The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-09-06
Home BUILDERS talk.
The State Loan Association
League and the Lien
Law.

Counsellor Charles S. Black represent
ed the Fairmount Building and Loan
Association at the recent State confer
ence. Mr. Black says he found senti-
ment equally divided as to the desirable
ity of organizing a State league, though
he found none directly opposed to it.
Those who did not come out fiat-footed in
favor of such league had not consulted
the associations they represented and did
not care to commit themselves.
"The Fairmount people discussed the
matter fully a few nights ago." said Mr..
Black, land seem to be little afraid OF
it. They seem to fear that The idea will
develop into an organization that will
entail a needless expense without any
corresponding benefits. Each man gave
his views, but none seemed directly OPP
posed to it. With us it is a mere matter
of caution. There seemed to be pretty
strong sentiment III favor of a county
league.
THAT LIEN LAW.
''As to the amendment to the Mechan-
ics' Lien law" continued Mr.. Black, II
think you will find b. and L. men pretty
generally opposed to it. There is a gen
eral sentiment among them that 1t will
U6 u6bI1ui0nOdI w Illc 4utOICSt5 VI buc d.
and l.. associations. Whether that will
be SO no one can tell until the law is put
into practical operation. My own idea is
that it is no Improvement on the old
law"
Mr.. Black said the twenty-seventh
question in the list adopted was proper
one. There are some associations" he
said, (which make q distinction between
the borrowing and hon-burrowing men,
ber and exclude the borrowing member
from further benefits of the association.
But there are few such associations. A
non-borrowing member, as the associa-
ton gets older, does not contribute in
the same proportion to the interest of the
entire association as does a borrowing
member, and therefore it is to the in
terest of all associations as they get older
to offer inducements to the non-borrow-
ing member to withdraw.
IF an association, after six years, has
$4,000 accumulated in cash 1t is TO the
interest OF the borrower to have that
money borrowed upon, and also the pre-
MUM derived from the sale of the money,
which will shorten the time when the as
sociation will terminate and shorten the
time when the borrower will have to pay
dues and interest.
1.-THE law under which these associa-
tions were originally organized is the
simplest of any of the laws under which
corporation can be created. 1t gives
each association considerable latitude in
it's methods of conducting its business,
with few we'll defined distinctions.
M"Questions 81 and %, requiring associ-
ations to furnish statistics concerning
the number OF male and female share
holders, are also proper ones. IT it is
learned that these associations are COM
posed mainly of female shareholders it
will be a startling and interesting fact. "
JUSTICE WEEDS VIEWS
T..e AolA nf +ha ~,
coin Association, gave the reporter a
number of reasons why he favored the
organization OF State League.
/. 1t would have a tendency TO make all
associations uniform. Some hold shares
at $500, others $3.50
g. Some associations loan money up to
ninety per cent. OF the paid in capital to
its individual shareholders. Others dc
not.
3. 1t would have tendency to uniform
the different series. Some associations
have as high as six series linked into one
another One series should expire be-
fore another is started under the same
heading.
II hear some talk about organizing a
county league said the Justice. THAT
is ali right. Why not have both county
and State. One will be the natural So
quence of the other. l believe in a State
federation because it would have ten
ucACJ W LlOAS ocC0h0 6AO AAAuo OA
the various associations. The holders OF
an associations fund should be heavily
bonded. I5 is poor mans fund and
most of it hard earned"
Judge Weed, however, is not one of
those who thinks the State conference did
wise thing in condemning the second
section OF the Mechanics Lien law. The
Judge expressed his ideas in this conneo-
tion in the columns of JHE JERSEY CITY
NEWS some days before the law went into
effect. Briefly, they are TO the effect that
the law can be easily complied with. The
bug-a-boos which It's opponents claim to
fear are only subterfuges, as there is
would not be willing to comply with.
PRESIDENT IRVING TALKS.
President Robert Irving, of the Lincoln
Building and Loan Association, was one
OF the delegates to the State Convention.
He hadn't studied the matter thoroughly,
but the idea of forming State league
he thought was good one. He also
favored the organization of q county
league. A State league he thought would
have a tendency to make associations
more careful in the selection of secre-
taries. The convention, he thought,
very properly condemned the amendment
10 the Mechanics Lien law. 1T will
prove detriment to building;' he said,
and throw it ali into the hands of few
rich contractors. Competition is the life
of trade"
Mr. Irving also put in word with
reference to associations that consider a
borrowing member no longer full MEM
ber, with the rights and privileges of
non-borrowing members '"rhe bor-
rowers interest,"" said he, SHOULD be
looked after before that of anyone else,
because he's the man who makes the as
sociation what it is. +"
-s
A Queer matrimonial idiot.