Show SIGNS BENEFIT BUILDING SOCIETY TUB HEKAII has nothing but the wane wan-e words of praise for an institution which has for its object the aiding of the laboring man to secure a home for his loved ones No matter how limited theincome itshould b the pride and one of the controlling ambitions am-bitions of every mans life to secure a homo for his family a it is a sacred obligation gation which ho owes them to say nothing of the debt of love and gratitude that ho i nder t a wife and children whose happiness happi-ness is in his keeping Some weeks ago we said a few words of praise for Zions Benefit Building society and called attention to the fact that there was to be a meeting to vote on the question efon Increase of capital The meeting for that purpose will be held tomorrow night and we again express the hope that tho increase in-crease will b made provided of course there are no reasons advanced to show there is danger to the society by so doing We do not know of a single society in the union in which there are greater advantages advant-ages to the borrower than are given by Zions Benefit Building society although nearly all of the states have money t loan in abundance at a much lower rate of interest than prevails here Nearly all societies charge a premium to those who borrow of from 12 to 35 per cent on the amount borrowed and therefore when the Joan is paid the amount of premium is simply so much money given to the society by the borrower beyond what he has received re-ceived and in addition to paying interest on the amount borrowed ho also pays it on the premium Zions Benefit society does not ask any premium from the borrowers We have before us a statement of tho business busi-ness of a Denver society which claims to I charge the smallest premium of any in Colorado viz 12 per cent The rate of Interest is 10 percent so that a borrower pays 1 15 per cent the extra 115 pel ant being 10 per cent on the premium The longer time taken t make the payment pay-ment the easier it is on the borrower bui let us suppose that a borrower in Denvers most liberal society in the matter of premiums pre-miums desires to pay his loan at the end ot tho first year and this is something that is very often the case ou account of a sale I of property or from some other reason saj the loan is 1000 the premium would bt 8120 the interest on > 1120 would be 6112 The borrower is also charged an extra premium of 10 or 1 per cent for the pri Tilege of paying his loan a total of 249 0 j a little over 24 per cent rer annum A borrower under the necessity of paying pay-ing his loan at the end of the first year V i I lJ I would be a hard man t convince that he had been a member of a benefit building society I tho borrower carries his loan steel until it matures which it is estimated it will do in eight years the average annual rate extra that ho has paid is one eighth of tho premium viz 12 per cent orlj percent per-cent which added to the 111Gth per cent charged for the use of the money the amount that he is really charged for the money is nearly 13 per cent Therefore tho charges are from twelve and a fraction charics frcton and fraction in t twentyfour a rtou varying proportion t tho date of paying the loan In case the premium is 3 per cent the poor borrower pays so dearly for the benefits bene-fits of the society that we do not care r estimate it in figures Considering the fact that money is higher here than it is in Denver it speak wonderfully well that the borrower in Denver pays 5 per cent and a fraction more for his money if he carries his loan until his stock matures and 200 per cent more if he pays the loan the first year than Zions Benefit Building society charges I is because Zions Benefit society is all that the name implies that we hope t seethe see-the capital increased so that all may share in its benefits While we do not wish to be considered as casting reflections on the Denver society from whose statement we havo made the above comparisons we do want our readers to understand and appre elate the fact that wo have in our city one of the best if not the best for the workingman work-ingman that can be found in the Union |