The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1904-04-22
THE PEMBINA BUILDING ANA LOAN
----'.- - ASSOCIATION.

ASAADAAse4
- ASSOCIATION.
The majority Of people do not read
financial statements of any kind in the
newspapers. They see rows of figures
and pass them up. The report of the
Pembina Building and Loan Association
which follows should be an exception
at least to Pembina county readers. 1t
is strictly home institution ami organ
lied to promote the thrift OF and furnish
loans to home people. 1t was organized
in 1888 and since that time has helped
many shareholder buy home, make
needed Improvements or pay Oft old
debts that were becoming burdensome.
While, according to its charter the funds
can only be loaned to its members and
on first-class real estate situated in this
county. many people outside have held
stock at various times as means OF ill.,
vesting savings. The plan upon which
the association works is briefly this: The
caplal stock is divided into shares OF
500 each The dues on each share are
SO cents month and payable monthly
in advance. These dues and the interest
on loans furnish quite considerable sum
monthly, which is at once loaned Out 10
some member, who i'll turn adds to the
interest fund. AS it is payable monthly,
at the same time as the dues, the funds
are kept active, and it is the getting OF
interest on interest-compounded month
ly-that makes the transaction profitable.
1t is the easiest method ever devised TOR
obtaining loan, for the reason that the
stock pays it. Once month, or as often
as deemed advisable by the board of di-
rectors, the money is put up for sale and
bid in by some member. That member
designates the property on which the
loan is to be secured, which, as we Said
before, must be situated in Pembina
county. This is passed upon by the
board of directors and if found of suffic
lent value and with perfect title, the loan
is made. any buildings on the land
must be KEEP, insured and the taxes paid
promptly, all tending to make the secur-
ity frst-class.
The saving up of large sum to repay
a loan at the end OF a given term OF years
is hard with some people and matter OF
,mpossibility with others. In the Asso-
citation this is done away with, as, when
the stock becomes par value, the mortss
gage is cancelled and the borrower has
his property free from debt. In the case
of residence property the payment of
dues and interest monthly is like paying
rent, the difference being that at the end
of the term the property is yours, while
in the usual case it is still the landlords,
though you have paid foriit.
As matter of investment, there are
no opportunities to place money in small
amounts that are SO remunerative. There
are few children who could not by their
own efforts carry one or more shares,
and some parents have started an educa-
tional fund by taking out five or ten
shares for each child, that some day will
prove a rich investment.
If for any reason it becomes necessary
to withdraw the stock, then the Associa-
ton will pay interest tor the time the
money as.been in its hauos.
The stock book for Series ID is now
open and Secretary E. D. Booker in.
forms us that more stock has been al
ready subscribed for than in any prev
ious series, save the first. If the plans
of the Association were more generally
known, the present amount would be
doubled.
When the amount of dues paid in, to-
gethcr with the profits, equal 800, that
series terminates and the stock is can
celled.
The time required for stock to reach
maturity has in the past been from eight
to ten years. Taking nine years as an
average the holder of ten shares of stock
would liz that time have paid in $40 and
,uruld h.v. r.ca,v.6 &1 nm