Show The Pioneer Loan and < ling l-ing Association An institution of this character has been so long needed in our community and its objects are so closely identified with the best interests of the people that we print the fall text of the circular which has been issued by the association asso-ciation It will explain itself and runs as follows S A loan and building association isa saving institution for the people in which the people have the benefit of all the profile The plan ia Euoh that every dollar paid into the association is calcu lated to oem compound interest and every member is thus enabled either rapidly to save up a capital which he may freely command or to becom in a shoit time the owner of his own homestead or of other real estate ThePioneer Loan and Building Asso ciation was formed for these purposes and was incorporated under the statutes ot Utah on April 7th 1883 Its bu = i ness is conducted upon the same principles I prin-ciples and protected by the eamo safeguards safe-guards BS the business of a regular savings bank Its plan of business Is as follows Any person male or female of lawful age can become a member and enjoy the benefits of tho association by subscrib jog one or more shares Each share has B facevalue of S200 For every share of tock subscribed the member pays into the association 1 per month The board of directors hold a meeting on the fourth Thursday of each month at the office of the asacciationi for the purpose of receiving re-ceiving these monthly payments of 81 for each share from the mem bars All the money which is thus paid into the association asso-ciation every month is loaned out and earns interest Such loans are made to members only each bare of stock entitling the member to a loan of 203 out of the funds of the association Thus if a member desires de-sires a loan of f 1000 he must bold fire shares If there be two or more mom bars who desire the same loanthe money III sold at auction in open meeting i that is the mgney is loaned to the member who shall bid tho highest premium for the privilege of receiving it This premium prem-ium consists in a number of cents to be paid monthly in addition to interests and does nesNow the interest received on such loans and the premiums paid for the irivilegeof taking loans are again loaned out together with all other regular monthly receipts thus earning interest upon interest It is plain therefore tbat as year by year passes tne funds in the hands of the association rapidly increase until at last the association will arrive at a point when it will have money enough to pay each stockholder two hundred dollars for each and every share of stock held by himor in other words the par value of his shares When that time arrives ar-rives the money is divided and each stockholder receives the amount bis shares call for FIt Is calculated that in a country where interest on email loans rules at ten percent per-cent and upwards each member who pays one dollar per month on one share of stock for about sixty months will receive re-ceive the face value of two hundred dollars dol-lars for each share In other words he has gradually in those sixty months put c ut 60 at compound interest so that bis 60 have in that time increased to 5200 It is easily seen therefore that a wonderful won-derful saving can bo effected by the investment in-vestment of 11 per month in the association associa-tion When a mem uer has taken loan frum the association on his shares that loan la wiped out and cancelled as soon as the association is ready to pay 200 for each share An illustration will best show the great advantage tf borrowing from the institution Suppose a member holds five shares He desires to borrow 1000 As be is entitled to a loan of 200on each share ho borrows the 1000 from tho association his five shares This 1000 helps him to buy his house and lot the association taking a morL cage for the amount His monthly dues and interest would be as follows Dues on five shares f 5 per month Interest and premium say 11 < Total f6 If be had not bought tho house his house rent would amount at least to this sum per month But having borrowed from the association his debt of SlOtK will be wipe out the moment the association asso-ciation has enough of funds to pay i2001 for each share of stock Thus by paying but little more than house rent every month to the association the investor would ia a few years becomo the owner of his house and lot Any member can draw out the value of his shares at any time Any member can also obtain a loan of the value of his hares by giving the shares l to the association asso-ciation as security The company is conducted entirely in the interest of the stockholders The stockholders hold a meeting annually on the fourth Thursday in March for the election of directors The monthly meetings meet-ings of the directors are held ontirelyfo the benefit of the stockholders and for the transaction of all business with them Stockholders are therefore desired to attend at-tend these meetings regularly for tho payment of their monthly dues and to see that the transactions are in their in tereaU The president each year will appoint three stockholders to examine the books of the association and submit a full and impartial report to the annual meeting of the stockholders So expenses are allowed unless ex prasly authorized by the board of direc tors No salaries are pail with the I imgle exception of the secretary who attends to the current business of the as soeiattoa and keeps the books and the record All further particulars as to the full workings of the Association will be found < in the bylaws a copy of which can be had on application to the secretary The secretary will always be found at the office of the association three door south of the postofilee and will always be ready to give any explanations that may be desired I |