The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-05-29
MR.. 70 COLE SURPRISED
Presented With a Set Of Books
By the Members Of the
Phoenix B. & L. AS
ISOLATION.

The Phoenix Building and Loan Associa-
tion met at Bergen Hall last eHehinGlaTh The
President, Mr.. F. o. Cole, was presented
bmdth a set of books entitled, constitutional
AHistory of the United States Mr.. G.. H.
7 Benson delivered the presentation speech,
~letilogizing Mr.. Cole for his good work in the
interest of the association. Mr.. Cole was
delighted with the present, and said it was a
complete surprise.
On the first Thursday night in January,
1884, the Phoenix Building and Loan Associ-
elected and the members began paying their
dues of one dollar for each share they owned.
These payments continued until May l last,
making a total of one hundred and twenty
five dollars paid in. On Monday night,
May %, shares were redeemed, each share
being paid off with $500 cash Tor If the
holder had borrowed on mortgage his or her
mortgage was redeemed), the holder receiv-
ing the S125 paid in and SIS earnings or
profits, nearly twelve per cent. on the in
vestment.
b WORKINGS OF THE ASSOCIATION.
To Illustrate what it has cost the borrow
err, take Mr.. c., the first borrower IN the
association. He owned a lot Of land and
borrowed from the association the sum of
Ho1DOOt I'll AO RhAA9 "
per share. He has paid the association ST.
875 on the principal and S1,S75 interest,
which, with the Sl65 premiums paid makaFa
total OF $3,915 paid in, or S9l5, interest 1T
Mr. G had borrowed this ssInmn 48TE$3sQQyg
from a capitalist or the sayings bank he
would have paid s1,s75 interest anu still
owed the : $1,000. or j he wished to ddlkSc :hA6&
his mortgage he would hyyMtpin&eyY IS ssS5St
making a saving to Mr.. CLLaB4Y bbbhSfro Sh1gs,
from the association of $780, &a1tAh6}Hftt' pfo0tntS5
ing the bonus lie might have to pay or the
increased cost Of searching and other fees.
Besides this fact savings banks VIII not loan
over SO per cent. of value while the a~ssocia-
tion loans 80 per cent, or will loan the cost
of building of the house, provided the land
is owned by the borrower. free and clear.
Naturally it is asked, How is it doneY' The
answer is ''by having practically no ex-
pense.n During the ten years OF
the associations life it has re-
ceived and disbursed the sum o.
81, 391 ,207.02 at a total expense Of S4,485.30
These expenses consist of these few items:
Salary Of Secretary and salary of Treasurer,
rent, stationery and postage. The Treas
urer who has handled this vast sum of cash is
under S., 600 bonds and receives the sum OF
500 per annum. The county Of Hudson
pays its Treasurer some 50, 900 q year. All
these facts relating to the Phoenix Building
and Loan Association are. duplicated by
nearly all the other ASSOCIATIONS III Hudson
county. Z s,aa
It is entirely safe to sly that during tie
thirteen years there has. been q boQfn 1ipn.
building and loan assoeiations. FL this
country the associations lave handled, about
$4,000, 900 and in, only one instance THE
Bergen ~Improyeflent9 has any stockhoIder
lost a dollar. Tie officers of the Phoenix,
who were elected at its organization, are its
officers today.
CAREFUL MANAGEMENT.
To the conservative, careful system which
the Board of Management have instituted
much, if not all, its success is owing. The
stockholders are greatly indebted to them.
Here Is an approximate estimate of the ten
years business:89s