New-York tribune., 1922-06-25

numbers 279.749 members who |
are on the way toward becoming |
home owners.
mands made upon them for loans.
] hese loans are made from the moneys
paid IN by the total memberships. only
/. small proportion % whom can be
borrowers az one and the same time
The investor IS the greatest nocd
in this mutual and cooperative move
ment. for upon him the associations
depend for the money 10 lend 20 build
more homes All members. whether
investors or borrowers. receive equal
share in all earnings. the dividends
usually running from ~ per cent 20 8
per cent per annum. The fns charac-
ter OF the work being done has long
been recognized By the United States
government. as proved by the fact that
for over twenty-five years thev have
been exempted in every law from taxes
imposed on other forms OF corpora
tions.
Borrowers IN an association are
those 10 whom the savings or investors
funds are loaned upon easy payment.
first mortgage security and there is
no better security in the world for
the purpose Of the erection OF dwelling
houses.
in many associations mortgage pay
ments are based on 81 each month
for each 500 lent: SOC interest and
SOC each month 20 the credit of the
mortgage. These payments enable the
homebuyor 10 own his home free and
clear in less than twelve years. There
l. 20 % q =
and humanitarianism runs through the
management. as there is no disposition
10 be harsh II = borrower is unfor-
tunste and disposed 20 play fairly.
Forms OF Investment
To preserve mutuality. all members
Of an association are shareholders in
H. Shares are usually Of the nominal
value Of 800. Some associations issue
shares Of the par value OF 5000. To
those who join an association 70 save.
as investors. there iS usually offered a
choice Of three forms Of investment of
savings A member can subscribe 10
instsllment shares, payable usually al
the rate OF 81 per month for each
500 Of shares subscribed for.
In this class the member IS expected
20 make the payment each month
regularly. until the accumulated pay
ments, with the dividends compounded
semi-annually. equal the face value Of
the shares subscribed for. DIVIDENDS
in this class Of investment are usually
at the rate OF per cent per annum.
or a. high as 6 per cent in some
associations.
For those who do not want to be
bound TO make regular payments on
their shares the banking law author
izes savings and loan associations 10
issue savings shares, upon which a
member may make payments AS ana
when he pleASes OF as much or as niue
AS he pleases. from time 70 time, just
as in the ordinary savings bank. ne
can withdraw al any time all or any
part OF his money. Upon these shhies
dividends are usually payable NJ me
rate of Az per cent per annum, al
though some associations pay as nigh
as per cent per snnum.
To those who w4Lt 10 make lump
sum investment in n savings and loan
association in sums OF 500 or null
tiples thereof there are issued income
shares represented by full PAID Ger
tifcste. upon which the association
pays regular dividends semi-snnually
in cash 10 the holder Of the eerun-
cat. These dividends are usually At
the rate OF from Az 10 per cent.
For persons desiring TO withor@"
their money from an association IN
New York State, for example, the Ia"
nrovides for a sixty days notice: but
Inc associations. practically without
exception. follow the practice Of paying
l.. - deman0
out requiring notice.
Chiefly for Small Home Owners
The associations refuse large mort
gage loans-not more than $4,000 10
one person, a. general rule. hey
snpesi especially 70 the average SELF
r,specting American who desires 10
oct z home and few dollars together
AZ a bulwsrk against the uncertainties
Of life.
II YOU have not the margin Of saw
ings already accumulated or equity IN
a piece Of property that will Justfy
an association making a loan 10 you
AZ once TO buy or build your home you
NAV ioin one Of these associations ana
commence through the purchase. OF IN
stallment shares or investment IN saw
ings shares the accumulation Of FUNDS
that will enable you later on TO get q, a
loan from the association that VIII
eventually, through easy monthly pay
ments. enable you TO become the owner
Of your own home.
Pick out one or two associations
nearest your home or place OF business
and investigate them. Some OF them
are larger in their resources and faclll-
ties than others. but ell Of them are
good. II one cannot accommodate you
try another one.
Three Of six officers Of the New
York state League Of Savings and
Loan Associations elected for tne en-,
suinr wear at the recent Lake Placid
convention are New Yorkers-N. D.
carter. president; Hiram {. Horton,
second president. and Aronioalo
W McEwan. secretary.
The other officers arc MeoO g
Cooper. first vicc-president, Os~ego; );
G. Parker, third vice-president'
Couverneur: John II. White, treasurer.
Schenectady. The 1923 convention OF
the state League will be- held at
Geneva. \. Y. June II and Is. me
1000 annual convention Of the United
states League Of Savings and Loan
Associations will be held al fortlano'
a. -. r,orth July % and ~.