The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-06-12
dent; A. p. Woodbridge. treasures:

dent; A. p. Woodbridge, treasures; j.
w. Robertson, attorney, and Geo. p.
Warner, secretary. The secretary's
annual address is herewith given:
Gentlemen-I think we have reas-
onS to congratulate ourselves at the
result of our first years business.
Your installments of 81 per month
per share have paid you profits at the
rate of nearly IL per cent. interest,
compounded monthly, and we have
done this without any direct tax on
| the stockholders to cover our initial
expenses expenses being paid to
| date. Our stockholders need not fear
that the first few series will pay hand
| Somely to the detriment of the later
series: we have no fictitious values,
and never need have under our pecu-
liar system of loaning money.
When we see an association divid-
ing up large profits created by what
is known as premiums" we may
naturally feel little nervous about
the time when stock is maturing.
The board of directors and your secre-
tary can assure you that the values of
stock in this association are based on
actual assets, our principal assets be-
ing loans, Concerning these your Sec
rotary has made a careful estimate,
based on facts within his knowledge
and believes that there Is margin OF
at least 100 per cent. That Is to say
our association holds 81 security for
every dollar loaned. Certain restrict.
ions imposed by our bylaws enable
us to earn more money and insure the
welfare of our association; and such
being the case, they should be com,
piled with cheerfully. In the matter
of Withdrawals, after the present de
mand is over, caused chiefly by an in
tention to buy lots with the funds sc
cumulated during the present year
il will probably never be necessary
for any stakeholder to wait longe
l than about week for his money, AM
it is worthy of remark, in this connec
ton, that our association does no
publish two prices for stock, showing
a large difference existing between
apparent" and withdrawal values
The benefits to the borrower are no
even yet fully realized by many. l
| a stakeholder has enough cash margin
when desiring to buy or enough margin
in the value of lot when intending
to build, so as to secure the aSsocia
q ton to reasonable extent, he is pei
: mitted to acquire home or place o
r business at about the cost of ordinar
g rent. This society does not aim to seiz
y the property of its members at an
/ time. 1t will doall it can reasonably an
5 safely to helpits debtors to ,rty thei
Indebtedness until the accumulate
it dues and profits on stock are sufficien
:. to balance the loan based Thereon
y During the continuance OF loan til
a borrower has several privileges NAL
y ing his position agreeable. In orde
= to save expense we have, thus ia
done little advertising. We therefor
trust to ourselves and to one anothe
to enlarge our association, to tax
n some trouble in fact to familiari2
, ourselves with the bylaws and Undue
Il outsiders to join US, either as borrow
N ing or non-borrowing stakeholder
IL for In so doing we are simply Workin
n for our own interests by making OF
- profits larger, besides doing a substal
tial benefit to our city. Your seer
4. tary trusts that you will bear thes
facts in mind, and consider yourselvt
each and every indivldual-hereh
constituted a committee of one to el
4 large our association. Let us all pl
our shoulders to a "boom" for tt
! Austin Savings and Loan association