The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1868-01-17

Building Assoc iation Again.-In the
last issue of the JOURNAL there ap peas
number errors in the publication of an ar
ticle headed as above. One sentence was so
changed az to convey different meaning
from at Intended. Each successive loan
decreases the total amount paid in and in
terest on amount loaned just $40, i" was made
to read, ''each successive loan increases the
amount paid in monthly Just SO" which is
also true. But what was meant was this:
If A who takes the first loan pays the As
sociation in 81 years the total sum of
$205U, making $40 more paid in than
drawn out. B. would pay in 50 O3O and
his installment would be $500, and so on
decreasing in the ratio till the 80 per cent
have all taken loans, which, as was shown,
amounts to $50 less paid in than was
drawn out According to this ratio of de-
crease the 65th member would pay in the
same amount iu 61S years that be drew out
at the end Of 3 years and ) months, or has
had the use of 81, 400 for years and l
month for nothing.
From these figures it is very easy for any
one to estimate smaller shares or his relative
standing in the Association for taking aloan
at any time from the first month up. For
instance, you own 5 shares and at the eud of
l6 months you wish to take loan. you re-
fer to the amount paid in on your first loan
representing 10 shares, and running down
for l0 months according TO the ratio given
above, you will find the 18th will be 81 $40,
and installmeut $40. Yours will be one
half of esch-$935 aud $235. For the use
of 500 for l years you pay $235 or about
5 per cent.
On the same basis and an average of 20
per cent. premium il runs out in 8 years and
3 months, with $500 for incidental expenses.
so per cent. of the members will
have paid $I45, 600
90 per cent of the members will have
palo- --.--..-.. 22200
Total amount paid in in 3-l2 years $I6s, 200
Total amount drawn out by the so
per cent ---------- ....-- -$l26, 900
$40, 200
Each one Of the 20 having paid the sum of
$l,lIO and now receiving $4,000 has made
a net profit of $3.50. The member who
took the FIRST loan will have paid 2,220 and
having received ST, 600 makes his install.
ment, $500, OF less than five per cent
In both these calculations the most un-
favorable view has been taken, as it runs at
least one and half years after the last loan
has been taken upon which interest will ac-
cumulste that is not taken into considera-
ton, OF which each member will receive a
proportion.
A great many hesitate to become mem-
bers for fear of being swindled, while others
think that Saving Bank would be better
place to put their slow sccumulating dollars.
In regard To the first, there is no way where
in they can be swiDdled, unless it be stolen
outright by some member of the Association,
which is too absurd to think of. As to the
latter, it is far better place than Saving
Oauh5 a. e8Cy aAS lutcESsb Ou inter-
est, fact that must present itself to every
one who thinks Of it few moments. There
is one more fact to be considered, and that
is, should there be none of the money loaned
by the members it will not be suffered to be
idle and accumulate but loaned to other
parties.
Farmers Of Sandusky County, this privi-
ledge is extended TO you aud you are cor
daily invited to partske its beneftsl The |
investment is small and the benefits large,
not only to yourselves but TO others. Come
along then and subscribed The book has
yet plenty of room for names, is in the |
hands Of CANEIELD d Co., at the Pcstoffice, |
where you can find them always ready TO
you and answer any inquiries i
you feel disposed to make. Remember your
being a meEber of the Association enables
you 10 secure q loan for the full AMOUNT of |
your shares less the premium, to be paid
back 10 the Association in small amounts.