Daily press. [volume], July 07, 1907, Page 5, Image 5

About Daily press. [volume] (Newport News, Va.) 1896-current

Image provided by: Library of Virginia; Richmond, VA

                
uccessM Business Our Guarantee of Relial
9?1H?S
99
of Newport News was incorporated January 18, 1906; has just paid its 23rd Semi-Annual Dividend?such dividend 1
at tho rate of seven per centum per annum having been regularly paid, semi-annually, on the first of July and January in
every year since organization WITHOUT ?-V8IS8ION.
This Association has earned and paid nearly $60,000.00 in dividends to its stockholders; has a contingent fund
of over $7,090-00; assets nearly $140,000-00; has made 241 Boans in Newport News aggregating o\er
$300,000.00.
FINANCIAL INSTITUTION
many out-of-town loans, and saved thfeir properties g
borrowing stockholders.
YOU HONEY if you are able to give gilt-edge first lien
Read below our method and plan of loaning money. Note its advantages!!
ST S
News, which has already taken
Tlrti Association loans money only 10 tficntliers; hut as one class
oi members joins the. Association for the purpose of saving or Invest
in i; money, so others Join for I lie sole purixiso of borrowing money.
I ni encli $100 Shan- hohl hy a nlemlior, ho may borrow $100. The
Association cannol loan less than $100.
Rale of Interest
The iah- ni interest ami premium on loans is fixed hy (In- ?y
iitiwa at lirteen conti per week on oach $100. This is equivalent to
7 SO-100 per c ut.
Each borrower is required to pay at least 30 cents per week on
each $100 oi loan made to him. which is -credited as follows:
l-'irst. the Interest and premium is taken out, the interest and pre?
mium heilig fifteen cents. Then the balance, which in ihh. case would
he lifieen cents. Is credited as a payment on the share on which the
loan is taken.
These payments are continued until llio amount c
shares, litgeOmr with the dividends thereon, will oqu
loaned. I'm instance, suppose llio loan in lie $100.
Tie- payment each week would he.
The interest and premium each wiek would be.,
The credit on the share each week would bo.15 cents.
The credit of fifteen cents- per weok begins to draw dividends
at once, which are compounded semi-annunlly, and the weekly pay?
ments must be continued until (lie weekly credits of fifteen cents and
the dividends theron amount to $10u.
Members are not held strictly to Weekly payments, although the
contract m> requires, but m;i> pay every two weeks, or even monthly,
if desirable.
Time Required to Pay Up a
litcd on the
tin- amount
HO Ci-lllS
IG cents
Advantages of This Plan
Borrowers
The borrowers' Contact merely provide: a minimum weekly pay?
ment, whirl) must be made.
The borrower may, therefore, pay as much more as lie is nblo,
ami whatever extra payment ho may make is credited on the share in
addition to the fifteen cents. It draws dividends and Shortens the
time in which the loan will be paid up.
It is not expected that every boi rower will simply pay the required
din s. Bui the minimum payment is made as low as. is consistent with
saf.-tv. and the Held is left open for each man to pay off bis loan as.
sonn as he can.
lie nifty, therefore, pay up bis loan iu live years, or one year, or
even in one week, if he wishes. * Kor the same reason he may pay off
or cancel his loan at any time whatever. The minimum payment only
being fixed, the borrower may al any I Into pay the whole balance din
on the loan and have it cancelled at once, tit course, interest only
up to the dale of cancellation is charged.
Il is always good policy fnr a borrower to pay more than the
minimum dues, if he can. in order that in ease of sickness, loss of
work, or ntlu r misfortune1, he may be paid ahead and may .suspend
payment for a time without being lined or being in danger of losing
his properly.
The lime required lo liny up a loan will also vary in proportion !
to the interest and tin tho dividends earned by the Association,
Supposing the Association is able In earn Hoven per cent, perl
annum, dividends, and supposing a borrower pays only the required j
dues, his j?hn will bo paid up in nine years and twenty-two WCoks, as
follows:
VW claim for il tin* following lid vantages:
First?The rate of interest and premium, ut 15 cents
