The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1909-04-22
PROSPERITY WITH US.

LraCkS.
PROSPERITY WITH US.
Money Being Loaned in this State at
Low Interest Rate.
The day of cheap money is at
hand for Columbia; and according to
representatives of insurance compa-
MES which have placed over $780,
600 on real estate in Columbia with
in the past year, most Of it within
the past few months, at per cent,
money at low rates of interest in fast
getting well started, and will be
available not only in all the cities
and towns in the State, but on farm
property as well in all sections OF the
State where farm values have any
thing like fixed values.
Some foreign money has been
loaned on Main street property here
recently as low as per cent, and a
merchant who got approximately
$4,000 at 5 per cent, for which a
bank was charging him 8 per cent,
was told that another year he could
get the same amount at per cent.
About $4,000 has been loaned on
Main street at per cent.
The Virginia Life Insurance COM
pany alone has loaned here in Co.
lumbia $111,000 at 6 per cent. in
amounts ranging from $4,000 to
s25, 5,00O-all this being placed since
last June. This company is also
loaning at per cent in Greenville,
Spartanburg, Laurens, Darlington
and Greenwood.
"This company is flooded now
with applications for loans on city
property" said a representative of
the company to-day, "but it has
plenty of money to put out at 6 per
cent. provided the security is abso-
lutely beyond question. 1t will not
loan eyond so per cent. of the mar
ket value. But the company will &C
cept farm loans in good sections of
the State, say, like Darlington, Sum-
ter, Marlboro, Florence, Spartanburg,
Union, Greenville and Anderson
counties. If the farmers make the
proper effort they can get all the 6
per cent money they want. The COM
pany will not take more than 6 per
cent. It wants no more than this.
A general officer of the company said
the other day to a man who offered
to get the company lot Of Z per
cent. loans that the company did not
want more than 6 per cent"
This gentleman went on to say
that to Commissioner McMaster was
largely due the credit of getting this
cheap money started this way, as
the commissioner had for many
months been trying to get foreign
money interested in this section and
had succeeded.
The bank and building loan people
who are loaning at 8 per cent. have
no quarrel with the cheap money.
"It's a splendid thing for the busi-
ness interests of the community" !"
said Cashier J. P. Matthews, of the
Palmetto National bank. Certainly
the banks have no kick coming.
Cheap money gives the bank that
much better opportunity to satisfy
the people applying for money at 8
per cent. You see great many peo-
pie who need more than so per cent.
Of the value of the property can't
take advantage of the 6 and Z per
cent. money. And it helps the build
ing and loan companies, and as they
prosper we all prosper"
An attorney who had been loan
ing for building and loan companies
explained how the cheap money help
ed these concerns.
''The money released by cheaper
loans is seeking other use," said he,
"and the inevitable consequence will
be the gradual cheapening of all
classes of money. Up to within the
past few months the building and
loan people have had to pay as high
as Z per cent. and they were running
after money. Now we have to beg
tborn tn falyo nonav at nor cent -