1. A portion of the profits apportioned to the shares, arbitrarily fixed by the board of directors, is given after the expiration of the fixed period during which interest is paid, instead of a fixed or graduated portion of

the profits.

Illustration: If, in the case illustrated above, the board of directors should give a shareholder, withdrawing when his shares were five years. old, an arbitrary allowance of two-thirds of the profits apportioned he would receive on each share $60, dues paid in, plus two-thirds of $15, or $10, making the amount withdrawn on said share $60 plus $10, or $70. Some associations, in which an arbitrary allowance is given, provide that such allowance shall not be less than 50 per cent of the profits apportioned and some that it shall not be less than 75 per cent of the same.

2. All the profits apportioned are given after the expiration of the fixed period during which interest is paid, instead of a fixed or graduated portion of said profits.

Illustration: If, in the case illustrated above, all the profits are given. after the fixed period a shareholder withdrawing when his shares are five years old will receive on each share $60, dues paid in, plus $15, all the profits apportioned, making the amount he will withdraw on said share $75.

3. Some of the associations allowing a fixed rate of interest for a fixed period and all profits thereafter give, in addition to the fixed rate of interest during part of the fixed period, an arbitrary amount. The particular cases reported are as follows:

(1) Fixed rate of interest allowed where shares on which withdrawal is made are less than six years old, with an arbitrary amount additional from the fourth to the sixth year, inclusive, and all profits thereafter. (2) Fixed rate of interest allowed when shares on which withdrawal is made are less than seven years old, with an arbitrary amount additional from the fourth to the seventh year, inclusive, and all profits thereafter.

4. 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; two years.

5. No interest or 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: Two months; three months; six months; one year; a time arbitrarily fixed by the board of directors. 6. The fixed period during which a fixed rate of interest is given in case of withdrawal varies in different associations as follows: One year; two years; twenty-six months; three years; four years; five years; six years; seven years; eight years; ten years.

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 10 cents, 20 cents, 25 cents, 50 cents, or $1 per share is charged.

(2) Withdrawal fee of 10 cents per share is charged for each month the shares upon which withdrawal is made have been in existence.

(3) Withdrawal fee of 50 cents per share is charged if the shares upon which withdrawal is made are less than one year old.

(4) Withdrawal fee of 50 cents per share is charged, but not less than $1 nor more than $2.50 per transaction.

(5) Withdrawal fee of $1 per share is charged if the shares upon which withdrawal is made are six years old.

(6) Withdrawal fee of $2 per share is charged if the shares upon which withdrawal is made are eight years old.

(7) Withdrawal fee of $6 per share is charged if the shares upon which withdrawal is made are seven years old.

(8) If the shares upon which withdrawal is made are in the sixth year of their existence a withdrawal fee of $5 per share is charged, if in their seventh year a fee of $4 per share, if in their eighth year a fee of $3 per share, if in their ninth year a fee of $2 per share, and if in their tenth year a fee of $1 per share. No withdrawal fee is charged prior to the sixth year nor after the tenth year of the share's existence. (9) During the first year of the existence of the shares upon which withdrawal is made a fee of 25 cents per share is charged, during the second year a fee of 50 cents per share, from the third to the seventh years inclusive no fee is charged, during the eighth year a fee of $8 per share, and after the eighth year a fee of $6 per share.

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

LOCAL. California, 10; District of Columbia, 1; Florida, 1; Illinois, 45; Indiana, 10; Iowa, 2; Kansas, 1; Maryland, 1; Michigan, 7; Min. nesota, 2; Mississippi, 1; Missouri, 2; Montana, 2; New Jersey, 6; New York, 26; Ohio, 2; Pennsylvania, 14; South Dakota, 1; Tennessee, 2; Washington, 1; West Virginia, 1; Wisconsin, 1; total local associations, 139.

NATIONAL.-Alabama, 1; California, 2; Georgia, 3; Illinois, 1; Indi ana, 4; New York, 2; Tennessee, 3; Virginia, 2; total national associations, 18.

PLAN 8.

Withdrawing snareholders receive the dues paid in with a graduated rate of interest thereon during a fixed period, and either 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 (varying in different associations) from the date of issue of the shares, interest thereon at various increasing rates per

drawal is made after the expiration of said period shareholders receive instead of interest either a fixed portion of the profits apportioned to the shares or a portion of such profits graduated according to the age of the shares.

Illustration: An association in which the dues are $1 per month per share provides for paying its withdrawing members, during the first. six months their shares are in force, only the amount of dues that has been paid in; during the second six months, in addition to the dues, 5 per cent interest per annum thereon for the average time of investment; during the second year, 5 per cent; during the third year, 6 per cent; during the first six months of the fourth year, 64 per cent; during the last six months of the fourth year, 7 per cent; during the first six months of the fifth year, 71⁄2 per cent; during the last six months of the fifth year, 8 per cent; after the fifth year, at any time prior to maturity, 85 per cent of the profits apportioned to the shares. If a member withdraws when his shares are fifty months old he receives, per share, the dues paid thereon, $50, and 7 per cent per annum interest thereon for the average time of investment, amounting to $7.81, making a total of $57.81. Should he withdraw at the end of the sixth year, and the profits at that time amount to $20 per share, he would receive the dues paid in, $72, and, in addition thereto, 85 per cent of $20, or $17, making a total of $89.

