CanÌƒon City record. [volume] (CanÌƒon City, Colo.) 1883-192?, 1909-03-11
Some Interesting Things
About The Local Bui1ding
And Loan Association
1t Is Unsqse In the History Of Boddtng and Loan
Associations In That In Its Thirty Years Opera
lions With MAlson Dollar Bssiness 1t Has Never
Had Loss or Foeeclosed Mortgage.

mortgage. This is most remarkable
when 1t 10 considered that its opera
tons have extended over thirty years
and its total loans have crowded the
million dollar mark.
In one respect 1t is not run on up
to-date business prinoiples-it Is not
ambitious nor aggressive. 1t is some
what like the Masonic order-f you
are OF the right sort you can get in
II you ask but the chances are nobody
will ever ask you to Join. It has never
paid anything for new business. The
Officers are always pleased to talk
about a loan or to start q new stock
holder In but no one profits BY the
transaction-except the man who
goes In.
This local association differs % Wit
ally from the big city associations
that both should hardly be known un-
der the same name. This association
10 run entirely for the benefit OF the
stockholder. Some city associations.
at least, seem to be run entirely for
tho benefit OF the ofncers.
Most all associations are run for the
benefit OF the investor who can stay
in to maturity. This association pro-
tects the borrower and the man who
has to withdraw to q greater extent
than any other association known to
the writer. 1t has many times gone
out Of its way to help the man or NO
man stockholder who Is 'in a pinch"
A test Of the fairness Of an associa-
ton is the withdrawal value. II you
hold stock In big city association
just write and ask what you can cash
It In for. Compare 1t with the with
drawai value OF similar stock In the
local association. The best friends Of
the local association are those who
have owned stock in some OF the Dem
yer associations
The city operators have always
| drawn a shroud Of mystery around
the workings of the association. But
there 10 NO mystery. II 10 the simplest
thing possible.
This association has. for example,
about q hundred stockholders who to-
gether pay in monthly about 1880.
| which includes Interest This money is
loaned out as promptly as possible.
Every six months the interest that has
been collected is apportioned out TO
the stock according to the amount
| that has been paid in.
BY this cooperation method the as
ISOLATION is able to collect only s per
cent on money loaned yet pay about
per cent TO the investor for the mon
| ey he put in. The compounding effect
of the monthly payment nearly pays
the necessary expenses.
While the association charges nom
| inally per cent for money. still the
man who stays In to maturity really
pays much less.
Here Is an actual example:
A man borrowed 5000. His pay
ments were SIS the month and he
kept them up so months OF six and
two-third years. So he paid in exact
ly $1,000 which paid up the mortgage
OF 5000 and the interest for six and
two-third years.
It Is plain to see that his interest
on $500 for six and two-third years
was exactly $500. Now 1t 10 equally
as plain to figure that the interest on
5000 at per cent for six and two
third years would be exactly $500. So
in that case It Is plain to see that the
association not only helped that man
to pay the mortgage off his home.
but It gave him the loan at per cent