New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1919-07-09
LOAN ASSOCIATION
ON FORWARD MARCH
NEW ULM MUTUAL BENEFIT OR
GANIzATIoN IN GOOD
CONDITION

REDUCTION OF, INTEREST PAID
BY BORROWER, BY MORE
THAN / PER CENT
The New Ulm Savings and Loan
Association has added another half year
of its great service to the community
to the splendid showing Of previous
periods, as was revealed by the semi
annual statement submitted to the
board Of directors meeting July 8. The
good standing of the association and its
endeayor to share in the work OF the
general welfare are shown by the fact
that it has been able to pay adividend
of 6. per cent for several years, adding
at the same time every yesr little to the
contingent fund and that the Board OF
Directors at it's last meeting decided to
reduce the fate of interest on loa from
7.8 per cent to 6.76 per cent per annum
This change took effect the first of the.
month. -
Members Are Notified.
In letter sent out to the members
of the association, it is stated that this
reduction means that, after July /, only
Is cents of every Is cents paid in weekly
will 90 to interest account instead of
Is cents as has been the case heretofore.
This will mean that all loans hereafter
made, provided the payments are made
promptly, will be paid up in approx
mately eleven years instead OF nearly
thirteen years as has been the case
to the present time.
Dividend Reduced.
The stockholders are further notified
that paid-up stock will draw only 5 per
cent interest, payable senlli-ann ually.
This is good rate Of interest, in keeping
with good, conservative business meth
DDS, more than is paid by local banks
and fully as much as paid by most build
ing and loan associations of the state
There can be no doubt as to the practica-
bility of this move, as it will increase
the business of the association, the
arrangement being a greater inducement
and encouragement to people to build
their own homes. Besides, the credit
for helping to build up the community
will belong to the New Uln Savings and
Loan Association.
Resources Total SIS, 829.11.
The resources of the association a
mounted to $685. SPOIL, according to
the semi-annual statement, July lst,
1919. Mortgage loans form the greater
part of this total, viz, $139, 800. SD, 054.-.
81 was in the hands of the treasurer,
and $1,000 was covered by Liberty
Bonds.
The liabilities show that the contingent
fund of the association is steadily grow
ing. At present, it amounts to 81 112.06,
an increase OF $266.50 during the last
half year period. Cash dividends On
Paid-up Stock amounted to S1,065. IS;
The big totals of this side of the business
are covered by running stock, 98.852.62:s
loan stock, $19, 799.07, and paid-up
stock, $4,000. .s
A feature of the receipts is the running
stock, to the amount of SIS, 794.8 81, and
the loan stock, aggregating the total of
s14,449.72. Mortgage loans are a
dominant figure in the list of disburse
ments. They amount to 81, 200.
4,7s1 Shares.
The total amount Of stock in shares.
in force July |, 1919 was 4,781, divided
as follows; Running stock, 3,033:: loan
stock, i 1893, and paid-up stock, $780,.
This is a gain of 800 shares since last
January. SIS
The statement in full is as follows;
Receipts.
Treas. on hand Jan. /, 1913 6,875.08.
Running Stock ~. :. Is, 794. 81.
loan Stock .s.5. IA ,449.72
Paid up Stock s. $500. 90
Interest on Liberty Bonds 2l..2O1
Intere on Bills Renewable 200
In+ on Real Estate Contract 92.1O
Real Estate paid on Contract 10000
pills Receivable 1900. d. 10000
$40, 6s4.e1
Disbursements.
Running Stock !. s.. . $19,654.O1
Loan Stock 174..94
INT q, borrowed money 4. 168. 90
q ~, na;d I'M Stock 774.64