If, after the fourth year, a graduated portion instead of a fixed portion of the profits is allowed, 65 per cent of the profits being allowed during the fifth year, 70 per cent during the sixth year, 75 per cent during the seventh year, 80 per cent during the eighth year, 85 per cent during the ninth year, and 90 per cent after the expiration of the ninth year, at any time prior to maturity, a withdrawing shareholder would receive upon withdrawal made after having paid in dues for six years the amount of such dues, $72, and 75 per cent of the profits, $15, making a total of $87 per share.

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

1. If withdrawal is made after the expiration of the fixed period during which a graduated rate of interest is allowed, withdrawing shareholders receive such portion of the profits as the managers of the association may from time to time determine.

2. If withdrawal is made after the expiration of the fixed period during which a graduated rate of interest is allowed, withdrawing shareholders receive all the profits which have been apportioned to their shares instead of a fixed or a graduated portion thereof.

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.

4. No interest or profit is allowed if withdrawal is made upon shares which have not been in existence for a certain specified time, which H. Ex. 209—31

varies in different associations as follows: Six months; one year; eighteen months; two years.

5. Withdrawing shareholders receive the dues paid in with a graduated rate of interest thereon until dues and profits amount to one-half the maturing value of a share, and either a fixed or a graduated portion of the profits thereafter.

6. The fixed period during which a graduated rate of interest is given in case of withdrawal varies in different associations as follows: Three years; four years; four and one-half years; five years; six years; seven years; eight years; nine years.

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 25 cents per share is charged.

(2) Withdrawal fee of 10 cents per share is charged for each month the shares upon which withdrawal is made have been in existence. (3) Withdrawal fee of 10 cents per share is charged if the shares upon which withdrawal is made are less than six months old.

(4) Withdrawal fee of 35 cents per share is charged if the shares upon which withdrawal is made are less than one year old, 10 cents per share if between one and two years old.

(5) Withdrawal fee of 10 per cent of the dues paid in is charged if the shares upon which withdrawal is made are less than one year old. (6) Withdrawal fee of $5 per share is charged if the shares upon which withdrawal is made are nine years old.

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

LOCAL.-California, 5; Illinois, 18; Iowa, 1; Maryland, 2; Michigan, 4; Minnesota, 4; Mississippi, 1; Missouri, 1; Montana, 1; Nebraska, 2; New Hampshire, 1; New Jersey, 19; New York, 10; Pennsylvania, 10; Tennessee, 1; total local associations, 80.

NATIONAL.—Illinois, 2; Indiana, 5; Minnesota, 3; Missouri, 1; New York, 1; South Dakota, 1; Virginia, 2; total national associations, 15.

PLAN 9.

Withdrawing shareholders receive the dues paid in with a graduated portion of the profits during a fixed period, and all 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 (varying in different associations) from the date of issue of the shares, a portion of the profits apportioned to the shares graduated according to the age of the shares; if withdrawal is made after the expiration of said period, shareholders receive all the profits

Illustration: The bylaws of an association provide that shareholders withdrawing at the end of the first fifteen months from the date of issue of their shares shall receive all dues paid by them, together with 163 per cent of the profits apportioned to their shares; after two years, 333 per cent; after three years, 50 per cent; after four years, 663 per cent; after five years, 833 per cent; after six years, all profits appor tioned. A shareholder in the above association desires to withdraw after having paid dues for three years at $1 per share per month. The profits apportioned to his shares equal $8.80 per share, of which, according to the foregoing scheme, he receives 50 per cent, or $4.40. This amount added to $36, the amount of dues paid by him, gives a withdrawal value of $40.40 per share at the end of the third year. But if the shareholder retains his membership until the expiration of the sixth year the withdrawal value of a share will be an amount equal to the total dues paid in plus all the profits apportioned thereto.

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

1. Instead of all profits the shareholder withdrawing at the expiration of a fixed period receives, in addition to his dues, such rate of interest or specific amount as the board of directors may from time to time determine.

2. Instead of a graduated portion of the profits the shareholder withdrawing during a fixed period receives, in addition to his dues, a fixed portion of the profits.

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

4. 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.

5. 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; three months; six months; nine months; one year; two years; three years; four years; five years. 6. The fixed period during which a graduated portion of the profits is given in case of withdrawal varies in different associations as follows: One and one-half years; two years; two and one-half years; five years; six years; seven years; eight years; nine years; ten years; eleven years; twelve years.

7. If withdrawal is made after the expiration of the fixed period during which a graduated portion of the profits is allowed, a deduction 5 per cent is made on all profits apportioned to the shares.

8. Some associations charge a withdrawal fee of 15 cents per share; others of 25 cents per share, regardless of the age of the shares upon which withdrawals are made.