The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-11-19
L -aLE OF EcCEss
" Beckett IeEss % re Lean Asso-
c.E-.oc GEss-.o1
sAvAysAE. G.. NJ. q

sAvASsAE, Ga, Eo- <
Editor Morning EezrE- Il 50 so--cs Q.
rezrs- that 20 eITlzos-ioz e re uisoz-l=5
Per csut ~ s11uu irtsr@- z.vs- Z r1=
I AoESIzG NEWS q yesterday Sud =
/ oo1strUs5 u G. B. Wnztlsy, Esc-. IS 81
attack upon ths Sou-hern Hone 5-iIll-z
2o6 Loan Azsoc-z-iol e Arle--s. sc1
taEs occzEi11 q ssszre him t.z- --s co--
I pucatiozs were -ct bessi uocn r-s EZu-=
I promulgated 81 tat ius-it1tio-. b1t uc5z
tLcss q cher c-zcz--s E1ic1 s-s szszi-E
| foc.Lold Lsrs to- re p1r7oss = co-s-l-Z
I Ssvsulza dollars . y cz-E.si-CTod k1oFs
Th.-cer.
As n. Whztiey has Indirectly = Ti.ei a.
/ ANALYSIS O. tbs Atlanta couos1F, Z. Is
/ procssd 70 make i: To beo11s Borrower
from tvs Institution "a applicant must. IS
z preliminary sep bs-o-e tcl-is q, an
l ray mzuosrshi1 fss q 81, II o-1e- = d
admitted . ire Class privileged = borrow
sl-oJ0. Vow re VII q1o.s TIE exact Ian
| guags q TIE prospectus q tbs CO lpz1ys
/ COY 4 which Les CDzn before Els:
"Ill-st-zti11-s wing coSt Per month q
300. l. bo-rozs1 frDu t1s Sou-Ee-n
/ Hone Building al Losa Association Of
Atlanta, Ga
/ Rszuz- u1c--1lT ils-zil-ne1t .--...-.....S : %
Pr=l1i1r1 o. rTl--l-zl ..--..--.-.-.- 1000. 20
Interest a. ar Ier oe1t------. -.------- o.
Total s-aouzt rzaii rer uouta-....-..--...sls %
'h IL estimqtsi tast ths ssocx will nature
II eighty-four n2uths At maturity ths
stock cancels the debt AMI the member r.
ceiyes, q deed 70 his property The
italics II the LATTER sentence ara nine. and
Row pregnant With suggestions are these
FIVE EOrds1 That sl6 per Ht0nfh must BE-
PAID By the borrower lsntI the stack ma
lures, OF, as another passage IA the pro
spect1s explains it. until the monthly pay
Ineuts q 50 cents on each snare Ct sock
shall have earned the sun Of 300 Per share
-whsthsr mat period Of time b eighty
four or Is4 months. II that stock
natures in eignty-four months, the
sun Of % cents Der share, paid in monthly,
or total Of 81 pad during Al average
1sr!od n forty-two months. must have
earned SIS per share, or az the rate OF %
per cent. Der annum. Should the Atlanta
gentlemen ~hJ control this institution &C
gnpilsn suca a financial miracle, our Sa-
varuan Ian Association managers ma
well hang tbsir heads in shame-,aeT have
never performed such g mighty feat; AMI
yet II IS generally conceded that their peers
IN -Uch matters cannot be fJu I'd in Georgia.
Accepting the estimate" given ia the
prospectus as a possible achievement, what
theni The borrower recsives the net
amount Of 500 and pays back il monthly
instaIlmsnts $l.3A; difference. 1854, equal
% 10 ~ per cent. Per anlun for tue aver
age time upon the amount actually Dor
rOwed after dei1ctinz the initiation fee.
Imagine, however, what the rate Of inter
est must be if the rosy-hued estimate
proves myth. and the unfortunate Dor
rover Is compelled to pay his sl5 per monta
during "a, or perhaps l04 months!
II seems clear t1at neither the stockholm
ers nor borrowers Of tais company have
any voice whatever in the direction OF its
affairs. local board Of managers is
appointed By the Atlanta directors, but, 50
r as / can learn, the principal duty Of
these gentlemen Is % See that the contribu-
tons Of the Savannah stockholders are
safely transmitted 10 Atlanta, there TO be
appropriated as the directors Of the CON-
pa1y may elect-presumably however, in
ths further enrichment Of Atlanta capital
lsbs, or the development Of Atlanta
enterprises. Savannah, 70 USE one of the
modern slang phrases, Is cleft IN ths SOUP
In conclusion. Mr.. WhatleY asserts that
the actual interest paid Is S3ls, but he fails
70 add provided, however, the stock Of the
company natures in eighty-four month";
A. Q per cent per annum the interest upon
1890 for the average period of forty-two
months is only S207 40. After all, the
great injustice" complained Of by Mr..
" hatley, If the amusing estimate given By
the prospectus should prove anywhere near
correct, does not exceed "a per cent. per
annum, and the per cent theory is only a
deiusion. Very truly.
ISAAC BECKETT.