, 1901-01-26

payment of the loan. The withdraw
al value is the amount paid in on ac-
count Of dues, together with interest !
thereon. During the past year a mem
Der obtained a LOAF of 81 ,20O.OO at Is
per cent premium. He gave his note
for 100000, with interest thereon
payable monthly at the rate of six per
cent per annum. He received in cash on
this loan 100000 less Is per cent, or
100000. On the 25th day of the next
month he paid $500 for one months
interest on the loan and also repaid
his loan by paying to the treasurer. de
pcsitary), the same amount that he re-
ceived, viz. s 100000. He did not ap-
ply the withdrawal value OF his stock
in part payment Of the loan, and so his
stock was returned to him, and when
it natures he will get $1,200.00 less Is
per cent, the minimum premium, or
81, 100000 in cash, or $4,000 per share.
This is the most that any member can
ever get on n share of stock. He
had the option Of applying the with
drawal value Of his stock, which at
that time was $4,000 per share, in
part payment of his loan, and if he
had done this he would have been re-
CURED to pay to the association the
difference between 5 100000 and 6 x
$4,000, or $4,000 in cash, and surren-
der his stock to the association.
Remarkable Relationship Of Profits to
Time.
II we divide $47.4O (the profits on
one share in the first series) by $0.59
more correctly $0.5S517S (the prof
its on n share in Series No. ~ we
have 81 cents; but 81 is the square Of
9. and 9 Is the number of years that
Series No. l has been running. Again,
II We divide the profits on one share
in Series No. 2, by the profits on one
share in Series No. 4, we have 16; but
16 is the square Of 4, and 4 is the mum.
Der Of years that series No. 2 las been
running. From these observations,
we deduce the following rule, viz. The
profits increase as the square of the
time increases. Therefore by divid-
ing the profits on one share in any SER
les OF stock, by the square OF the num-
Der OF years that such series has been
issued, we have the profits on one
share for n year. Example. The
profits on one share In series No. 3.
nave been $5.Z7. Dividing this by y
t square OF ., which Is the number
OF years That this series has been run
ning,) we have $0.5S, or the profits on
one In Series No. 4, which has
been running for one year. or course,
II we know the prohts on n share
for n year, the profits on one share
in any series may be found by multi
plying the profits on share for n
year by the square OF the number OF
years that the other share has been
IN force. Applying the rule above re-
ferred to, it appears that the profits
In the nrst series have been 9x9 or 81
81 times as much as the profits in Ser
les No. 4. The profits in Series No. 2
have been AKA or l6 times as much as
the profits in the fourth series. The
profits In Series No. 3 have been 3x3
or 3 times as much as the profits In
Series No. 4. Henc 1t will be seen
that the profits In the different series
bear a fixed and definite relation to
each other which may be determined
with mathematical certainty, and
there Is no guess-work about appor-
tioning the profits among the different
shares Of stock, but the amount appor.
tened to each share may be as :s-taiE
ed with the same e%xactness as in the
old style or terminating associations.
Present Conditions and Prospe..s
Looking back over the history OF the
association during the past nine yaGIs.
we have reason to congratulate our-
selves that the affairs Of the assncia-
tion have been in the hands of conssr-
vative men, and the valuation commit
toe, especially, is entitled to a vote Of
thanks for their impartial, faithful and
efficient services, all Of which are rem
dered without charge to the assccia-
ton. OF course we believe tina. the
trustees have been honest as well as
conservative, but honestly alone will
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