Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1890-02-20
kenyOn's Attack On Northwestern
Business Interests.

DINlOeSS lOtecfStS.
Public Examiner KENYON rushes
into print with an attack on pro.
ninent building and loan association
whose headquarters are in this city,
that is certainly without precedent in
the history Of official procedure in this
State. 1t is at once misleading as to
the condition Of affairs in the associa.
zion directly involved, and extremely
unjust to every other building and
loan association doing business in this
country. Fourteen of these associa.
tion for the co operative inves ment Of
capital have their headquarters in
Minneapolis and St. Paul, and they
are all powerful agencies for the
direction of the money current from
east to west. They are al bringing
eastern capital into this field and much
more OF 1t is finding permanent in.
ves'ment here. Bu, Examiner
Kenyon las struck q blow ut each
aud every one of them, ard the Times
believes that he has struck this blow
in manner wholly at variance with
the dignity OF his official position and
thoroughly discreditable from every
point OF view. He has apparently
exceeded the Legitimate functions Of
his office to attack an individual in
s,ituton, for stme reason not now
very clear but which may be d-velop-
ed later on, aud either Intentionally
or otherwise he has also discredited
the methods aud standing Of all
similar associations. The building
and loan associations are all organized
aud conducted on the same general
plan, and as there ara many thousands
of them doing successful business
in all parts Of the United States aud
Great Britain, it is generally recoe.
nized both by people and fnanci.rs
that the plan is good one. II there
is anything wrong about the
"American," Of this city, therefore it
is a matter of management and not of
principle, and there was no occasion
whatever for a wholesale attack upon
building and loan associations in
general such as Mr.. Kenyon ostenta
tiously furnished to the newspapers
yesterday morning instead of convey
ing it to the Attorney General in
whose hands alone his report properly
belonged pending that officials ex.
animation of it and final decision
Whatever the intent was, the effect o!
Examiner kenyon's action is to serious
iy cripple and further hamper the great
financial institutions whose int rests
are directly involved, and the Times
does not hesitate to say that Mr..
kenyon's duty with respect to all
such institutions Is to regulate, not to
destroy. The S ate does not pay
Mr. Kenyon to express his individual
opinion as to the earning capacity OF
institutions dong business within its
borders, but to keep a supervising
eye upon their methods and to report
as to their solvency. The examiners
own figures show that the American
Building and Loan association is a
solvent concern, and the Times has
entire confidence in the ability and
integrity of the present officers and
managers of the association. Mr..
kenyon's opinion to the contrary is
worth no more than that of any other
citizen, and it is worth good deal
less than that of people unbiased by
the considerations that seem to have
Influenced him. Certainly there can
be no interference with the con.
tinuous operation of the American
Building and Loan association with.
out great loss to thousands OF stock
holders, and decided injury to this
city and St. Paul, and to the whole
Northwest. The grounds upon which
Mr.. Kenyon would wipe out the
"Amcrican" would also make pre-.
cedent for similar action as to every
other building and loan ASSOCIATION
operating in this State, and we do
not believe that the people are ready
to take that step. We think that
Mr.. Kenyon is altogether too fresh.
and have no doubt that the Attorney
General, considering the matter from
an unbiased standpoint, will adopt a
much wiser and fairer course than has
been pursued by the public examiner.
And, pending further action. stock
holders in all building and loan as.
sociations should stand firmly by these
institutions with whose interests their
own are mutu ally involved and iden.
tilted.