Los Angeles herald., 1891-10-13
THEIR NEW HOME.
Removal Of the Pacific Coast Say
ings Society.
Their Quarters at 80 Montgomery Street,
A Cooperative System.

The Pacific Coast Savings Society, of
this city, was organized in January of
this year, on what is known the world
over as the cooperative savings system,
retaining all the advantages OF per-
manent building and loan plan and
MANY of tie best features OF mutual
savings bank. Many of the Oldest
financial institutions of the old country
as well as in the United States, are or
gsnised upon this plan, which is an or
ganization of borrowers and lenders.
Its object is to enable and encourage
members to make systematic savings
from fixed amounts, and the revenue of
such an organization is secuted in in
vesting such savings profitably. They
furnish money at a reasonable late OF
interest to borrowers, who prefer to pay
it back in installments, rather than one
bulk sum. 1t gathers together the saw
ings of all its members, which if scat
tered in smaller sums could not be in
vested to advantage, and loans them on
approved security to members desiring
to borrow for the purpose of building
houses, paying existing mortgages, etc.
The society is under the direct super
vision of the state bank commissioners,
who make examinations of all the affairs
of the society, especially with reference
to accepted loans. The funds of the
society are loaned only upon approved
real estate securities, and upon first
mortgages.
There are two classes of stock Glass
ga" or installment stock, upon each
share of which must be paid 80 cents per
month until the payments and profits
reach 500, or par value; and class "B,"
or prepaid stock; this stock is offered
specially to capitalists by issuing pre-
paid certificates of stock on a cash pay
ment of $50 per share. The society paws
a fixed dividend of per cent. per an
mum on the amount so paid, payable
semi-annually, and the excess of profit
is carried to the credit OF the shares
until it reaches 500, when it natures
and becomes payable to the holder.
Extra payments or deposits on these
shares are credited to the shareholder
and interest at the rate of five per cent.
per annum is allowed when left with the
society for three months or longer. ANY
part of, or all of such deposits may be
withdrawn at any time without notice,
and are subject to sight checks on the
society. This gives the shareholders all
the advantages they would have in a
commercial bank, with the additional
advantage of receiving interest on any
sums remaining with the society.
The earnings of the society consist of
interest, fines, transfers, profits on with
drawals and debenture bonds, and are
apportioned semi-annually, in July and
January of each year. to all the stock in
good standing, as dividends, and an
annual statement of the condition of
the stock will be given to each share
holder.
There is no preferred stock and no re-
serve fund will be created.
All the profits. less expenses, will be
divided as dividends twice each year.
This system of accommodating capital
from small savings and loaning 1t on
real estate security to members who
pay the interest and small installment
of principal every month, is superior in
point OF safety.
Its present board of directors are Wen
dell Easton, president; William @. Muir
doch, vice-president and general man
ager; A. @. Stevens, superintendent of
agencies; George w. Frink, George
Easton the Anglo-C California bank, treas
urer; California Title Insurance and Trust
company, trustee. These gentlemen and
are all people of we'll
known responsibility and good standing
throughout the state, and this, together
with the fact that the society is under
the direct supervision Of the state bank
commissioners, insures the safe man
agement of its affairs, which places the
Pacific Coast Savings society in the
ranks OF the financial institutions of the
coast.
The society has moved into its new
banking quarters, 30 Montgomery street,
which they will now occupy as the cen
trail and managing office.-[San Fran
cisco Chronicle, Oct. l, 1891.