The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-02-14
BUILDING AND LOAN.
How the Associations Af-
feet Jersey City Real
Estate Preferred to
Banks.

the country, and more particularly in this
State and city, il gradually making
them the deposit places of many men OF
means and also of workingmen and
women. They are rapidly becoming an
Institution preferred to the banks. This
method Of saving has most fav orable
effect upon real estate. as rich and poor
alike invest in it through the building
and loan associations. Unimproved
property is taken by small shareholders
and built upon. Every building, no
matter where located, adds a certain
value to surrounding property. and SO
values keep rolling up.
That loan associations are being patron
lied by a class of people who formerly
used savings banks is shown in several
ways, but in no way more clearly than
through the system which now prevails
SO generally in paying of shares. Whe n
series of stock natures. according TO the
laws of all associations. 1t must be worth
$500 and be paid (usually) at the meeting
following the announcement that par
ticular series has natured. Even when
good percentage of shares have been oor-
rowed upon aud payment means simply
the calculation of mortgages as high as
$4,000 is sometimes required by the asso-
citation to settle with the holders of free"
shares,
The money must be ready. as any delay
Is apt to create uneasiness. Frequently
the management of associations has de-
clined to make loans to those who de-
sired to borrow, no matter how good
their security, for many months before
the maturity of series. 1t worked well, !,
but then came dissatisfaction from hold
ers of shares in later series. because they
could not borrow until the earlier series
had been paid. Now, when the earliest
series OF stock Is within few months OF
maturity. the announcement is made to
shareholders that the association will re-
deem stock at figure equal to or within
a few cents of the net association value,
which includes the amount actually paid
in and accrued profits. This is generally
an inducement, and small premium of
is 70 per cent. is sometimes paid for the
privilege of getting the money ahead of
some one else. In some cases, the per-
sons Immediately reinvest a part Of their
money In later series Of stock, but as q
rule it will be found that money saved in
building and loan associations wends its
way into the ever-acEive channels of real
estate.
1t is rare instance, indeed, when
spectators and investors in small blocks
of real estate do not derive a good rev.
h0C Ok Add IL pEOAbd OuSLuCoS. hto
is more particularly true of small inves
tors in Jersey City real estate. In the
outlying districts, lots can be purchased.
even now, for mere song. but with each
advancing year, the values increase.
There are vast tracts of land within the
city limits, uDimproved, which some day
will be covered with factories, stores or
homes. It looks now as though the city
would keep abreast with the times. The
new County Road, the contemplated new
water supply, rapid transit, the
erection of fine class of public
buildings, tha excellent Police Depart
ment, the outlook for a regular Fire De-
partment, witch prospects of its further
improvements are bound to add TO the
value of real estate and to bring it up to
the STANDARD it should hold in city so
near the great metropolis. At the pres
ent ttime, the creator part of the building
being done in the scattering districts is
the result of building and loan associa-
tions. and throughout the city many
handsome buiidings-stand as fitting mon
ugients to these well managed and popu-
they are by shareholders who have their
own interests at stake.
There are seven millions OF dollars in
vested in the building and loan associa-
tions in this State, and fair share of
this sum is invested in this city. The
effect Of their operations in this city has
been felt and it is highly probable that
considerable building will bs done by
shareholders during the coming season.
Notes.
For the past twenty-one years ct will be
twenty-one years in May), Counsellor James
has held lease on the property upon
which is located the famous Flemming building.
The general impression among Jersey City peo-
pie was that Mr.. Flemming owned property and
building, which are located on the corner of
Washing gton and Montgo merry streets Twenty
one years ago Mr.. Flemming leased the land and
erected the brick building, which stands upon it.
The lease is sail to be q puzzle warranted to
confuse even Philadelphia lawyer.
first place cost Mr. Flemmiug more
than he expected 1t would. twas also thought
that he would have the privilege. OF buying at
such is said not to be the case. The property
may be purchased by Mr.. Flenlming, if he de-
sires to pay the price asked for 1t, and MIR.
Flemming has the pleasing alternative of ac-
cepting q fair price for his building or else re-
move 1T. The lease has brought about pecu-
liar complication of affairs, but it is highly
probable that the executive ability Of Mr.. Flem-
ming will be brought into active service
and matters amicably adjusted before May
A foolish rumor was broadcast that the building
was to be converted into a beer garden and
music hall, but the rumor is absolutely without
foundation. What will De done in the matter
has not been yet decided by the owner Of the
building.
Warren & Nugent have a number of sales
booked for March.
President Stevens of the Real Estate Trust Co.
will spring a few choice pieces Of property on
the market early In Marcl
Frank j. Mathews is offered fine residence
for sale on the Hill, for $500 down and S25
monthly with interest, payable quarterly.
D. W. Van Wrinkle & Co., are giving old Gus
toners options on fine dwelling houses on the
Hill.
Emmons & Co., have property Of all grades
for sale on the Hil with instructions to dispose
of it this spring.
Leases.
Charles Wells to Clement De r. Leonard, Of
Hoboken. second floor of property No. 81 New
ark street, at a yearly rental of $3.50 for five
years.
Herman wohlfahrt to Arnold Sehopas, prop
erty on northwest corner of Park avenue and
for the first year and $3.50 for the last four
Rebecca Kahrs to Herman wohlfahrt property
No. 4S Park avenue at 81 $50 for the first year
and 81, ,140 for the four remaining years.
Mortgages.
Martha and Andrew Palister to the Eighth
Ward Building and Loan Association, lot So on
eastery side Of John street, ,221 feet from Lutham
street, Harrison, for $1,000.
A second mortgage on the same property was
given to George Tomkns for $62.
Transfers.
Edward Bennett aud Anna his wife, to
Charles L, Brodt for $1,000, 1.s41 acres, begin
ming at point where the dividing line of lot
the westerly side of Van Horn street. thence
3S5 feet to Newark Bay, south along the Bay line
130 feet, in southerly direction S4i feet, thence