The record-union., 1891-10-12
THEIR NEW HOME.
REMOVAL OF THE PACIFIC COAST
SAVINGS 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 sys-
tenn, retaining all the advantages of
permanent building and loan plan
and many of the best features of mu-
tual savings bank. Many of the oldest
financial institutions of the old country,
as well as in the United States, are organ
lied upon this plan, which is an organiZ-
alton of borrowers and lenders. Its OBJ
ject is to enable and encourage members
to make systematic savings from fixed
amounts, and the revenue of such an or
ganization is secured in investing such
savings profitably. They furnish money
at reasonable rate of interest to borrow
ers, who prefer to pay it back in install
ments, rather than one bulk sum. 1t
gathers together the savings of all its
members, which if scattered in smaller
sums could not be invested to advantage,
and loans them on approved security to
members desiring to borrow for the pur-
pose of building houses, paying existing
mortgages, etc.
The society is under the direct super
vision of the State Bauk Commissioners,
who make examinations of all the affairs
OF the society, especially with reference
to accepted loans. The funds of the soci-
ETY. are loaned only upon approved real
cages.
There are two classes of stock-class
"A' or installment stock, upon each
share of which must be paid go cents per
month until the payments and profits
reach Sl00, or par value; and class "B, F"
or prepaid stock. This stock is offered
especially to capitalists by issuing pre-
paid certificates of stock on a cash pay
ment of $50 per share. The society pays
a fixed dividend of 5 per cent. per annum
on the amount SO paid, payable semi-an-
nually, and the excess of profit is carried
to the credit of the shares until it reaches
500, when it natures and becomes pay
able to the holder.
Extra payments or deposits on these
shares are credited to the shareholder,
and interest at the rate of 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Withdrawn at any time without notice,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
commercial bank, with the additional ad-
vantage 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 standingi as dividends, and an an
nual statement of the condition of the
stock will be given to each shareholder.
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 accumulating capital
from small savings and loaning 1t on real
estate security to members who pay the
interest and a small installment of princi-
pal every month, is superior in point of
safety.
Its present board of directors are Wen
dell Easton, President; William c. Muir.
doch, Vice-President and General Man
ager; A. c. Stevens, Superintendent of
Agencies; George w. Frink, George
Easton; the Anglo California Bank,
Treasurer; California Title Insurance and
Trust Company, trustee. These gentle
men and organizations are all people of
well-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
management of it's 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, 80 Montgomery street,
which they Will now occupy as the CEN
tral and managing ofice-San Francisco
Chronicle, Oct. l, 1891.