The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-02-03

the stated payday comes round. He
pays his inStallment, and gets a receipt in
his pass.book from the secretary. II he
owns two shares, he pays two dollars; il
five, five dollars, and.so on. II he lives
at a distance, he may send check or
money.order. He may anticipate his
payments to any extent, and, II it is for
more than elk months, interest will be
paid on the advance. Presently he misses
the payday, and then comes small fine
for the neglect. II he neglects another
payment, the fine is greatly increased.
This spurs him up to greater economy,
and he begins to be careful and thought.
full OF his money affairs. In this way the
association becomes an instructor, point
ing the way along the safe and prosy old
road to fortune.
THE YEAR PASSES,
and then he receives the associations an
nual report. Therein he finds that one
share is declared to have value OF
SIT 81. He paid ST. in, and his share Of
the profits amounted to SIS OF. Hisshare
is not actually worth SIT 81, for that sum
cannot he realized on it. he wants his
money, he may have it, and Q per cent in
teresl for the average time, not SIT 81,
but Sl2, with interest. Let the money
rest, and in time that SIT OF will be re-
allied, and great deal more. This fact
becomes an incentive for renewed saw
ings, and the second year begins hopefully.
Another twelve-month passes. Them
stallments, not without fine or two, are
paid, and then comes another annual re-
port. This is even more interesting than
the first. The long and elaborate array
Of figures is truly impressive; but the
most euticing statements are the valua-
tions OF the various series of shares. His
share is in series number s, now two years
old, and is declared to be worth SSS 81.
Its last valuation was SIT OF; he paid
during the year So more, and the assOci-
alton earned for him s. "a. In other
words, he paid in S24 in twenty-four
months, and he has made Sl4 81 by the
Investment. Turning to another part OF
the report, he finds that, il he wishes to
withdraw, the association is willing 10
buy his share for the money paid in. and
u premium Of 50, or S27 in all; So from
Sl4 81 leaves Sill 81. This is too large
a profit for the association, and he decides
to let his money rest, and to continue
paying his dollar month.
ANOTHER YEAR PASSES,
and he finds he has paid $50 in all, but
the new report declares his share is now
worth $50 rs. This is cheerful. Now he
is beginning to DO moneycd man. He
is growing rich almost without knowing
it. Why did he not take five shares in
stead OF one? It would have involved n
more stringent economy, and perhaps
more thought and labor; but he might
have been credited on the associations
books with almost $500. Indeed, q
princely sum for such M one. He goes
steadily on, paying his dollar month
year by year, and the one dollar grows 10
sos. Then comes the best report OF all.
With great flourish, the directors make
the happy announcement that tho series
Of shares he is in, and known "a the fifth
series, has matured, and reached its ulti.
mate legal limit OF $500. Now there arc
no drawbacks. For his Investment Of
patience, and Sl0S in nine years, is the
handsome profit OF 500, and the sum Of
5000 in crisp bank notes. lie takes his
money, surrenders his one share, and
then amuses himself in figuring up the
rate OF interest he has received.
This is the experience OF u plodding
share holder, content to pay his dollar n
month for one hundred and eight months.
, Another has quite different experience.
lie begins by taking fifteen shares, and ut
the end Of the first year he finds he has
undertaken too much. lie withdraws
five shares, and receives the $50 paid, and
interest on the money ut 9 per cent for
the average time. He has now only $40
to pay each month, and at that rate con.
times another year. The burden is still
troublesome, and he decides to withdraw
five more shares. The report offers pro.
MUM OF So per share. lie therefore gets
the Sl20 paid OH five shares in Two years,
and SIS besides.
MIsFoRTUNEs CROWD UPON HIM,
and in six months more he decides TO take
out one share, He then receives S33, $50
for the thirty months installments paid
in, and the premium Of S., declared six
months before at the last annual meeting.
Six months later, at the end Of the third
year, lie decides to withdraw two more
shares. A single share is now declared
to be worth say S55, and the association
will buy all shares offered at premium
OF 81 90. 1t seems pity to allow
the bank to make so much out OF him;
but he must have his money, and his two
shares bring him Sl3 each, $50 paid in,
and the premium OF 81. The differ.
encc between the face value OF $50 and
the real value OF S4S is, Of course, lost,
and becomes the property Of the asso'
citation. However, be has the conSOlation
Of knowing that his two remaining shares
will reap part OF this benefit.
He continues to pay the dues on his
two shares for another year, and then he
transfers them, to close an old and trouble
some debt. Each share has u face value
OF $50, and a selling value Of 500. His
creditor is very glad,to take them Mt this
valuation, and they are transferred to
him Us so much money. The original in
yestor made number OF profits on his
Withdrawals, and found safe and ready
means OF saving his money in his more
prosperous days. The new owner may
continue tho payments till the shares ma
ture, or he may withdraw or sell them.
They are as good as money up to their
selling value, and every month they in
crease in value.
Thus is the deposition in these savings
associations hedged about; thus he is
taught frugality, steadiness, and the cle-
ments Of finance. The plain and only
safe road to fortune is pointed out to him,
and every step along the sometimes weary
way is made the easier. The monthly
payments are easy, the fines act as good
spur to keep the depositors up to the
work. The months notice prevents hasty
and ill.advised Withdrawals, and even then
each must take his turn, and at no time
can more than one half the available
money be taken out. These folmalities
induce n safe delay, and place the ascot
alton above the reach Of panics. Com.
mercially considered, they are as safe rs
anything OF the kind can DO, and in every
respect they arc safer than the ordinary
savings bank. The total collapse, the Ut,
ter vanishing away Of all the deposits
sometimes seen in asavings bank, cannot
take place here.