Omaha daily bee., 1896-03-08

| with the. same value of his pledged shares
as IL he had voluntarily withdrawn the same
to accumulate a reserve fund for the pay
ment of contingent losses.
Shares shall be Of a minimum par value of
| 500, and a table showing the withdrawal
| value of stock at successive periods shall be
| printed on the certificates Of stock. Members
| shall have one vote for each share OF STOCK
| not listed for Withdrawal, but no one person
may vote more than 10 per cent OF the total
number Of shares in proxies. No person shall
be elected to office in the association against
| the written objection of the executive coun-
ell.
AN INSURANCE NOVELTY.
Philadelphia, famous for loan and building
associations, has a new idea in the organiZa-
ton of societies to insure medical attendance
for these who belong to them. Two or three
hundred men organize and pay a dime a week
into a fund to pay doctors bills. III a mem
Der does not need a physician he gets no re-
turn for his contribution, but If he has occa-
sion to call a physician during the year, the
latter is paid out Of the fund. The effect OF
the association Is that the services OF COM
petent physicians are obtained, who give such
patients the best service because they are
sure of their pay. On the other hand, the
poor man in whose family there Is a case OF
protracted illness obtains much better medi-
cal attendance than he could pay for II he
depended wholly upon his own income.
A FIOOtISI1lNb ioAN.
The eleventh annual meeting OF the stock
holdera of the Mutual of Omaha, held during
the past week, was the most numerously at
tended In its history. The reports of the
officers show the association to be in a -four
ishlng condition. Since its organization in
1885 1t has handled $452. 073.92. or this 1t
repaid on shares redeemed s245, 634.5 and
disbursed in profits 500, 764.77. The first. sec
ond and third series of shares have matured
and were paid. the sum disbursed for that
purpose last year amounting to 2O,6OO. The
receipts for the past year were $45.799.l2
The number Of shares now outstanding Is
2,193. Depressed conditions obliged the asso-
citation to take considerable real estate
pledged as security for loans, but a contin-
gent fund of s4,392, one-fourth the amount
loaned on the property. affords a reasonable
margin for depreciation OF values.
Since the Mutual dispensed with the prac-
tice OF charging a premium for loans and
substituted a straight interest charge with
cut deduction, there has been a substantial
Improvement in the character Of the security
offered. Under the old practice the man who
bid in a loan placed the association under
some obligation to accept the security offered
If there was a reasonable margin of value.
Besides, there was no opportunity to ex-
anime the security until The loan was bid In.
Now this is all changed. There Is no auc-
tioneering. Applications for loans are consid-
cred in the order Of filing, and there 10 ample
time for examination and Investigation. The
result fulflls the expectations of the mana
gers OF the association.
building Association Notes.
The postponed annual meeting Of the Me-
braska State League of Local Building and
Loan Associations will be held at Lincoln,
April rs.
The Omaha reelected the old officers at it's
last monthly meeting-G. w. Loomis, presi-
dent; Elmer t.. Bryson. vice president; Lew
s. Reed. treasurer; George NJ. Nattinger.
secretary.
The attorney general OF Illinois rules that
associations cannot borrow money to loan to
members. such a proceeding" he says, sis
entirely foreign to the objects Of which such
an association is created and would undouht-
eddy subject 1t to a forfeiture Of its charter"
Thu South Carolina Legislature has rejected
a building and loan bill, which was framed
by an agent OF a foreign building and loan
association. and which, a member OF the
house charged, would allow the foreign build
ing and loan companies to charge ~usurious
rates.