The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1873-06-27
THE LOAN AsSOCIATION-AD
TION OF THE AMENDMENTS.

The Loan Association meeting in
Bancroft hall Monday evening, was
largely attended, the ladies and chill
dren, and most of the gentlemen being
present. On motion, d. S. Gilmore
presided until the arrival of president
Lakin. The chairman of the COM
mittee Oh constitutional amendments,
to articles 0, 10, IA, 10, %, and 20, q
new one, which were adopted without
opposition, and with a heartiness of
voting which evinced decided APP
proval of the report. The usual loan
| ing of funds was made, at between $50
and 800 per share, and the meeting adj
journed in the best Of spirits.
The Association, by the adoption of
these amendments, has put itself into
excellent working condition, and its
members may depend upon its short
and successful existence. To be sure,
the absence of the provision which
takes shares of stock ut their cash
value as security for loans. has kept
|
and therefore shares have lately got
into the habit of going off at $50. But
further progress" in this direction,
has received check that viii last
some time. In fact, the only reason
why member who expects to return
Il loan should hesitate to bid down to
even $50 per share, is the fear of suf-
feriug loss in di fference of premiums
when lie returns the loan. As the
| number of bidders increases until it is
continue to be loaned at not over d
certain figure, members will not be
afraid OF much if any loss in differ
cnce of premiums and will feel free to
bid ut low figures. The usual rate of
interest here is IL per cent. per
month. The interest OH $40 is there
fore 60 cents per month; on $50, 20
cents per month; on $40, Sl.05 per
month; on S75, LIP per month; on
$50, 81 30 per month; OH 500, Sl.35
per month; on 800, 81. 80 per month.
The interest charged by the Loan As
ISOLATION, however, for any of those or
other sums at which share is bid of,
is 60 cents per month, SO that If there
were none or little danger OF suffering
difference in premiums, a member
could really afford to bid clear down
to $40 per share on the stock security
plan, because the security would not
have To suffer any attorneys or re-
cOrding fees, and he could keep the
money just as long and return it just
. when he chose, and the interest he had
paid fer its use would have benefited
his own as we'll as the stock of other
members. Last Monday night shares
loaned at $50. We will suppose that
4 next week they loan ut $50. The
) party who loaned ut $50 could make
Il So per share by returning his loan
Or suppose he keeps his loan SIX
months, and then returns il at the
same figure he took it at. The inter
est he has paid, GO cents per month
n amounts to $500. II he had borrowed
= it on ! y per cent. per month, his in
~ terest an $50 would amount to $50
4 and he would have had to give en-
q dorsed notes, renewed every 30 or g
n days. Every member who has oecas
q ion to borrow money had therefor
= better borrow of the Association thai
elsewhere, and bid down TO any figur
ut which he thinks the loans will con
e time TO be made. Our impression
that the figures will not only sto
n. working upwards, but that they wi
IN work the other way, and that the
IN may get down to somewhere near til
Is rates which made the first year of tn
Is Association SO profitable. 1t is Gel
or tain that the institution is success.
CT and that it needs little if any advocac
hereafter. Get and keep all the stoc
m you can, for money saved is none
CHI made, and money honestly made an
he saved is good thing.