nois, 3; Indiana, 1; Massachusetts, 11; Montana, 2; New Jersey, 1; New York, 1; Pennsylvania, 1; Rhode Island, 1; Virginia, 20; Wisconsin, 1; total local associations, 45.

PLAN 41.

Under this plan premium and interest are combined. The borrower 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. He pays thereon dues and premium and interest, and an additional sum, which at fixed periods is credited to the principal, premium and interest being charged on the balance only.

Illustration: A member secures a loan of $1,000 on one share, at 6 per cent per annum premium and interest. His payments each month. during the first year are as follows: Dues, $2.50; payment on principal, $8.333; premium and interest, $5; total payments each month during the first year, $15.834. At the end of the year the principal is credited with $100, the total payment made during the year on account thereof, and premium and interest is charged on the balance only. During the second year his payments each month are: Dues, $2.50; payment on principal, $8.33; premium and interest, $4.50; total payments each month during the second year, $15.333; and so on, reducing the monthly payments of premium and interest each year by 50 cents, being a reduction of 10 per cent of the premium and interest bid, until the sixth year, when the principal is further reduced by the total amount of instalment dues paid up to that period and premium and interest reduced accordingly. The number of associations operating under this plan is as follows: LOCAL.-District of Columbia, 5; total local associations, 5. NATIONAL.-District of Columbia, 1; total national associations, 1.

PLAN 42.

Loans are awarded to shareholders bidding the highest premium. The 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. Or, if the borrower elect, he may receive the full amount of his loan without premium, but in that case he pays a higher interest rate. 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 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 cents per week on each $100. His bi-weekly payments are as follows: Dues at $1 a share, $5; interest on $1,000 at 10 cents a week per $100, $2; total of each bi-weekly payment, $7. These payment continue until the maturity of the shares, unless the loan has been settled

by repayment before the expiration of the sixth year from the date of issue of the shares in which case one-sixth of the premium will be refunded for every entire year of the six then unexpired.

Illustration II: A member secures a loan on five shares of a maturing value of $200 each and receives the full amount, $1,000. He pays no premium, but interest at the rate of 7 per cent per annum on his loan. His bi-weekly payments are as follows: Dues at $1 a share, $5; interest on $1,000 at 7 per cent per annum, $2.69; total of each bi-weekly payment, $7.69. These payments continue until the loan has been settled either by maturity of shares or repayment.

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

PLAN 43.

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 receives the remainder, but gives security for the gross amount, and pays interest on the same. Or, if the borrower elect, he may receive the full amount of his loan without premium, but in that case he pays a higher interest rate. In either case the monthly payments continue until the maturity of the shares, unless the loan has been previously settled by repayment. 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 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.

Illustration II: A member secures a loan on five shares of a maturing value of $200 each, and receives the full amount, $1,000. He pays no premium, but interest at the rate of 10 per cent on his loan. His monthly payments are as follows: Dues at $1 a share, $5; interest on $1,000 at 10 per cent, $8.33; total payments cach month, $13.33.

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

PLAN 44.

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 receives the remainder but gives security for the gross amount and pays interest thereon. In addition to the premium deducted in advance, he pays a fixed instalment premium at the same time with his dues and interest until the loan is settled either by repay.

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 63 per cent per annum, and an additional fixed premium of 12 cents per share. His weekly payments are as follows: Dues at 25 cents a share, $2.50; interest on $1,000 at 6 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, $4.16; 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 each, 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 paymentsare 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 $13 premium, which, deducted from $65, 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 elect. 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, $8.331; 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, $8.333; premium, $1; total payments each month, $14.33. 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: 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, $8.333; 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 his dues and interest. He receives the