l?.?r wcqk, only 7 80-100 per cpnt.
Second? The reqiiire.fi weekly or, monthly payments
a im unit tu only $15.70 per year on each $l()t); so that per?
sons who do no! desire to make payments on the principal
of.their loan will find very little intjonvenience in making
these small payments in addition t<> the interest.
Third More than tiie regular payments can I?' made
at any Linie. So thai the borrower is left free to pity Iiis
loan fast oi* sloWi as lie wishes or is able. We all know
the advantage t<> anyone having ;t debt, of being able,
whenever he happens l<> get money, to >n> and pay it on
his debt, instead of having ((? hoard il until the close of
the year or some othor stated period. Ii frequently disap
pears in the interval.
Fourth?These loans may he paid off at any time
without any penalty whatever. This is a great advantage,
and the Association can do this only because it will be con?
stantly making loans and the money will riot have to lie
idle if a loan is paid oil", but will be immediately loaned
again. A man may gel aioriey that he does not expect,
lie may sell his property and desire to clear it at once of
mortgage. Many unforeseen events may happen which
make il desirable to pay his b an at once, and the privi?
lege of doing ho without being compelled to pay interest
to the close of (lie year, or possibly for t-evcr.il years ahead,
may become of great value, lb-re is a loan which yon may
take nine years and twenty two weeks to pay if you wish,
or yon may pay it off at any time.
Money paid in on loans earns dividends,compounding
semi annually, at the rate of 7 pet cent., so that the more
you pay t he. less your loan costs yon, and the sooner is it
retdiid.
It is better than putting your surplus money iu a sav?
ings bank, to pay it in on a loan obtained from this Asso?
ciation.
TABLM
Showing the coiinie id II loan of $1,000, Interest und premium at
$1.50 per week.
Seven pel cent, dividends compounded Boml-annunlly.
1st Year.
Loan. 1 000 00
I'uymeulH. 1160 00
Inlcrosi lind Premium for year. $7s Oo ,
la ss dividends. 2 88 . ....
Mul cost of loan.
02
k ,-i -v -
Principal reduced. ?
-ml Venr. |j
Balance due bogliiltlllg of year.
(fayments. 150 oo
Inti rest and Premium for year. $78 00
Less dividends. K III
i tb' i
$ u1u 62
Not cost of loan.
I'rlliclpal i educed.
00 00
3rd Year.
Balance due beginning of your.
Payments.
interest ami Premium for year
Less dividends.
78 00
II 211
150 00
E HO 10
$ ?33 62
Net coal qf loan.
I'l luclpal reduced .
1,3 tt \1 V
iu \ -
I \
-tili V.oar. k f.,t t
lltilauce dm- boglhnlug of yoiir. s
Payments. 150 00
Interest ami Premium for year. 7K uo &
Less dividends.'. u0 so , \ /'?>.
*- \ I *
Net ooiil of loan. f.T 20
'.11! 23
$ 741 2?
l'i Inclpul reduced.
v
5th Year.
Ilalance duo beginning of year.,
Payments.;. . ? -1
Interest find Premium for year. 78 00
( Less dividends. 27 84
166 00
? 012 40
Net COSl 0( loan.
Principal reduce
60 it
Kir. si
Gill Year.
Balance due beginning of year...
Payments.
Inlcrosi and Premium for year...
Less dividends.
y Net cost of loan..s.
Principal reduced...
7th Year.
nahmen due beginning of year_
Payments.
Interest and Premium for your..
Less dividends.
.W^Zl
:::::: hW#*% . .
. 42 03 \
.m
t .
78 uO
43 ir?
150 Ob
? Net cost, of loan.
Principal reduced.
Mh Year.
Balance due beginning of year...
Payments.,.
filterest and Premium for year..,
Less dividends.
31
113 37
1$ 423 28 j!
i W
M
\ Li
160 00
121 sr
$ 301 83
78 00
62 10
Net cost of loan.
Principal reduced.
J. A. W2LLETT, President.
W. II. LANDOW, V?ee-President.
R. W. PERKINS, Director.
D. R. McNEILL, Director
J. ADDISON WILLETT, JR., Secretary.
S. II. PLUMMER, Treasnrer.
M. W. BOYIIAN, Director
I. G. HARVEY, Director.
full information, to
.-at-Law,
9l|l Year.
Ilalaiico due hci;lnnlng of year..
Payments.
Interest ami Premium for year.
Less dividends.
\ jfc 130 10
i id \ tri
\ ' $ 171 73 ;
166 00
8 00 \ ?k
01 36
Net cost of loan. .
Principal reduced.
V\i?i nit
$ 32 37
10th Year?22 weeks.
Balance due beginning or year.
Payments. . .. 60 00
Interest and Premium...,..- 33 00
Ba'ance.* * * * * ?*MJ,
Time. 9 year;, and g2. wooka. ?I? * ^ * -?S&
Tolnl amount of payments, $1.470.00. / ' *.| t; {if ? ' V > \
Net cost of loan, $470,00. 1
$31
^,._