The comet. (Johnson City, Tenn.) 1884-1916, 1895-01-17
GENERAL STATEMENT.

1890 6S
through the panic unscathed. In this
we were little "too previous" for the
panic really did not hit us until Feb.
rusry and March, 1884, and then it
came like cyclone. Nearly one hall
OF our instalment stockholders and
quite number Of those holding Paid
up stock filed withdrawal notices. In
fact, the Association had run. The
Directory applied the entire receipts
to the payment OF withdrawing men,
bers, but this was not sufficient to pay
all Withdrawals promptly. After ap.
plications for withdrawal had stopped
coming in, a meeting Of stockholders
was called for October 18th. 1894. AT
this meeting a full and detailed state.
ment of the affairs of the Association,
together with the report of the State
Examiner, was submitted to the Stock.
holders, which demonstrated that the
Association was absolutely solvent
and the assets amply sufficient to
cover the withdrawal value of all out.
standing stock certificates and leave
a handsome surplus. This was so
gratifying to the membership that
more than 85& OF those who had filed
withdrawal notices Immediately can
celed their notices, and more than
95% Of those who had not filed notices
signed an agreement that they would
file none for at least six months. So
that, at this meeting the business Of
the Association was virtually
REoRsANIZED.
The borrowing members under the
"Gross" premium plan, who obtained
loans during the first years business
(while we operated under this abomi'
nable plan) were granted rebate
from their contracts of 421< cents per
$4,000 per month on premium SC
count and were permitted to renew
their mortgages under the met" OF
monthly premium plan. The By
laws were amended permitting Dor
rowing members to pay off one OF
more pledged shares at any :ime By
paying an amount sufficient to brinl
the value of the share up to $4,000
thus maturing it and getting dirsc
credit on his note for $4,000 and re
ducing the future monthly payment
: $17O for each share thus retired.
The "Jree WithdraOaP system Oh
: regular instalment shares was abolish
} ed. Withdrawing members in futur
will contribute to the Expense Fun
for the time only their capital ha
, been invested having returned
them the balance of their Expens
r Fund contributions. An equitabl
deduction is made from the profits OF
the shares withdrawn and this amour
= is placed in the
q CONTINGENT FUND
4 to meet future losses from "bad loans
n or any other cause.
o RESERVE FUND
% 10 provided by setting aside two cen
y per share from each monthly paymel
g of Expense Fund portion of Dues O
q Il stalment stock, and from this fun
j. the return Expense Fund contrib
ton is paid to the withdrawing mer
bers.
}. Our plan has been so remodele
70 anil revised, with exact mathematic
- precision and on the true lines
!: equity, as to make it absolutely ia
a. for those who ego out" and equal
D. just to those who "stay in" Persis
v. ence is amply rewarded, but not
% such an extent as TO levy heavy t.
le upon the member who from misiOrtur
le can not, or from any cause, will ne
at carry his shares to maturity.
D. WITHDRAWALS.
"a We have paid to withdrawing mel
hers :-Instalment shares, S1S709 !
Profits $974190, Interest $l,6l1.5
e. Total $24,O62 90; Paid-up shares s.
ID s245O, Profits 1850, Interest 1892 6
I'd Total $1,000 90, GrandTotal sS4, JOSS
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