The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-03-09
HANCOCK
BUILDING and LOAN ASSN.
REFLECTS old OFFICERS
Annual Meeting Northern Mich
igan B. & L. Association Held
Tuesday Afternoon
REPORT OF THE SECRETARY

The twenty first annual meeting OF
the Northern Michigan Building &
Loan association was held yesterday
afternoon i'm the offices of the associa-
ton in the Scott hotel block, and re-
suited i'm the re-electing of the former
hoard of directors. The directors af-
forwards met and elected the former
officers. after which banquet was
served TO the officials and secretaries
at the Scott hotel.
The officers who were reelected are:
President, S. b. Harris; LIST vice pres
ident, Henry l.. Baer; End vice pres
ident p. II. Paine; secretary and treas
urer. G. ID. Hanchette; cashier, p. M.
Permission. Directors, s. b. Harris, p.
II. Paine, William Condor, Charles
Smith, g. II. Moss, L. III. Richardson,
Henry Fisher, A. f. Rees, H. L. Baer,
John ID. Cuddihy, w. ii. Faucet, Thos.
Coughlin, w. b. Hoar. w. III. Thielman,
c. ID. Hanchette.
Banquet at the Scott.
An excellent menu was served by
the Scott hotel staff at the banquet
which followed the annual meeting,
and ut the after-dinner speechmaking
Henry L. Baer presided. The pro-
gram of addresses was as follows:
Welcome by president, S. b. Harris.
What is a Building and Loan ASSOC
cat,on?" Hon. Charles Smith.
The Assistant Secretary, His Oppor-
tunity, c. ii. Moss.
"Why ! am an Enthusiast in Build
ir~ & Loan Work" III. L. Baer.
Five Per Cent Stock" l.. II. Rich
ardson.
soliciting stock" Charles Matthews.
"Elevating the Human Race C. ID.
Hanchette.
pecialties-Florence Cutler, Barry
Connors of the Yankee Doodle Stock
Co.
At the annual meeting the associa-
ton was authorized TO issue 10000
shares of installment stock and 1000
of the prepaid dividend stock of the
eighty fifth series. Secretary Treas
urer C. d. Hanchette presented a re-
port of the work of the association for
the past year, from which the follow
ing extracts are taken:
seeretary's Report.
In giving you n synopsis of the years
work, you will note a general healthy
increase, and | wish to congratulate
the members, who share equally with
us, in what has been accomplished.
The enthusiasm and pride of our mem
bers is reflected in the vast amount of
business done, and which is due to the
energy and cooperation you have con-
tributed, thus making II possible for
me to report such splendid results.
March 81, 1909. our assets were ST.
67S,5S6.36. March 81, 1910 (belng the
time our next statement will appear,
we will show assets of, about, 81
100000. or an increase for the year of
1921, Ala.
A building and loan association is
the wage earner's best friend, as it Of
fers him the best possible method of
acquiring a home. The 'monthly pay
ments seldom exceed the rent he would
otherwise pay, and, at the same time,
puts him i'm possession of a home
which, If it were not for such system,
would be difficult for him TO secure.
The facts. as given, are responsible
for the healthy growth we have at
tanned.
Approximately, 1,775 new members
were received into membership during
the past year, as against 1926 who
joined the previous year.
We have made loans the past year
Gan. 1, 1909 to Jan. 1, 1910 amounting
to S63O,059.57, loans repaid. $S56,743.67;
or a net gain of $273,315.90.
Since the first of the year we have
loaned out $125,7046S: repaid $5O,279-
10; making a net gain of $75,424.9S fol
the two months of the year.
The sale of monthly payment ant
prepaid dividend 6 per cent stock is
as follows:
Installment, 22,O91 shares; dividend
1898 shares; total, 23,324 shares. This
shows an increase over the past yeai
of 1,640 shares.
one year ago at this time, / had tho
pleasure OF reporting that the SOti
series sale exceeded that of any pre-
vious quarter, there being 6,453 shares
of installment and los shares of pc
cent (dividend) stock written ut tina
time. This quarter, however. we fin'
we have exceeded that amount by L.
Oi5 shares, having issued 1920 IN
stallments and 4S6 shares OF dividend
stock, to date. I'm the Jan. (Sith) Sc
ries. thus establishing a new record.
March 81. 1909. the public had in
vestments of $211,040 in per cen
stock: to date they have n total
$32SSS0 invested.
We have advertised extensively. be
heving that by consistent work alonl
these lines, the association is great
benefited.
During the past year we have ma
tured the s7th. 3Sth. 39th and 10th Sc
ries OF stock. and paid our members
IN these several series. the sum @
N23.lli.72; for which they paid !
NS6.ieO. and received n profit OF si6'
G5l72