The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1894-03-09
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ISSUED FRIDAY MORNING.
OFFICIAL COUNTY AND CITY PAPER.
fla, WARDwELL. &C. THOMPSON
WARDWELL 4 THOMPSON,
TERMS, 1900 PER ANNUM
FRIDAY, MARCH o.. 1894.

TERMS, 1900 PER ANNUM
FRIDAY, MARCH o, 1894.
THE BUILDING AND LOAN.
Behold how great a matter so cents
Il month comes to. The sixth annual
statement of the Pcmbina Building
and Loan Association printed in this
issue, is an apt illustration how the
"mickles make IL mucklc." Six years
ago this association started in a feeble
way. with about fifteen or twenty
shareholders. About twenty shares
was the maximum, and live shares the
minimum, the average being about
ten shares per member. The monthly
dues were 30 cents per share. The
income ut the start was about 800 per
month. This was loaned monthly to
the highest bidder. From this little
beginning, without a very great addi-
ton to membership, except that
naturally occasioncd by the shares
taken by borrowers, the association
now has an asset account Of $50, 32G. SO,
OF which Sls,4ls.95 is invested in in
tcrcst bearing loans, about $1,000 in
cash and nearly fl 600 more in avail
able assets. The monthly income is
now about 400. The dues paid by all
shareholders amount to $l2,l9o.OO;
the surplus, resulting from interest
aud bonus, is &s,134.Gs. This would
notbc Il bad profit for sl2, 1872 90 invest.
cd SIX years ago, but IL must be taken
into consideration that this money
has only been paid in monthly at SO
cents per share. and the cuuatcd time
is really only about ouc-thlrd Of the
elapsed time from the lightning.
The statement by series is of the
same nature. The shares of the first
series represent present value of
*63.sS for which the owner has paid
50 cents per month for - months, OF
5000, which $1,000, as explained, has
really been at interest as q whole fol
tllrec years only.
The history Of this association, in
common with the thousands of similar
associations in the United States,
proves to be of advantage in May
ways.
lst. Tits a savings institution. 1t
is safe to say that the most of the
shareholders have rarely. felt. their
dues a financial burden. and that in
most cases the money put in the B.
and l.. would have been spent and not
now available.
End. It's builder of homes and of
towns. In brief person who borrows
of the b. and L., instead Of paying
rent to Il landlord. pays about the
same amount to the association
monthly, with the difference at the
end Of eight years the tenant gives up
the house to the landlord, while the
borrower receives the house as his
own from the association.
3rd. 1t is Il good Investment for the
investor, and cheap money for the
borrower. This is the part of building
and loan association that always seems
Daradoxical. That lis good invest
mcnt for the investor or non-borrower
is certain from the results published.
s63.ss assets from $1,000 invested for
an average time Of three years is proof
plenty, especially when the assets are
secured on first mortgage on good
But how CAN'T be- also good
for the borrower. The proof Of this is
In the statement Of any loan. If toll
the sum received from the association
the dues and interest be added for
eight years, it will show rate of in
tcrest of from seven to ten per cent.
on an ordinary loan. Thus person
borrowing 500, at 20 per cent. bonus,
would come out this way:
nte fs TT = s:S9 For &C mon,hss1sooo
On the other hand:
$1,000 10 per cent. 06 montls, is......s;2)OO
Any reduction of time or bonus will |
make the interest at the rate less, and !
twenty per cent. is about the highest
bid for any large loan.
The reasons that local i. and L. az.
pay both investor and bor-
rover are these:
Minimum expense. The secretary
is the Only salaried officer, all the rest
OF the work being gratis.
?. Interest and dues are paid
monthly and Immediately invested.
thus compromising monthly instead of
yearly.
3. No large sums are allowed toll
accumulate to be subject to loss by
elnbczzlement or otherwise.
4. The security is ample, the pay.
ment small and easy. 1t is a.much
more certain method of cxtinguishing
a debt to do it monthly Instead Of ut
the end Of a series of years, as well as
much easier. Every monthlypayment
in the b. and L. makes the debt so
much less and makes the security SO
much better. 1t is as if the debt and
interest were divided into 96 parts.
and one part paid each month. Any
one paying rent, and has little money
saved, can buy themselves a home
with the rent they pay. \ new series
begins tins month, and anyone inter.
ested can write the secretary, f. D.
Booker, for further particulars.
These remarks are made because we
believe in homes and h0me-makinp.
and we think that for the poor man
there Is no easier, simpler and more
certain method than through the
Is. and L.
A large number Of papers Gre un-
Willingly advertising the new head
quarters of the Louisiana Lottery Co.
We have seen the lad" in at least two
religious papers.
A Florida jury decided last week
that the fight between COrholt md