Show Loan and Building Association The stockholders of the Utah Loan Building association held their second annual meetlnsr last night in the room of the chamber of commerce com-merce The affairs of the association are in a prosperous condition over 2 shares being represented in addition to which a fourth series was started in which several hundred shares were taken At last nights meeting the follow lug board of directors was chosen L C Kar rick J Bamett Fred Simon A L Thomas A lanauer Jr F C Geutsch Hugh Anderson S H Auerbach and T C Armstrong who will organize or-ganize for the ensuing year in a few diys THE PRESIDENTS REPORT To the stockholders of the Utah Loan and Building Association I closing the second year of our association i will not be necessary to detain you with a lengthy report in order to show what has been accomplished The figures submitted to you by the secretary In his statement speak more eloquently than any words which could be said upon the subject With that showing we can rarely assert that our association has built its foundations upon solid rock and has come to stay The board of directors has pursued that con ervati ve course which was to be one of the main features of the society No extra large gain could allure it to deviate from the policy marked out and in consequence thereof we can safely say that we have become a truly mutual benefit society the lender satisfied with a fair legitimate legiti-mate profit the borrower nleased with the low rate of interest paid by him While upon this subject may I be permitted to submit you a small example in arithmetic which will no doubt furnish some food for re lection to those who have not yet realized the full advantages of loan and building associations Say that the average rent paid by the average family 430 per month in what position does this place the rentpayer at the expiration of eight years during which time it is calculated our shares are paid up A house at Sai per month costs 3CO per year and i eight years 2880 is paid out in rent not counting the extra dollars paid here and there I which a tenant will pay out during the year for repaIrs Fifteen shares would in our association entitle tie the owner to a loan of 0 And now let u s see how the same is paid back to the association associa-tion ionwelve welve monthly payments of 015 each amount to S 13000 I The interest on 3000 at 8 per cent is 24000 Slaking total of 42000 Deduct from this O paid for rent and you payexaetYn COOO per annum on your house which becomes be-comes your fully paid up property in eight years costing you 4SOOO A trial balance will again prove this In eight years time you pay eight times 420 or 0 0 0 33COOO Deduct therefrom amount paid for actual ac-tual rent 0 0 288000 and it leaves the cost of your 83000 house atn 0 0 0 4SOOO This is the only feature which I deemed worthy of bringing before you and I trust that the re suit of this little example may Induce a good number of our stockholders to begin to think seriously of owning their own homes In conclusion I desire t thank the board of directors the committees and the secretary for the courteous and efficient manner in which coureous all duties were performed by them making the task devolving upon me an easy and exceed ingly pleasant one FINANCIAL STATEMENT For second fiscal year ending June 19 1SS3 Shares of Stock Series Or Hand Issued Wilhdrn Or Hand A 1841 O 1051 B 2 10 45 215 C 3S6 20 3 2091 3 270 2217 Receipts Entrance fees 9 0 Dues 251700 Pines 4750 Interest 337827 Interst 0 0 0 33B 2 Increase of balance due treaurero 41213 Total 0 00 2953CO Disbursements Bills receivablen 2517000 Paid withdrawing stockholders 3909 L Profits paid withdrawg stockholders 0123 Expense 0 44365 Total 0 o m 0 m 52958310 Total Receipts Entrance fees 71300 flues 5133300 Tues 0 0000 0 m31d 0 10310 Pace rn get 450524 Balance due treasurernnnn lC73iO Totalo 0 5333520 0 0000 S3 Total Diiburietncnls Bills receivable 0 00 0 3128000 I Paid withdrawing stockholdernn 000300 rants paid withdrawing stockholders 61 25 Expense 9S505 Total 3833520 n 0 0 0 00 3 llesources Bills receivable15126001 Accrued interest 4JOOO Accred interst 0 00 0 Total 0 00 i5177000 Liabilities 1 630 shares of stock A51160101 215 B 3b7000 360 C 21WOO Due treasurer 0 00 0 0 1075 M Undivided profits 4764 01 Total 0 u u J3177000 Erin by Series Per hare 1630 shares of series A51379 14 or S2 07i 215 B 32370 150VS 3 C 6120 10 j Total 0 5173401 |