Daily Republican., 1879-05-24
The Perpetual savlRgs and Loan
Association.

The plan of this Association com
bines all the advantages of the cid
ones, and has several valuable addi-
tions, especially suited to the present
time. The recent reductions OF sala-
ries and wages, with the uncertainty
of regular employment, makes it un'
safe for persons with uncertain incomes
to undertake to make the monthly pay
nents required under the present sys.
tenn of Loan Associations to become the
owners of their homes. The plan ol
this Association is to loan $500 upon
share of stock, which feature alone will
reduce the monthly payments from one
third to one fourth, thereby bringing
il within the means of a greater num-
ber of persons this does not increase
the total sum paid in, but extends the
time of payment, that is, returns the
loan slower.
Another advantage claimed is that
of allowing a shai eholder, compelled to
stop payment, the benefit OF the IN
crease of the money he has already
paid in, subject to proper regulations to
prevent abuse, and further one is to
secure low premiums, and, at the same
time. a good paying stock. The plan
OF the Perpetual Savings and Loan
Association" is expected to accomplish
these objects. tits simply running the
shareo unused for loans an unlimited
time, Independent Of The maturing OF
the loans. The rapid increase in value
of the shares, the longer time they run,
is shown by the annexed table. There
is also a provision for withdrawing on
months notice, and receiving the
value of the shares, less small per
centage. These are conspicuous parts
of the plan, and need only be examin-
ed to be appreciated by those who wish
safe and profitable investment for
their savings.
The general plan of this association
is patterned after the Clayton Loan AS,
socation of this city, one OF the most
successful here, and is of that class IN
which the borrower gets the full
amount of the loan, and pays monthly
the premium he bids on each share
ASST ned as security. In it new Sc
ries is issued every six months, and
borrower can at his option return
loan. The perpetual Savings ane
Loan Association" have adopted thes'
and have added the following new fea
lures
lst. Loans are made on share t.
the amount of $500, instead of $500
as on present plans.
ID. All shares are perpetual unles
assigned to secure loans that is, the,
. NAV run an unlimited time at the plea
sure of the holder without regard t.
the time the loans of the series mature
= and after the frs. year, withdrawing
shareholders, by giving a months no
| tice, are paid the value Of their shares
= less a small percentage, to be fixed b.
the Directors every six months.
Sd. Shares assigned to secure loan
terminate and are cancelled when thei
value equals the loan.
4th. Shareholders unable to max
!, their monthly payments may be releas
ed from the payment OF fines by tive
q thirds vote of the whole Board of Dl
= rectors, and if afterwards the loss t
: the Association is made gosd sucl
a shares will be valued as if no releas
had been granted.
$ 5th. Property On which money ha
been loaned, and on which the month
ly payments have ceased, cannot b
q sold by the Association, until, in tn
. Judgment of the Directors, there
. likely to be a loss hy longer delay.
Y 9th. Borro"ers wishing to have thei
:, loans terminated in less than the fu
d time can do this by taking other shar,
# than those assigned for the loan, an
: using them when their value is suti
cient for the purpose.
Il The following table shows the al
Il proximate time in the mouths fractior
omitted) required for each $50, OF il
). crease in the value of share of loa
T. stocks, based on results realized
r. many associations of this city.
,t lst $50 requires 40 months.