Building and Loan News from Topeka, Kansas • 5

5 BUILDING AND LOAN NEWS. Building and Loan News dollar a month The stock is withdrawable any time before maturity, and the TOPEKA, KANSAS, APRIL, 1906. PUBLISHED OCCASIONALLY By the Shawnee Building and Loan Association for free distribution among its members, and others likely to be interested in saving money and buying or building homes. Office at 115 West Sixth Street. Open every business day.

Ind. Phone 127. rate of interest at time of withdrawal is fixed by the by-laws according to the age of the stock. There is no withdrawal fee. Class instalment stock is issued in certificates of from one to twenty shares, but the dues are ten cents instead of one dollar.

Full-paid stock is issued in quarter shares half shares and full shares or in any multiple of these amounts. If a person wishes to subscribe for one or more shares and prefers to pay it up in one sum instead of depositing a stipulated amount each month, he may do so, and get a certificate for full-paid stock which will draw a fixed dividend, payable semi-annually. Full-paid stock is not as profitable to investors as Class A instalment stock, yet it pays a better rate of interest than any bank or other like institution. It is Officers of the Shawnee. M.

Snattinger, President. R. S. Brigham, Vice-President. T.

B. Brown, Chairman. W. H. Eastman, Secretary.

F. M. Bonebrake, Treasurer. W. R.

Hazen, Attorney. for the six months last past is divided pro rata among the shares in force and credited to them on the books of the Association, according to the age thereof and the amount paid in thereon. No cash dividends are paid. The earnings of the Shawnee have never been less than seven per cent. Shares withdrawn before maturity do not receive full book value, but draw four per cent when twelve months old.

If sixty months old, or over, they draw more than four per cent. Shares pledged and unpledged are treated exactly alike in the distribution of profits. Shares not pledged for loans may be withdrawn any time, upon giving thirty days notice; the thirty days notice is a safeguard against panics and runs, but has never yet been demanded by the vShawnee. Withdrawing members have always been paid in cash upon presentation of their certificates at the Secretarys desk. There is no withdrawal fee.

Members wishing to withdraw may sell their shares to any person, but in such cases a transfer fee of ten cents per share will be charged. All persons who have the custody of securities or the handling of money belonging to the Association are under good and sufficient bonds. Directors. M. SNATTINGER.

A. A. RODGERS. A. B.

POOLE. F. M. NEWLAND. T.

B. BROWN. P. J. MONAGHAN.

R. S. BRIGHAM. H. F.

GUTHRIE. F. M. BONEBRAKE. B.

T. PAYNE. E. L. COPELAND.

issued to accommodate small lump sums. Instalment stock is issued in series, quarterly, but subscriptions are received any time and certificates dated back to the first of the quarter. If issued in May or June back payments must be made, including April. This simplifies bookkeeping and distribution of profits. The net earnings are divided semi-annually (July and January) among the shares of instalment stock in force at those dates, according to age and amount paid in.

A detailed statement covering the business for six months is then made to the State Bank Commissioner, printed and distributed to the members. The Shawnee. The Shawnee is operated with two objects in view: First, To furnish a convenient, safe and profitable method of investing the savings of working people and others. Second, To furnish money at a reasonable rate of interest and on easy terms to people who wish to borrow. This association was organized in March, 1885, incorporated under the Kansas law, and is under supervision of the Kansas Bank Commissioner.

It is purely mutual in its operation. To become a depositor or a borrower ene must first become a member. An application made to the Secretary for shares of stock embodies an application for membership. There is no membership fee. Stock issued by the association is of two kinds: Instalment and full-paid.

The instalment stock is divided into two classes, A and B. The nominal value of one share of either kind of stock is $200. Class A instalment stock is issued in certificates of from one to twenty shares, and on each share the holder pays in, or deposits, one dollar each month, before or on the third Monday. The money thus accumulated in the treasury is loaned to members of the Association who wish to borrow, and the interest paid by borrowers is the source of profit to the investors. Loans are made only on first mortgages on real estate situated in Shawnee county, or on United States bonds, or on the Associations own stock.

Whenever the amount paid in (monthly, as before stated), plus accrued earnings, amounts to $200, the stock is matured, called in, paid off in cash, and canceled. In the twenty-fourth series, which matured in February, 1906, one dollar paid in each month on one share for 128 months earned $72 and returned the investor $200. Where can the small investor deposit his or her savings and get a better return than this? And who is so hard-up that he cannot save at least one More About the Shawnee. Loans on residence property, to owner or occupant, are preferred. No commissions are charged; no premiums; no deductions.

First mortgages are required in every case. Loans are made only to members. The application for a loan embodies an application for membership and shares. Applications for loans may be made any time. Loans are made by the Secretary on the Associations own stock, without other security, but never in excess of ninety per cent of the withdrawal value.

Applications for loans on real estate must be approved by a majority of the Board of Directors before the loan will be made. The Board of Directors meet on the first and third Monday evenings of each month, at the Association office, to examine applications, approve loans, and dispose of other business. Money is not sold at auction; loans are made in the order of the date of filing applications. Real-estate loans are made on the definite-contract, interest-reduction plan. The termination of a loan does not depend on the maturity of the stock.

A loan may be paid off in 12, 24, 36, 48, 60, 72, 84, 96, 108, or 120 equal monthly payments, and the borrower may choose the monthly payment that will best suit his income. Extra payments in any amount may be made on loans at any monthly-payment date. Interest is charged only on balances due at time payment is made. Every payment reduces the interest. The entire loan may be paid off any time without bonus.

On building loans, the money borrowed is advanced as the building progresses. No loans made outside of Shawnee County. About the Shawnee. The Shawnee was organized and incorporated March, 1885, under Kansas laws, and is under supervision of the state bank commissioner. 'there is no membership fee.

To be a member, you must hold one or more shares of stock. The nominal value of a share is $200. One dollar per month is deposited upon each share until, with the earnings, it amounts to $200; then it is matured, and $200 will be paid in cash to the holder. Shares are issued every day except Sundays and holidays, but back dues must be paid to beginning of current quarter. New series are opened quarterly, on the first days of January, April, July, and October.

Not more than twenty shares will be issued to any one person in any one series. Parents or guardians may hold shares in trust for minors. The Shawnee has no capital stock, in the same sense as a bank or other corporation has stock. It is a co-operative partnership' business; nothing is guaranteed for earnings, but all the earnings (over expenses) are divided among the shares in force. There are no preferred shareholders.

Semi-annually, June 30 and December 31, after providing for the payment of all expenses, the remainder of the profits.