioned can be withdrawn, provided such portion does not exceed 7 per cent per annum interest upon the dues paid in.

7. Among the associations reported as operating under this plan and its modifications the following regulations regarding withdrawal fees are found:

(1) Withdrawal fee of 5 cents, 10 cents, or 50 cents per share is charged.

(2) Withdrawal fee of 25 cents per share is charged for each year the shares upon which withdrawal is made have been in existence.

(3) Withdrawal fee of 25 cents per share is charged, but not more than $5 per transaction.

(4) Withdrawal fee of 50 cents per share is charged and, in addition, 8 per cent of the dues paid in, if the shares upon which withdrawal is made are not over one year old; but if said shares are over one year old, then 50 cents per share and 2 per cent of the dues paid in is charged.

(5) Withdrawal fee of $1 per transaction is charged.

The number of associations reported as operating under this plan and its modifications is as follows:

LOCAL.-Arkansas, 10; California, 11; Colorado, 3; Connecticut, 1; District of Columbia, 1; Idaho, 1; Illinois, 14; Indiana, 7; Iowa, 2; Kansas, 1; Kentucky, 24; Louisiana, 2; Maine, 18; Maryland, 4; Massachusetts, 79; Michigan, 2; Minnesota, 15; Mississippi, 3; Missouri, 19; Nebraska, 8; New Hampshire, 2; New Jersey, 13; New York, 17; North Carolina, 4; North Dakota, 2; Ohio, 2; Oklahoma, 1; Oregon, 7; Pennsylvania, 58; South Carolina, 3; South Dakota, 1; Tennessee, 2; Texas, 6; Washington, 3; Wisconsin, 1; total local associations, 347.

NATIONAL.-California, 2; District of Columbia, 1; Kentucky, 5; Minnesota, 1; Missouri, 1; New York, 2; Washington, 2; total national associations, 14.

PLAN 5.

Withdrawing shareholders receive the dues paid in and a graduated portion of the profits or a graduated amount.

Under this plan withdrawing shareholders receive the dues paid in on the shares upon which withdrawal is made, with a portion of the profits apportioned to such shares, such portion being graduated according to the age of the shares. Or, instead of a graduated portion of the profits, withdrawing shareholders receive, in addition to dues, an amount which increases periodically according to the age of the shares, regardless of profits.

Illustration I: A member desires to withdraw at the end of the third year after having paid $36 in dues. The scheme of the association provides that a member withdrawing during the first twenty-four months

shall receive, in addition to the dues paid in, 75 per cent of the profits apportioned to his shares; after twenty-four months, 80 per cent; after thirty months, 85 per cent; after thirty-six months, 90 per cent; and after forty-two months, 95 per cent. The profits earned by a share at the end of the third year are $4.06, of which the withdrawing member would receive 90 per cent, or $3.65, which, added to the dues, gives the share a withdrawal value of $39.65.

Illustration II: An association paying the withdrawing shareholder a graduated amount per share instead of a graduated portion of the profits, allows the following rates: If the withdrawal takes place during the first year, no profits are allowed; during the second year, 50 cents; during the third year, $1; during the fourth year, $3; during the first six months of the fifth year, $5; during the second six months of the fifth year, $6.50; during the first six months of the sixth year, $8; during the second six months of the sixth year, $10; during the first six months of the seventh year, $12; during the second six months of the seventh year, $14; during the first six months of the eighth year, $16; during the second six months of the eighth year, $18; and after the eighth year, $20. A member withdrawing from this association at the end of the fifth year, after having paid $60 in dues, would receive $8 in addition to his dues, or a total of $68.

Among the associations reported as operating under this plan the following modifications and regulations are found:

1. No withdrawal is allowed to be made upon shares less than one year old.

2. No profit is allowed if withdrawal is made upon shares which have not been in existence for a certain specified time, which varies in different associations, as follows: Six months; nine months; one year; two years; four years; eight years.

3. In some cases the profits allowed must not exceed a fixed per cent of the profits apportioned, which varies in different associations, as follows: 50 per cent; 80 per cent.

4. Among the associations reported as operating under this plan and its modifications the following regulations regarding withdrawal fees are found:

(1) Withdrawal fee of 10 cents per share is charged.

(2) Withdrawal fee of 10 cents per share is charged, but not less than 50 cents per transaction.

(3) Withdrawal fee of $1 per transaction is charged.

5. If withdrawal is made upon shares less than one year old only 90 per cent of the dues paid in is returned to the shareholder.

