BUILDING AND LOAN ASSOCIATIONS 231 



$48 by 500 $24,000 



36 by 600 21,600 



24 by 400 9,600 



12 by 500 6,000 



Total dues $61,200 



According to the books of the association the shares in the 

 first series before the fourth year apportionment are worth 

 $38.87; in the second series they are worth $25.27; in the third 

 they are worth $12.32, with the shares in the fourth year unde- 

 termined. Determining these values of each share in the four 

 series, the process is as follows: 



Dividing the $3,000 net profits of the fourth year by the 

 $61,200 of aggregate dues for the whole period, the rate per 

 cent of profit on these dues is 4.9019 for the year. With this 

 rate established the rest is simple : 



Value 



Last each 



Profit. value. share 



$48 by .049019 $2.35 plus $38.87 plus $12 $53.22 



36 by .049019 1.76 plus 25.27 plus 12 39.03 



24 by .049019 1.18 plus 12.32 plus 12 25.50 



12 by .049019 59 plus .... plus 12 12.59 



When this calculation has been made with this sample 

 piece of work, it is shown on the books that $2 remains still 

 undivided profit, presumably for the reason that it would take 

 more time to divide it than the $2 could be worth to any one. 



There are tens of thousands of home owners in the country 

 who have owed their homes to the building and loan associa- 

 tions. These in many instances have not been naturally sav- 

 ing and careful. The example of some friend or friends in 

 suburb or city neighborhood has stirred them to the possi- 

 bilities of a home based upon a careful, systematic business 

 principle, and in the exacting measures of an association of 

 which the careless type is a full member the naturally delin- 

 quent nature has been roused. In a dozen ways the headless 

 local building and loan association has been building not only 

 cities but men. 



