The morning call., 1894-10-17
ALL is THRIFT
Say the Mutual Builders
Association
Notwithstanding the Business De-
preston the Associations Have
Prospered.

The fourth annual meeting OF the Cali
fornia League Of Mutual Building and
Loan Associations convened at the B'nai
Birth Hall on EDDY street yesterday after
noon.
The convention was called to order by
the president. F. Y. Wright of San Jose.
He said it was exceedingly gratifying to
him to preside o-er the fourth annual con-
vention of the associations, and it was still
more gratifying to be able to report that
10 spite Of the financial depression during
the past year the spirit of unanimity was
pervading among the different associations
of the State.
He declared that through the associa.
tions hundreds of California's citizens
have learned to save their earnings and
now own comfortable homes, though If
1t had not been for these societies, the
money would have Deel spent uselessy.
The speaker complimented the secre-
tary, Z. T.. Naylor, upon his efficient work
during the year and the able manner III
which he has conducted the official organ.
The House Builder.
On the whole Mr.. Wright said that the
loan societies were in very fiourishing con-
dtiOn.
At the conclusion of the address The
chairman appointed the following CON-
miitee on credentials: j. Hopkins of San
Francisco, David Henderson OF Santa
Clara, +. NJ. Smith of Alameda. The
committee reported that thirly-three diff
ferent associations were represented in
the convention.
A. Sbarboro of San Francisco read a
paper on cooperation. he said co-opera-
tion would some day solve the difficulty
between labor ana capital.
C0-ODeratlOn 6anarp6 fha WTitAr
would do away with strikes and riots.
Labor would have opportunity to under
stand the profits of capital and capital on
the other hand would be brought In closer
communion with labor
He declared that cooperation had two
great enemies; namely. ipcompetency
aud dishonesty. I'VE see," said the
writer, Industries started under the most
favorable circumstances. but on account of
The lack of ability they have disastrously
failed. Again, we see organizations insti-
tufed under the cOgnomen Of cooperation,
but the main objects of such schemes is to
defraud the people. Hence, when cooper
alton Is brought before the people they are
afraid to take hold of the matter, for fear
of dishonesty"
Frank Otis read the second paper on
the mortgage tax. The article showed
his subject.
A PAPER on the reserve fund was read
by Louis Blank.
Albert Meyer presented a paper on fire
Insurance. He said it Has the duty of
every policy-holder to read his contract
with the company carefully. The policy
is simply the contract between the holder
ann company.
He called the attention of the loan asso-
Citations TO The mortgage clause in the poll
cies. Before the societies accepted any
policies hey shoul / take particular pains
to read this clause.
The evening session was devoted to the
reading and discus sion of two papers and
the election of officers. The first paper
was presented by G. E. Naylor. secretary of
the association. on tax exemption for
small homes.
raised TO this scheme OF exem ption on the
ground that 1t made the Iaborer appear
that he was beggar in the eyes OF the
public. The writer denied this statement
strenuously. He declared that the work.
man was ever ready to take up arms for
the prote ctiou OF property and the putting
down Of anarchy and riot. He hoped thai
the association would take some steps to
bring the ubject of tax exemption of small
estates before the public.
The second and last paper was read by
James l.. Fields. He depicted in very
vivid picture the defects and errors in the
loan association, but he declared, on the
other hand. that the society had done more
for the Common suffrage than any other
like organizat ton in existence.
Mr.. Spaulding of the loan commission
stated that the annual report would soon
be in the hands of the secretaries, and he
advised them to give it careful! study.
He said it was the product of hard labor.
He asked them to use the report as book
of reference.
The following officers were elected: r.
6. Ods, president; Albert Myer, first vice
president; Louis Blank, second vice-pres,-
dent; John Flogg. thiri vice-president:
c. E. Naylor. secretary; Benjamin Harris,
treasurer. Thomas j. Glynn and James
l.. Fields were chosen to ill vacancies on
the executive committee.
The following leg slatve committee was
selected: Messrs. Gagan, Matthews.
BrueckmaD. Calman, Dixon. Levin, Gille.
Creighton. Friedenrich, Dennery, Schee-
line, MeyDerg, NayIor. Bowden and Sbar-
bOrO.