The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1889-11-19

laws of the new association which stated
that any shareholder desiring to with
draw his shares inside of two years would
have to forfeit them He claimed that
this was the way in which the new asso-
citation fiourished.
Mr.. Hennesy then asked Mr.. Eggleston
If it was not true that they accepted q
watch from q poor barber in New York
city in payment of some shares. Mr..
Eggleston practically admitted it.
"Have you pawnbrokers' licenseT"
Mr. Hennesy asked. Laughter.
A prominent building and loan man
said :-"When hear of new departure,
always like to see truth and honesty on
its side. In an issue of the Journal,
lately, | saw where you claimed to have
placed 100000 in Hudson county alone.
Now, this must be falsehood.
Eyes, sir, it is false; but that is not the
way in which we gave the information,
and we have already sent two letters to
the office of the paper asking for cor
rection, which they have not granted us.
1t should read 100000 shares, instead of
100000. 1t is an error which / don't see
how any man could have made"
RESPONSIBILITY.
Mr.. ERgleston then started to work out
some calculations on the board. He had
not proceeded far, however, when he was
interrupted by Mr.. Southard, who said:-
1--WE all know, Mr.. Eggleston, that you
are dandy mathematician. Laughter. ]
There is no doubt of it; but we would
like you to prove whether you have any
financial standing and what protection,
if any, the public have against your
Swindling."
Mr.. Eggleston-Wel we have been in
! existence a little over year. Our assets
are now 100000; our liabilities, $4,000.
We have an almost unlimited credit with
any of the banks in New York AS far
oo r1rnfonfinr1 fn tho ChorQhnldorG 10 n
cerned, that is not worthy of mention, as
we are responsible body.
"What is your modus operandi?" Mr..
Southland asked; suppose man stran-
ger, comes in and desires to buy property,
do you rely solely on your locol agent?"
"No; we have an Advisory Board, whose
duty it is to investigate and report on the
man"
"Can you tell me something about the
assets and their character?" was Mr.. South
ards next question.
''The assets are first mortgages"
Don't you consider the subscription
"Eo; we do not, as we are not a CO.
operative body"
ALL WANTED TO SPEAK.
At this juncture some one jumped up
with clipping from Newark paper and
wanted to be heard Several others asked
the privilege of the floor and there were
uODeu WauGeu W speak dU ouCo uIs
Eggleston had been almost entirely en-
gagged during the evening answering
questions, and he now declined to do SO
at the suggestions of Mr.. Jewell, who
stated that for any further information as
to the workings of the new association he
could be seen at his office, and the meet
ing broke up in the utmost confusion and
disorder.
After the meeting was over Mr.. Hen
messy met Mr. Richards, the vice-president
of the new associations, in the hall. Hot
words passed between the two and Mr..
Hennesy offered to bet $1,000 that the
prospectus issued by the new association
was tissue of lies. He offered to de-
posit the money with either of the city
editors of the two Jersey City newspapers
and let abim who was chosen decide.
Mr.. Richards would consent to this,
but agreed to leave it with bank presi-
dents. This did not suit Mr.. Hennesy,
and the bet was not made
The meeting has created great excite
ment among the different building and
loan men in the county, and further de-
velopments are being anxiously awaited.