New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1921-08-03
NEW ULM SAVINGS & LOAN
HAS BANNER PERIOD /.
81. IN HISTORY.
MORTGAGE LOANS INCREASED
$29, 200 DURING PAST SIX
MONTHS.

During this six months period 1T has
made new loans aggregating $4,000,
increasedlits paid-up stock by $30,20O
and the net increase in running stock
aggregates 305 shares of $100 each.
1t also declared the usual three per
cent semi-annual dividend, which
means six per cent per annum.
Loans Pending Aggregate $65,000.
There were on the first day of July,
applications for loans pending aggre-
eating the sum of $4,000. With
possibly few exceptions these loans are
safe and desirable and would be made
at once if the Association had the
necessary funds on hand. In making
loans the directors are very careful.
Not more than two thirds of the actual
value of the property is loaned and not,
until a committee has made a careful
and searching examination of the
property and has recommended the
loan and the attorneys report on tie
title to the property is satisfactory.
The Association has contingent
fund of $3424.95 to protect the stock
holders against losses. Never in the
history of thesAssociation has it become
necessary to draw on this contingent
fund, because there have been but few
foreclosures and in each case the Asso-
citation was able, to get all the money
that was due it on the foreclosed pro-
perty.
Mortgage Loans Increase 800 200.
Unprecedented in the history Of the
Association are the number of loans,
made during the past six months.
They aggregated the sum Of 5000.
The net increase in the amount of paid
up stock is $4,000 and the running
shares of stock have increased 305
shares. Running stock natures in
approximately six and one-haf years.
In other words, if you pay into the
Association 25 cents per week for this
space Of time, you will be able to draw
out $100 in cold cash.
AS rule the Association is not
anxious to issue paid-up stock, that is
permit people to pay $500 or any
multiple thereof into the Association
without making any weekly payments
and draw the same rate of interest as
the running stock. This stock is very
desirabl ea2and the Association will
issue limited amount of this stock
to enable the directors to make tie
loans that are now pending, which on
July LIST amount to $65,000.
Mortgage Loans Over Quarter
y Million 80
The total mortgage loans on real
estate aggregated $231 900 on June.
80 This means shat the New Ulm
Savings & Loan Association has helped
citizens of New Ulm to this extent to
enable them to procure and sown their
own homes.,lE Every one who is i'm
terested in the welfare and growth Of
New Ulm should, if they have the
funds, place them at the disposal Of the
Association to enable the directors to
make the loans that are now pending.
The Association is conducted aon a
purely cooperative basis. The rate
of interest to the borrower is only
6.76 per cent and the dividend rate
paid for years has been 6fpper cent,
from which it appears that only three
fourths Of one per cent is used for the
expenses of "a concern that does almost
a quarter Of million dollars worth of
business. \
Exemption Bill Pending. !.
If the bill now pending in Congress
becomes a law, then stock in local
building and loan associations will be-
come more attractive than it is at the
present time. The bill now pending
proposes an amendment to the Federal
Revenue Act, which would grant an
exemption from the income tax upon
the annual revenue derived shy any
citizen from investments in a domestic
buildingsand loan assoc citation; provided
that such exemption should not extend
to:more than $500 of income in any
year.
Secure Paid-up Stock Now.
Now is the time ito secure paid-up
stock. If you wait several months or
even weeks, the directors may have,
enough funds to make the loans that
areynow pending and would then not
issue any more paid-up stock@even if
youwould be willing to loan it to them
for a less rate Of interest than they are
now paying lin dividends. No more
stock will be issued than lis necessary
to take care of the loans applied for.
Nothing would please the directors more
than to be able to have $500, 900 in
mortgage loans at the close OF the
present year and they can have this
amount if they get the financial as
sistance from the people Of New iUlm
and vicinity that their past record
Justly entities them to-.
Splendid Showing.
According to the secretary, the re-