Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-01-18
HAS TOTAL LOANS
OF sss,4so.e1, AND CLOSES
PROSPEROUS YEAR.
DOUBLE CAPITAL STOCK,
MAKING 1T 81 ,o0o, 900
All Stock Now Earning 6 Per Cent or
Better, and Association Is Now "over
the Hill'-D. w. Norris Re- Elected
Director, and w. G. Stricken and c.
n. Van Law New Directors.

cent upon first mortgages on new
homes in Marshalltown worth two and
half times the amount of the loans,
an accumulated profit of s5,036.20
above all expenses, with $32,750 in
vested by fully paid shareholders at s
per cent, which is reloaned at 8 per
cent, the shareholders of the Marshall
! town Savings and Loan Association
+, were greeted with good news at their
annual meeting held in the Marshall
town Club rooms Monday evening.
\ Amendments to the articles of in
! corporation, as recommended by the
: board of directors. were unanimously
adopted by vote of 1900 shares
present out of total of 3,9S3 in force,
and D. w. Norris was reelected for
three years to succeed himself as
director w. G. Stricken and c. H.
: Van Law were elected as directors for
I three years each to succeed w. Doc
served as directors since the beginning
of the association, and who have
worked hard and long to aid in bring
ing the association to it's present pros
/ porous condition.
Association "Over the Hill"
"All our stock is now earning 6 per
;; cent and MORE reported the secre-
tary. land our recent earnings have
given our first series 6 per cent for
seven years back" In fact the secre-
/ tary's report showed that $2,25S. of a
total of $5.036.20 in profits had been
earned during the last twelve months
The local ASSOCIATE is lover the HILL"
The expenses of it's early years of or
ganiZation have been paid up, and it is
earning at the rate of 2-3 per cent
for it's installment shareholders now,
out of which must be paid the eX-
penses, and out of which must come
division with the early series share
holders, but the profit on the per
cent paid up shareholders is meeting
more than half the running expenses OF
the association, so that in a very few
years the paid up shareholders money
at per cent will earn profit enough
to pay all of the expenses and leave
the installment stockholders all OF
their earnings to divide.
George F. Thayer former secretary,
| addressed the meeting, saying that the
| first series Of shares would mature in
/ 1870 months if the present rate of4earn-
! ings was kept up. He said that the
local association was growing as
rapidly as other associations in other
places had grown, and that 1t showed
| a greater growth, than banks in the
villages of this county which had
started at about the same time with
as much as $4,000 invested capital to
| the associations goose egg start.
Several Amendments.
! The amendments adopted increase
| the capital stock from 100000 to
| 81, 900, 900, and give each shareholder
five days of grace in which to pay his
monthly dues. All fines were reduced
so as to retain from delinquents only
their earnings above per cent, and
permit Withdrawing, members to take
8 per cent on their money when with
drawing.
Provision was made for the loans to
be in negotiable form, and paid up
shareholders were given the right to
vote share for share with installment
gs,c kholders. Owing to the increasing
1 lumber OF shares in force one-fourth
| Of the total shares was made a quorum
for amending articles instead of one
half.
The directors, hereafter, are each to
receive 81 for each regular monthly
meeting which they actually attend.
The customary fee in other associa-
lions is from SO to IS. Members Of
committees which examine loans will
hereafter receive 81 each for such ex-
animation, the fee to be paid by the
applicant, which is an established rule
with nearly all other building and loan
associations.
A financial statement Of the asso-
citation follows: @-E--. ,2,r
Assets.
Cash on hand ...............$ 314.61
Loans (52) on real estate -. S1,77000
Loans on stock ............. 1,376.00
Total 800, 4oV.ol
Liabilities.
To installment shareholders. $40, 053s00
To paid up shareholders -. 32,750.00
Profits earned commemorative. 5,036.20
Interest occurred on paid up
shares NEUTRALITY-SUSPICIOUS.. 621.41
Total Observation-Disclosures. $50, 46O.61
Interest collected ....... .... s4,6S3.92
Fines collected ...............: 1880
Membership fees ............ 1890
Transfer fees ................ t1.50
Total ..................$ 4,7S7.22
Expenses.
Interest on paid-up stock ...s 621.41
Membership commissions 80. 1900
Interest on Withdrawals 49,. 1O0.64
Salaries and expenses $1,000. s27.31
Interest on paid up shares. 1886
rotts, -. !. Y. :. 2,s29.22
$3.50.
Profits for the year .......,$ 4,7s7.22
Il