Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1918-01-22
LOCAL SAVINGS AND LOAN SOCl-
ETY. HAD BEST YEAR IN
HISTORY IN 1917.
ASSOClATlON HAS OVER
ste5,0oo IN INVESTMENTS
Most Of This Loaned at 8 Per Cent on
First Mortgages on Local Homes
lnstallment Investors Earning Aver.
ace Return Of 10 Per Cent on Ma.
tured Stock-Directors Re elected.

-- Il
The report of the Marshalltown Saw
ings and Loan Association, made TO its
shareholders at their annual meeting
held in the Marshalltown Club Monday
evening, shows 1917 to have been the
most prosperous year this savings as
ISOLATION has ever enjoyed. ThereNare
now on hand undivided profits of SIS
14a.i5 belonging 10 installment share
| holders who have invested s97.S59 of
their own money, and there is an ad-
ditional investment of $4,000 by paid
fup shareholders who are limited TO 6
per cent earnings upon their stock.
The association now has S16gl79.45
| loaned at per cent on first mort
cages on the best OF medium priced
( homes in the city. and S3,529 loaned on
its own shares. making a total of $780,
70S.45 safely invested at 5 per cent.
| The profit of 9 per cent on the $4,000
of paid-up stock, which is limited to 6
per cent earnings. now pays the salary
of the secretary Office rent, printing,
and all operating expenses, leaving the
installment shareholders a mortgage
| loaning business with all expenses paid
| by the paid up shareholders.
At the present rate of earnings the
| first series of stock will mature in 1872
months. or eleven years from date OF
issue. Each shareholder will have in
vested s66 of his own money for each
800 share. This SOS Will have eraged
half the time on investment as ii was
paid in at the rate of 80 cents per
month during the entire period. and the
s66 thus deposited for an average of
five and half years will have earned
s34 profit which is an average OF 9.36
per cent per annum on the amount in
vested.
Earning 10 Per Cent Per Annum.
This first series of stock was taken
by boosters about town to help organ
ize the association. and withstood the
first five years of little or no profits,
while the association was building up
it's volume OF invested capital and
loans At the end of the fifth year the
association had only sl6,600 loaned, but
during the past twelve months the
loans increased s5o,7OS. and stand to-
day ten times what they were at the
end of the first five years and every
series Of stock after the first series
should mature in less than eleven
years at an average interest return OF
10 per cent to the installment in
vestors.
Shareholders Also Borrowers.
AS the installment shareholders are
for the most part the borrowers who
~
70 per cent on what they pay into the
association on their shares earns for
them a higher rate than they pay hav-
ing the effect Of reducing the net cost
of their loans 70 approximately per
cent while those who invest on the
monthly savings plan without borrow
ing make the high prof. on savings
without cost Of interest on loans.
The auditing committee, composed
of G. F. Thayer and e. W. Gilbert, re-
ported that the secretary's books were
20. X" showing receipts and disburse-
nents for the year as follows:
Receipts.
Dues .......S 33,op3oo
Interest ..,....... Io,ooolo
Fines . 1890
Fully paid stock (new and
renewal =. .......... s2,soo.0p
Membership fees .. $3.50
Loans on shares paid Off. $4,000
Loans on real estate paid off 15,852.90
Examination fees ......... 14400
Cash carried over .......... 1921
s126,s7201
Expenditures.
Fully paid stock cancelled..s 5o.350.00
Loans on real estate ....... 65.e15.95
Installment stock withdrawn 3.o19.5O
Interest on same ..... 1888
Interest paid on paid-up
stock -. ....... 2,4s5.2s
Salary . 10000
Rent ........... 1900
Directors fees " 1900
General expenses . 117.35
Loans on stock ............ $4,000
Examination abstracts and
loans .. 1920
Cash on hand Jan. /, 1873. 344.94
s126,972.01
Old Directors Re- elected.