The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1894-06-17
PIECE OF MONUMENTAL FOLLY.
What c. n. Vines Thinks Of the
Anti" Movement.
He Has Just Returned From Now York
and Tells n Times Reporter What the
People UP There Think of Roanoke.
What He Thinks Should be Done In
the Matter

suit with some Of the building and loan
associations doing business in Roanoke.
He was asked by TIMES reporter yes.
terdsy how the foreign building and
loan associations regarded the anti
building and loan association movement
her.
well, such as have seen view 1t in
the light of piece Of monumental
folly" he replied. They are convinced
no good result can come from such n
movement, but on the contrary much
harm can and is being lone by il to the
city Of Roanoke. You would b. sur
prised to know what grand hopes the
monied people of New York have OF this
city. They look upon it as the coming
place OF the South, and while they are
aware of its present depression, yet it is
regarded as only temporary, and that
the ar future will see developed the
grand possibilities OF It's energy and re-
SOURCES
What arrangements, If any, did you
make to get additional capital here
through the assoca,ons?" asked the
reporter.
II am frank to tell you mono, and in
the present state Of affairs l think
it impossible to get dollar for invest
ment here from that source When
you ask for money for Roanoke you are
met with the response that as long as
your (our) people are unwilling to carry
out in good faith their contract, SO long
are we unwilling TO invest our money
with you"
"Do the associations think our people
are entagonistic to foreign corpora
tions?'
Eyes; and do not hesitate to tell you
that although there has been = law Oh
our statute books permitting usury to
be plead againat banks for quite mum
Der OF years, yet, as they are domes TIC
corporation, the law is u dead letter.
But on the slightest provocation usury is
plead against foreign corpor atoms, thus
indicating clearly that your people are
unwilling To extend 10 outside capi.sl
the same prottcsioa and carr that ;n,y
do to thcie o.'n hCine i:.s,iu;iuns"
Have III. associations ans t.ar of
the final outcome OF the unury uues-
| tion?'
No; they think there is no SOFT of
meri. in it and are quite confident that
the courts will hold that the contracts
are not usurious; but, to say the least
it is causing them much vexaticus ii.i-
CATION"
What would be the result of doci.
sion sustaining the asscciations?"
RESTORED confidence in this line of
business in Virginia, and the attention
Of investors would again be turned to-
ward our city"
should these questions be settled in
the near future IN satisfactory man
ner to the ass citations, could YOU then
induce them TO invest any large amounts
here?"
Yes; there is an eifCrt on foot nov,
in anticipation of such decision. to
have several OF the large associations
combine to put money in Roanoke, and.
should the disturbing questions be set
tied during the summer, l feel confident
that at least one million dollars Of New
York capital could be put into Roanoke
before the end of this year"
'Would not this be very large
amount to be invested in one place by
the assoc!ations?'
"At first blush it may appear to be so,
but when you call to mind the fact that
many of these same associa tons have
been instrumental in loaning nearly
twice this amount here already, and
that the additional loan will increase
the value OF their mortgages, together
with The additional fact that it is be-
lieved not to be improbable that within
| the next five or six years we will have
| probably fifty thousand people, and
| when 1t is remem bered too that tho in
come OF the associations chartered un-
der the laws of New YORK during last
| year amount to more than S22 900, 600.
| and that on the 10th day Of January
| 1894, the court of appeals of the sta TO o!
| New York rendered decision against
the banking department Of the State by
which decision the building and loan as.
! sociatioRs are now permitted To sell
single payment shares or paid up CERT
| ficates OF stock, this decision will give
capitalists an opportunity for investing
| in this character Of stock which they
| have not heretofore had and it is
| clearly apparent to the association that
they will this year have all the money
that they can handle. and | see no Just
reason why Roanoke should not have
at least a small part of this money"
Then you believe that it would be
very greatly to the advantage of the
| people OF Roanoke to stand by their con-
tracts with the associations and by
! prompt payments assist in the maturity
of their stock, do you?"
II do most certainly, both from 8
moral and business standpoint; and
should this be done Roanoke will again
flourish with new impetus. and will
in the near future become what sho
should be-the leading city OF the
| South
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