CanÌƒon City record. [volume] (CanÌƒon City, Colo.) 1883-192?, 1909-03-11

This week the local Building and
Loan association Is paying out $500
TO eleven of its stockholders for ma
turing stock.
Every six months 1t makes a pay
ment Of this kind for stock that ma
lures. for every six months new ser
les is started and just as often an old
series runs Its course.
Two Of the happy stockholders are
Irene and Harry Waters. Of Colorado
Springs. each getting $1,000. A few
years ago Mr.. Waters. who was res
ident of Canon City then. began pay
ing In SO per month for his little boy
and girl and today each gets check
for $1,000.
Others In this series are John w.
Emmerson. Theo. Emmerson. Frank
Manning. Mrs. Berkey. DR.. Kellen-
berger, Mrs. J. H. Waters. G. 9. Rog-
srs, II. e. Turner and c. e. Waldo.
Each share OF stock 10 worth 500
q maturity. That IL. the stockholder
pays in 800 . month on each share
of stock until the amount paid In.
plus all It has earned in interest.
equals 800. Then II IL declared ma
tured and IL paid off. It takes about
30 months. sig and two-third years to
Do this.
That IL the stockholder pays in $50
and gets back 500. Figure It mp and
you will nnd that the profit amounts
10 Just about per cent on the month
IL balances as the bank figures It
The Fremont Building and Loan as
oociation is strictly local concern. II
was started in Canon City about 80
years ago. II has been reosEanized
several times but the present associa-
don 10 tho outgrowth OF the little as
ISOLATION started away back In the
1o's. -...-..
II IL entirely . mutual concern.
Each stakeholder receives his pro-
portion OF the profits Of the associa-
don according to the amount Of his
stock.
Several busy business men devote
q GOOD deal of time to Its managemen.
without pay Just because II is q great
benefit to the town and because OF
their pride In the institution. This has
always been the case even away back
years ago when Uncle Jimmie" Clel-
land, DR.. Gray and later George Nc
Ray were prominent In financial af-
fairs here and active In Its manage
ment-
The present directors OF the asso-
citation are c. e. Waldo. secretary.
Hunter Palmer. @. II. Kellenberger.
vice president. C. C. Dawson and Guy
U. Hardy. president and treasurer.
The first three OF these, at least. have
been active in the aE3ocIatton for over
twenty years.
The chief business OF building and
loan association OF course Is to loan
money. This Is chiefly done on homes.
1t helps people TO build homes and get
the debt paid OFF. Many a home in
Canon 10 clear OF a mortgage today
because its owner saved up the money
through the Fremont Building and
Loan association.
Here IL q very interesting example:
There 10 . lady In Canon City who
had q $500 mortgage on her home for
over 20 years. She kept the interest
paid up but could never apparently
save up enough to make payment on
the principal. A few years ago she
transferred the loan to the Associa-
ton. She has been making the &s.35
monthly payment with ease and In
two or three more years the mortgage
will be paid off and her home free.
This Is only one of many examples
OF how the association helps people
TO save. One man who got $1,000 out
recently said:
"That is Just the same as finding
$1,000 In the road. am not only the
5000 profit ahead. but ! am the full
$1,000 ahead. for II I hadn't been pay
Ing that $40 per month In here 1
would not have cent OF Il today. II
Is all clear gain" And many feel that
way about It.
The association makes loans only
on Canon City real estate. II makes
the loans just like anybody who takes
real estate mortgages only the bor-
rover pays . small amount monthly
and he can pay the loan all off at
any time he wishes.
This association 10 unique in the
history Of building and loan associa-
lions In ONE respect at least 10 has
nevee haA . less. ner ferecDeseA Q