The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-03-07
"Ohathaua" VS.. EXCELSIOR"

L1tttLOF A1OfNtFtD AFCtNSs ~ W1o hOb tuo
desire of the Excelsior Loan and Savings
Company to tread upon the toes, as it wers,
Of any association or company, or to give to
them any unnecessary anxiety concerning
the plan of ope alton, much less the Chat
ham Real Estate and Improvement Com
pany, which we now and ways have
claimed to be a good institution, and of
which some of the undersigned are stock
holders. And in setting forth the modus
0perdHdt Of this company in the Sundays
issue of the MORNING NEWS, we used only
the same privilege of full illustration which
the Chatham's exerc sed in its prospectus
OF organization nearly four years a O., as
may be seen by efereuce to the columns of
the NEWS and Times of that date
But it seems that the able secretary AMI
treasurer of the Chatham's has taken ex-
ception to this privilege and seeks by I'M
fair criticism to attack the plans and opera.
ions of this company, q full, fair and
honest statement of which was published in
the special columns of the MORNING NEWS.
81 ce therefore the write OF said article
has seen tit to misrepresent this company,
we would beg the privilege of spaca to
reply, and we have no fear Of the result of
a comparison of tie Excelsior witl any
company of similar import or OF the
severest CRITICS ms Of the worthy secretary
Frst-Had he read carefully the article
to which he refers, he W uld have fount
that the sc ormOus premiums" therein re-
ferred TO had no reference to the Chatham
Real Estate Compa ", but clearly to the
''old loans The blowing being SO much
Of the article as published in the Nor MING
NEWS as touches upon said question, viz :
Here the plan of paying monthly rentals
and keeping up the instalimonts on stock in
addition tharatN ie 10 MI N of bar,
ciatIous in tie ciy, has been done away
with, aud the enorm us pre- NUNS of the
old loans have likewise he n elm ma ted"
Now IT Viii o ee ina J4e only refe ence
to the Chatham, a a could have bee that
cor ion only W lea refers TO the paving If
monthly rentals, and keepi up the inst l.
m snts on stock in addition thereto, wuich,
in this company the EXCELSIOR, has been
done away with.
To illustrates more clearly, since the
writer as elected by his ar,icl9 this re ply,
we find the lilo ing: The Ch ltha Il loans
Oh five shares 5000 and for which mo 1thly
rentals of 81 % are charged for ten years.
and in addition Their to S. per mouth for
fifty months on his orig nal stock, maxi &
he monthly pa ments of the borrower
SIC %, thereby requiring him to be al in
yestor and borrower at the same Tina
In the Excelsior $500 il loaned on Fl 20
shares # stock, for which the borrow
paws back pri CT al and in est in install.
zen of 81 80 per week or fraction over
$40 per mouth, until eacn share is worth
800, i which con lu les his payments
Bat M. SJlomons desires to k low how it
is possible to calculate on the ten years
basis ID run out nine o..
Without going into detail, but taking his
own figures for basi-, we ind tn t if the
Chatham charges only 5 per ce1t. interest
and divides its profits to the DO roweFs a I'd
non-boProwers alike, and closes its op lra-
tions in ten yea S, why should not the Ex-
celSior, which makes 81 per cent. and like
wise divides its prof ) ID dividends with
is stockholders, borrowers and nom
Borrowers aline, run out proportionately
earlier, or in nine (9 yearsa Surely
this is clear, and requires no pene-
tration to discover its correctness.
Besides the eompoun ling of rro6t5 and
accumlating interest on weekly payments
furthers and promotes this emf. There was
no Misrepresentation, or de ire to do s. on
our part, of the Chatham Real rs ate Com
pany, and If "incorrectnessn is to be found
anywhere it will DO found-and grossly so,
ITO put it mildlyn-with the author of
Excelsi r or Chatham
II III ApNON I IT YUrrro