The number of associations reported as operating under this plan and its modifications is as follows:

LOCAL.-Arkansas, 2; California, 38; Colorado, 1; Connecticut, 3; Delaware, 1; Georgia, 1; Illinois, 15; Iowa, 2; Kansas, 3; Kentucky,

nesota, 6; Mississippi, 9; Missouri, 12; Nebraska, 6; New Jersey, 42; New Mexico, 1; New York, 23; North Carolina, 3; Ohio, 1; Oregon, 5; Pennsylvania, 99; Rhode Island, 5; South Carolina, 1; Tennessee, 2; Texas, 2; Utah, 1; Washington, 1; West Virginia, 5; total local associations, 321.

NATIONAL.-California, 2; New York, 3; Oregon, 2; total national associations, 7.

PLAN 6.

Withdrawing shareholders receive the dues paid in with a fixed rate of interest thereon, and, in addition, a fixed or a graduated portion of the profits.

Under this plan withdrawing shareholders receive the dues paid in on the shares on which withdrawal is made, with interest thereon, at rates varying, in different associations, from 3 per cent to 8 per cent per annum, and, in addition thereto, a fixed portion of the profits appor tioned to the shares in excess of the interest allowed, or a portion of such profits graduated in accordance with the age of the shares.

Illustration: In an association in which the dues are $1 per share per month the profits at the end of four years amount to, say, $10 per share; a shareholder then withdrawing would receive on each share the dues paid in by him, $48, with interest thereon for the average time of investment, amounting, at 6 per cent per annum, to $5.76, and in addition thereto, a fixed portion of the profits in excess of $5.76, of 20 per cent thereof, amounting to one-fifth of $4.24, or 85 cents, making a total of $54.61; if instead of a fixed a graduated portion of the profits is allowed in addition to the interest, one-tenth of the profits in excess of interest being allowed for each full year the share has been in force, the withdrawing shareholder would be entitled to receive at the end of four years the dues paid in, $48, plus the interest thereon, $5.76, plus 40 per cent of the profits in excess of said interest, amounting to two-fifths of $4.24, or $1.70, making a total of $55.46.

Some associations, instead of allowing a fixed or a graduated portion of the profits in addition to interest, allow a fixed or a graduated amount per share, regardless of the profits; for instance, withdrawing members may be paid $1 per share, in addition to interest, on all shares one year old or over; or, the additional amount may be increased from year to year, as the shares increase in age. In a few cases the addi tional portion of profits or the additional amounts are not allowed unless the shares upon which withdrawal is made are two and, in one instance, three years old at the time of withdrawal; and occasionally only the dues paid in are returned to withdrawing members if their shares are less than three months, six months, or one year old.

A few associations, permitting withdrawals under the plan above described, pay the full "book value," or, as it is sometimes designated,

the "present value" of the shares upon which withdrawal is made, consisting of the dues paid in, together with all profits apportioned therto, after such shares are eight years old.

None of the associations in which withdrawals are made in accordance with the plan described are reported as charging withdrawal fees. The number of associations reported as operating under this plan and its modifications is as follows:

LOCAL. Arkansas, 1; California, 1; Illinois, 17; Indiana, 1; Michigan, 5; Nebraska, 1; New Jersey, 6; New York, 2; Pennsylvania, 9; total local associations, 43.

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

PLAN 7.

Withdrawing shareholders receive the dues paid in, with a fixed rate of interest thereon during a fixed period and a fixed or a graduated portion of the profits thereafter.

Under this plan withdrawing shareholders receive the dues paid in on the shares on which withdrawal is made and, if withdrawal is made within a fixed period from the date of issue of the shares, interest thereon, both the rate of interest and the length of the period varying in different associations; if withdrawal is made after the expiration of said period, shareholders receive instead of interest either a fixed por tion of the profits apportioned to the shares or a portion of such profits graduated according to the age of the shares.

Illustration: In an association in which the dues are $1 per share per month interest at the rate of 6 per cent per annum on the dues paid in is allowed the withdrawing shareholder if withdrawal is made on shares less than four years old, and thereafter, in lieu of said interest, a fixed portion of 50 per cent of the profits apportioned is allowed. If a shareholder withdraws when his shares are three years old he will receive on each share $36, dues paid in, with interest at 6 per cent per annum thereon, amounting for the average time of investment to $3.24, making the total amount he will withdraw on each share $36 plus $3.24, or $39.24. If said shareholder withdraws when his shares are five years old, the profits earned by each share being $15, he will receive on each share $60, dues paid in on same, together with 50 per cent of the $15, or $7.50, making the total amount he will withdraw on each share $60 plus $7.50, or $67.50. If instead of a fixed a graduated portion of the profits is allowed after a fixed period, which is, say, 50 per cent of the profits when share is four years old, 60 per cent when five years old, 70 per cent when six years old, etc., then, at the end of the five years, he will receive on each share $60, dues paid in on same, plus 60 per cent of $15, or $9, making the total amount he will withdraw $60 plus $9, or $69.

Among the associations reported as operating under this plan the