The morning call., 1894-05-31
HOME BUILDERS.
They Hold Their Annual
Meeting.
INTERESTING FACTS STATED.
Papers Are Read on Various
Questions of Thrift.
FACTS STATED.
WHAT FORESIGHT HAS EFFECTED
Building and Loan Associations Are
Explained by Prominent Mem
berS of the Convention.

The State League of Building and Loan
Associations held it's second meeting last
night in B'nai Birth Hall. In addition to
the delegates there were many visitors
who have an interest in the associations.
Quite a large proportion of ladies were
present
F. b. Wright of San Jose occupied the
chair, and in opening the proceedings read
an address, in which he said the average
life OF building and loan bodies is ten
years. There are l, 7C0, 900 shareholders in
all the associations in America, and
within the last decade 5000 societies have
been called into existence. He also re-
ferred TO the mental and moral Influence
exerted by these corporations, and claimed
they encouraged thrift.
Charles K. Clark related his recollec-
tioDs of the Chicago convention.
Mrs. Eva Terry sang "Our Native
Land" and later on gave Using on, Night
ingale." Instrumental music was fur
nished by an orchestra between the ad-
dresses.
Andrea Sbarboro read paper on build
ing and loan asSOciat tons. He said that
fully 80 per cent of the homes built by peO-
pie in moderate circumstances have been
possible only through building and loan
associations. These associations are sup
ported almost exclusively by wage-earD ers.
Some interesting figures were given for the
purpose of calculating the principles of
building and loan associations. For in
stance, il member has $4,000 stock in an
association he can borrow and build a
home on paying S25 a month. or $4,000 in
ten years. But in bank $1,000 at per
cent OH the same time, during which the
building and loan stock natures. would be
S1400. Yet the home would not be owned
= the assNpiafjpD Ihia IL Sam ayp1
in interest with the home added.
I'm twenty years." continued the
speaker. ''in the associations with whic h
Eve been connected, we have built 1850
homes on the mutual plan. Half the
money has been paid and only two mort
cages were foreclOsed, and they were held
by thriftless persons"
In ten years through the medium of
building ana loan associations as much as
$3.50 COO, 600 has been accumulated. The
profits are SS0.OO0.0O0. The number of
homes huilt Is 100000.
Mr. Bowen, a delegate from San Jose,
addressed the meeting. Here in my
judgment is the true field for the legislator
and the statesman" said he. They will
more nearly carry out the principles of
humanity expressed in the sermon on the
mount Increase the number of homes
| and you strengthen the foundation of the
State" He urged that Conservative men
should recognize the welfare of the COM
| munity. He maintained after a subtle
argument that building aad loan ass0-
Citations offer solution for all
economical and political problems which
menace society. THE primary design of
| these associations is to acquire real estate
/ In New York the condition of the laborer
lie worse by far than in Philadelphia be-
cause he lives in a tenement. Strikes and
disturbances are common in New York,
while in Philadelphia they are seldom
heard of. The reason is the latter city as
/ he largest number of associations and
New York the least of all cities in the
| United States.
"The possession of homes in Philadel-
! phia BY wage-earners has given that city
stability unknown in other places. In
| California the benefit of associations has
been felt in a marked degree. Fully 500
| homes have been built in San Jose through
| one association"
Further along in his address MIR. Bowen
argued in favor Of the home from a moral
and philOsoDhlcal point of view, and was
quite warmly applauded.
Louis Blank spoke informally on the
benefit 10 be derived from building and
loan societies.
The proposition, he said, should be
viewed from different STANDARDIZATION
the benefit, growth and development OF the
city and State, from the view of The home
Itself. and from The moral influence ex-
erted. The State is the be ter for homes
owned by wage-earners, and the moral
influence Is one Of the wisest and most
potential than man can dream Of In
time tn come, he said, he believed that
thousands of home-seekers and HON e.
owners will attend the conventions of the
league.
Charles E. Naylor read paper on "Di-
vided RespOnsi bilities the Safeguard. -
The mutuslIty of interests are iuseparable
with the responsibilities of an association.
These institutions have no managers in the
sense that the term is usually applied
they manage themselves by division of
responsibility through shareholders. 1t is
not everybodv's business to attend to all
business OF the society, but each to his
respective possibility aud bv this means
the safeguard is furnished. The constitu-
ton and workings of associations were de-
scribed fully rs usually given in the by
laws and constitution Of societies.