The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-07-04

thai series OF Stock) WINDS up. by
this means of lending money the in
terest compounds monthly. While
that amounts to little during the first
two or three years, yet after that it
amounts up rapidly and amounts to
q great deal.
The crowning glory Of the Building
and Loan Association is it's record
as Savings Institution; It enables
It's members 10 save; they learn to
love to save; they sec it pays them
to save; they acquire the habit to
save.
There is no means set devised by
man to save, superior to the plan
small part of ones VICES or income
of putting aside every month a
small part of ones wages or in
come. And when that income bearL
interest from date, and that interest
is compounded monthly the profit
will be material in course Of six ot
seven years.
Then, too, the borrowing mem Dor
gets his money at apparently very
low rate of interest. He repays his
loan in such easy insto, ,lments and 1t
is repaid in such a short time that
to him it seems as If he only paid In
terest at about 4.60 per cent, even
though the rate be eight per cont as
he goes.
To illustrate: Say he borrows six
hundred dollars and the association
charges eight per cent interest. Then
his monthly installmer: would be six
dollars on the shares and one-twelfth
,of years interest on six hundred
dollars would be four dollars, max
ing the monthly payment Of ten dol
lars. Experience teaches that it will
at that rate take SIX and one-half
years for the stock to reach the value
of one hundred dollars per share.
In that time the borrowing member
will have paid in sever hundred and
eighty dollars. He has paid for in
te rest on his six hundred dollars for
one hundred and eighty dollars or the
six and one--half years, the sum of
twenty-seven and 7Q-100 dollars
Der year on six hundred dollars
which makes four dollars and sixty
one cents per year on one hundred
dollars. Of course there is a fallacy
in this, but this is all the burden
that he feels.
A few Illustrations: A young man,
an assistant bookkeeper in a large
store in Orangeburg, and drawing
a good salary took twenty shares In
a Bunilding and Loan Association,
which ran till its shares should be
worth two hundred dollars each. He
kept up his payments for about six
years. For some reason, he got out
of work. He was not at a loss for
moment for something to do. He
went over to the Building and Loan
Association, he borrowed three thou
sand dollars on his stock, and opened
a clothing store and began business.
Today he is successful merchant In
q thriving city.
A young shoemake", supporting
himself and family by his trade, and
living in rented house, met friend
of his, an officer Of the Building and
Loan Association. His friend ex-
planned to him the working Of the as
sociation, advised him to take some
stock and helped him 10 purchase
small lot. Some years have passed
and that shoemaker kept up his in
stallments through all those years,
and today he with happy family
lives in his own good comfortable
home and it is paid for.
A washerwoman lived in rent
ed house and paid seven dollars per
month rent. She owned a vacant lot
worth about two hundred dollars
which had been given her by a lady
who formerly employed her. She
went to an attorney to negotiate
loan with which to erect a house OH
her lot. He being an officer OF the
Building and Loan Association, ad-
vised her to purchase some shares.
She did. She bought four shares
and borrowed four h. 1dred dollars
and put her up nice little home:
Her monthly installments were six
dollars and seventy-fige cents, less
than the amount she had been paying
for rent. In six and one-half years
her home was paid for. These are
lust three illustrations taken at ran
dom. Many more simi' + ones could
be given.
Many of the best business men OF
this State invest heavily in Building
and Loan stock. I know some who
carry fifty, sixty, seventy, one hum
dred and fifty and as much as two
hundred and fifty shares. The action
of these business men is strong ar
gument in favor Of it as a business
propcsition. Now some men will
say what has the Building and Loan
Association to do with patriotism?
Think for a moment. is not the man
who owns his home the advocate of
honest government and low taxes?