Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1890-01-15

9 An annual report. embodying a detailed
statement OF receipts and disbursements. assets
on this report a license is issued for the ensu-
Z Severe penalties are prescribed for failure
Ali officers who handle money "a are heavily
bonded, and the bond may be increased at the
ONCE OF each association from time to time, and
see that the law Is complied with In every par
licniar, ana that the associations are carefully
40 Expenses are limited and no association is
allowed TO issue any preferred or non-contrib-
uting stock.
The first eastern Office of this association
was opened in this city about two months
ago, with Harry +. White as agent for this
State, having his headquarters at room No.
], northeast corner of Third and Chestnut
streets. Mr.. White is a very able and en-
ergetic and popular gentleman, and already
is meeting with very large measure of
success, and he intends to appoint numer-
Gus agents all through his territory.
Your correspondent called upon Mr..
White yesterday and secured some interest
ing particulars relative to the plans and
purposes of the great institution which he
represents. Ii may be said. in the first place,
that it is organized with two objects in view
First, to furnish convenient, safe and
profitable method of investing savings and
second, to furnish persons who wish TO bor-
row money for any purpose, and who pre-
fer to pay it in installments rather than in
one bulk sum at specified time, the means
of doing SO at reasonable rate of interest.
In other words, IL is an association composed
OF borrowers and lenders, and established for
their mutual convenience. IL gathers together
the savings of the members which scattered i'm
small sums, could not be invested to advantage
and loans the money thus obtained on mortgage
securities and ~ sums to sutyto other members
who want to build themselves homes, TO pay off
other mortgages, to invest In business, or any
other business
Members, whether of the investing or borrow
ing class, are all stockholders i'm the associa-
ton on an equitable basis and pay for their
stock by installments in small suais each MONTH
thus the savings are gathered and loaned TO
borrowers who offer satisfactory real estate Sc
curity, and are willing TO pay 2i-lO0 per cent
interest and premium of so cents for the use
vested in the safest of all securities first mort
cages on real estate. The borrowing members
pay their interest and premium each month";
and the association is thus continually in re-
ceipt of Savings and earnings" and continual
~ loaning its receipts to the mutual advantage
OF investors and borrowers, all stock sharing
equltably In the profits.
Each share OF stock has a par value of 500,
and s borrower , must carry one share of stock
for each 500 borrowed. When the association
has received from instalments and the pro rata
portion OF profits due a share from interest on
loans and other sources of revenue, a sufficient
amount to equal It's par value, the share Is de-
clared "matured" and If the owner be an inves-
ting member he may surrender his stock and
receive 500; II he be borrowing member his
mortgage Is satisfied
Deposits on stock can be withdrawn at
any time, the same as in saving bank, with
all profits credited, and the stock is MONITOR
feitable. The payment on shares are at the
rate of Go. cents per 800 per month, and it
is estimated that the shares will mature in
seven years or less. Altogether, the system
is most admirable one, the feature of alb
solute safety being one of its strongest
points, The company also issue coupon
debenture bonds upon which they guaran-
tee seven per cent per annum, also paid-up
and prepaid stock paying from 10 to Is per
cent per annum. Readers of this paper
would do well to apply to Mr.. White or the
home office for further information upon
this important subject.-Merchantile and
Financial Times.