The Jamesburg record., 1894-01-13
The Jamesburg Record
MUCH FOR NOTHING.
BUILDING AND LOAN ASSOCIATIONS GET
MUCH FREE SERVICE.

In building and loan associations moth
ing is more essential to success than that
the officers and boards Of management, or
directors, give close attention to the bust
ness workings of the organization. That
this is done, and done well, too. by intelli-
gent and competent men is proven by the
remarkably few failures or embarrass-
ment from any cause which one hears of
in these remarkably successful institu
tions.
These men are chosen carefully, and
feel the honor and responsibility given
them by the shareholders, and in appre-
citation thereof perform without pay
much work, which in other enterprises
is well paid for.
The gratutitous work of the directors
and other officers of an association is one
of the most remarkable of building and
loan features, and one of the causes of
large profits, owing to the saving made
thereby. In each association there are.
besides the president, vice president,
secretary and treasurer, an average of
twelve directors. OF all these men-and
they are generally men of mature years,
who are engaged IN business and to whom
time is valuable--less than one. fourth re-
ceive any compensation for work which
is not tiring, perhaps, but which con-
sumes many hours of time each month
and makes them responsible to the as
sociation aud its members in degree to
which they would not submit in their
private business without ample remit
neration.
Presidents of building and loan associa-
tions are not on the salary list, yet they
invariably attend every meeting The
secretary is the highest salaried officer of
the lot and an average of $500 or $400
year is a reasonable one. The work
which he is required to do requires more
knowledge of his association and of build
ing and loan matters in general than of
any other officer, and consumes more
time. He has to attend twelve meetings
year, write and preserve the minutes of
the books of the association, be prepared
to answer all general or specific questions
ofdirectors or stockholders, prepare quar-
terly. semi-annual or annual statements,
or one, two or all three of them, showing
the division of profits and every detail of
the years business in condensed and in
telligible form, and do any number of
smaller things which require time, pa
tience and a good knowledge of the
subject.
The secretary is very important officer
of an association; in fact, in scores of as
sociations with whose affairs [ am ac-
quainted he is about the only man who
knows anything about the business at all.
To him all questions are REFERRED all
kickers go to him to air their grievances;
everybody leans on him for knowledge
of the affairs of the association. Ere
quently he is the best posted man in the
directorate; is the only one who reads up
the literature OF this form of cooperation.
and upon him usually devolves every
detail of the work.
An unfortunate belief prevails among
ordinary workingmen that lawyers are,
as rule, rascally Shylocks, demanding
their pound every time. An association
should therefore be careful in selecting a
counsel. Many able and honorable law
yers are glad to serve as building and loan
solicitors. There is always much collat-
eral business outside of the regular build
ing and loan work brought to lawyer
who is reliable. Whenever disputes
arise borrowers should be allowed ample
opportunity to explain their attitude and
an amicable adjustment should be thus
made.
The directors of an association perform
many duties which take them from their
private business, yet they rarely COM
plain. To them there s. always an in
centive to good management in the know
ledge that what they do is for their own
good as well as for that of the other
shareholders. They serve on committees
to investigate the securities in the way of
property offered for loans. and frequently
have to visit building or plot OF land
several times before making a final re-
port to the whole board. They are often
under expense, too, which though small
at the time, amounts to considerable in a
year. aud for which they usually do not
charge the association or the borrower.
Of boards of management the Home
seeker and Cooperative Bulletin re-
Gently said:
There are three especial requisites for
board of management. 1t should consist
in the first place of intelligent men, will
ing to learn; secondly, they should be
men who can and will give their time
and attention to the duties, and thirdly,
they should be of the strictest probity
and honor. No man who is self.seeking.
who shows a desire to make use OF a
building association for the advancement
of his ambitious projects-politlcal or
otherwise-should be member of its
board of management. 1t is good thing
to make periodical changes. The board
should above all things be harmonious,
and this harmony can be better main
tanned by the infusion of new blood from
time to time. Above all, the association
should keep the whip hand of their