Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-07-22

They amount to three per cent semi
annual, compounded where not paid
in cash. Additions are carried to the
surplus fund at each period to cores
pond with the increased liability and
assets OF the association, which fund
Is held for the correction OF any ac-
cidental loss by fire or otherwise.
No member of either association has
lost any part OF his investment by
forfeiture, and only a few pieces OF
property have been acquired by fore
closure, and former owners of SUCH
property have had the same restored to
them on most liberal terms, even after
the year Of redemption had several
times lapsed. One individual instance
Of this restoration Of a house and lot
is quite remarkable. The first associ-
alton acquired house and lot by fore-
closure proceedings and after the year
of redemption allowed the former
owner to still occupy the premises at
fair monthly rent. The property re-
manned thus for several years ana
meantime naturally increased In value
nearly or quite $1,000 At the consoli-
dation of the two societies this prop
erty was reconveyed to the original
owner at nominal price, just suffic-
lent to reimburse the association for
the money invested In the property,
giving these people all the benefit of
the increase in valuation which came
naturally from good location in the
city.
Numerous instances are. also on re-
cord in the books of the associations,
in which homes have been saved from
entire loss by foreclosure or tax sale
expirations, the society coming to the
rescue with liberal terms, enabling the
distressed families to redeem their
property and save their original In
vestment Many who formerly rented
property by the month have been able
by paying little more each month, to
live in homes Of their own and to ex-
ercise their own taste In improving the
same, and eventually find themselves
In possession OF house and lot unen-
numbered with debt. Such families
make better citizens than the average
renter"
Another class benefited by our loans
is the young business man, or the pro-
fessional man earning good salary.
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count Of their position in society, are
required to Live In good houses with
up-to-date surroundings which cam
not always be had by renting. Such
men can often spare $50, $40 and even
$50 or more from their salaries each
month and by securing Accommodations
from the Loan Association are able to
build such residence and live in such
style as their position in society seems
to require. Their "home Is their Nown"
and nothing can disturb their possess
sion Of the same 30 long as reasonable
payments are made monthly to the
association. Meantime their individual
tastes for additions and improvements
can be gratified, being assured that all
such expenditures will revert to them
selves in the end.
Altogether Grinnell can be proud Of
her loan associations, along with her
other public enterprises, and the many
good men and women who have con-
tributed their money and their infiu-
ence have found 1t good investment
for themselves as well as to the public
generally. The membership includes all
classes. college presidents, professors
teachers, and children, capitalists,
merchants, clerks, professional men
and those who work at day wages.
Estates and trust funds are invested,
society women with few dollars laid
by for a time Of need, depend upon it.
So well and favorably known is this
association that over one in ten Of
our total population of 5000 souls are
members.
The borrowers have built many
beautiful and artistic residences SO
that Grinnell is spoken Of as city Of
homes. The lenders have received q
fair interest on their money and en-
abled the borrowers to improve the
city, with no risk or loss, for there is
no better security than first mort
cages on the homes Of the people.
Since Jan. list we have loaned
$42,497. About one third Of these loans
are on houses costing $4,000 and over.
The rate Of interest is so reasonable
and terms Of paying OFF loans SO fav-
orable that the best loans in the city
are attracted to the association, and
the interest paid to those who invest
is so liberal, 6 per cent paid semi
annually that the receipts from in
vesters alone was $38,429 in the last
six months. This association now has
loaned out on homes In Grinnell 1884,
901, or the usual loan on one hundred
fine residences.