Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1895-01-30
STATEMENT.
LIABILITIES.

of the share up to 800, thus maturing
1t and getting a direct credit on his
note for 800 and reducing the future
monthly payments 81 70 for each
share thus retired.
The free withdrawal" system on
regular instalment shares was abolish
ed. Withdrawing members in future
will contribute to the expense fund for
the time only their capital has been in
vested; having returned to them the
balance of their expense fund contri-
buttons. An equitable deduction is
made from the profits on the shares
withdrawn and this amount is placed
in the contingent fund TO meet future
losses from bad loans" or any other
cause.
A reserve fund is provided by setting
aside two cents per share from each
monthly payment of expense fund por.
ton of dues on instalment stock, and
from this fund the return expense fund
contribution is paid to the withdraw.
ing members.
Our plan has been so remodeled and
revised, with exact mathematical pre-
cision and on the true lines of equity,
as to make it absolutely fair for those
who 20 out, and equally just to those
who stay in. Persistence is amply re-
warded, but not to such an extent as to
levy a heavy tax upon the member
who from misfortune can not, or from
any cause, will not carry his shares to
maturity.
WITHDRAWALS.
We have paid to Withdrawing mem.
bers: Instalment shares, $18, 700 so;
profits, $3,741 80; interest, $1,611 81;
total, S24,062 90; paid up shares. s.
1924 30; profits, $725 30; interest, S492 80;
total, $1,000 30; grand total, 1874, 105 81.
Of this amount S22, 1927 OF has been
paid during the year 1894. A great
amount OF this money has been paid to
laboring people, who in more prosper
GUS days began to lay aside a few dol.
lars each month in building and loan
stock for "a rainy day" and now this
money has come back to them at a time
when they must have it to keep the
wolf from the door. To such it has been
a veritiable God send.
We are proud to say, today there is
not a single withdrawal application on
file.
RETROSPECTIVE.
Looking back over three years BUSH
ness, we observe seven changes in u
directory. Four of these gentlemen
have gone out o. account of other bust
ness matters demanding their undivided
attention. Three have been forced to
submit to the inevitable aud have sue.
cumbed to the ravages of the panic, and
resigned their positions on the directory.
We grappled the first year with that
abominable snare and delusion-the
gross premium" plan-crux mathe-
maticorum 1.-THE puzzle of mathemati.
Clans. For the last two years we have
struggled and wrestled with the finan-
cial panic.
We have seen two of our three banks
"go to the wall" one of them paying
the stockholders nothing, the other los
ing the entire invested capital of its
stockholders and the comptroller now
calling on them for an assessment equal
to the amount of stock held by them.
We have seen some of our best indus
trial enterprises 60 into the hands of
receivers and wound up at a total loss
to the stockholders, while those who
have been able to keep ''head above
water" are earning nothing for the
stockholders and the stock in most in.
stances can be bought for 80 cents on
the dollar.
This county can boast Of three as
good country" banks as "a be found
anywhere. They are managed BY the
best ~financiers in the country, but for
the past two years they have been able
to earn scarcely more than operating
expenses. All these ''object lessons''
stimulate 1.-THE faith that is in US, land
prove that there is no security for
money as good as a first mortgage on
"homes," backed by ample fire insur.
ance. Our business is not antagonistic
to that of the banks. We hoard no
money-keep non locked up; as fast
as paid in, 1t goes right out again in the
way of loans to build homes and pay
for homes already built-to employ
labor and pay for material to build.
All the banks in this county are rep
resented in our directory-one bank
president, n vice president, three bank
directors, and our Treasurer is a bank
cashier.
We have successfully passed through
these ordeals, having eliminated the
gross premium plan and reduced all OUT
business to the net monthly premium
plan and outw Gathered the storm of q.
nancial distress and distrust.
Having passed successfully through
all these vicissitudes, today the bust.
ness, though reduced, is on a sound e.
nancial basis. The earnings or profits
shown are actually earned, and no
doubt will be very satisfactory to the
membership.
We know where we are at Our pres.
ent plan we believe to be the best *
tant, as it Is based on sound mathemat.
les and exact justice to all members.
Our directory will compare favorably
with that Of any corporation in the
State, being composed of men who
stand second to non for honesty, in
tegrity, correct business methods, and
sound financiering. Our stockholders
are loyal to the Association. Our CAPT.
tai is unimpaired. We would not ex
change our business for an equal
amount ~(percentage) of that of any
other larger Association in the State.
We have q fine, healthy nucleus upor
which it 10 possible to build q prosper
GUS, permanent business. We can pov
Ill