The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-12-24
BUILDING ANDLOANLAW
SAVANNAH COMPANIES SLOW IN
MAKING THEIR Deposits.

AL guiding and Loan Associations
OF National Character Required to
deposit Three-fourths of Their
securities With the State Treasurer.
IL Is Causing the Associations Some
Inconvenience.
Inc last assembly In its legislation for
the benefit and protection of the peoule
passed law requiring all building and loan
associations doing a national business hav.
ing their headquarters in Georgia and 90
ing business outside Of il 10 deposit three-
Iourths OF their securities with the state
treasurer. This is done as q protection TO
their stockholders.
DuliolnR and loan associations of other
states doing business in Georgia are REQUIRED
IA similar manner to deposit three-fourths
OF tneir securities with their state treas
urers or make similar provisions for the
pr0sectlon OF their stockholders.
Inc time allowed for the deposit of secu-
rltles expired last Friday. Only twelve as
soelatlons complied with the law.
THE ASSOCIATIONS ON TIME
me Following associations made their de-
posts as required: The Southern Home
building and Loan Association, Atlanta !.
the southern Mutual Building and Loan
ASSOCIATION, Atlanta; the Atlanta National
nuliolng and Loan Association, Atlanta
the Equitable Building and Loan
Association. Augusta; the Ameri-
Gus National Building and Loan
association. Americus; the Georgia CO.
operative Loan Company, Atlanta; the
interstate Building and Loan Association.
Atlanta; the National Tontine Building
and Loan Association, Atlanta the National
Railway Building and Loan Association.
Atlanta; the American Mutual Loan and
investment Company, Atlanta; the Mutual
AID Loan and Investment Company, At
iantai the Home Mutual Building and Loan
Association, Cordele.
The National Assured and the Georgia
state Building and Loan associations were
not among the number that had filed their
securities. There Is a fine Of $25 day for
all companies failing in this requirement.
THE NATIONAL ASSURED BEHIND.
President q. P. Miller of the National
Assured was asked yesterday what he was
going to do about depositing the
securities of the association. Mr.. Miller
said the securities Of the National Assured
had been forwarded to Atlanta by express
and have probably been received by Treas
urer Hardeman. He said he was almost
totally in the dark with regard to the law,
had never received copy of it and had
never teen notified that the associations
were required TO deposit with the treasurer,
and knew nothing about the law
except from newspaper reports. As
soon as he found it was necessary
to deposit the securities with the treasurer
he promptly forwarded them. The Ma
tional Assured has only recently begun
basiness but it has Offices In Virginia, West
Virginia and Kentucky as well as Georgia.
There seems to have been a negligence on
the part OF somebody in not notifying the
associations that they were required to de-
posit three-fourths Of their securities with
the treasurer.
THE GEORGIA STATE OUT.
The Georgia State Building and Loan AS
ISOLATION is another company that received
no notification either that the bill had be-
come law or when the time specified for
making deposits would expire. Manager
Of Agencies G.. B. Whatley had bis atten-
ton called to paragraph in the MORNING
NEWS a sew days ago, that the time
for the building and loan asso-
Citations to make their deposits
expire Friday. He wrote to the treasurer
for copy Of the law, which he received too
late to enable him to comply with the re-
quirements.
The required amount of securities, $780,.
900, was made up and forwarded to the
treasurer Monday. The state has an office
in Charleston as well as In Savannah. IL is
not thought that the companies
failing to make their deposits by Friday
can DO subjected to any fine for their
failure TO do so because they were not notis
fed of any such requirement from the
office.
WHAT ASSOCIATION MEN SAY.
1t was commented upon by some loan as
ISOLATION men as unusual legislation to make
laws for the protection Of the people of
other states from Georgia corporations
The law only requires associations having
their headquarters in this state and doing
business in other states to deposit their secu-
rites with the treasurer. Associations
doing local business only are not affected
by the law. Foreign associations doing
business In this state nay find some diff
Guilty in complying with the law. Other
states beside Georgia make requirements
upon them.
"If Georgia requires them to deposit rs
per cent Of their securities here, and Vir-
glnia should require them to do the same
thing there, New York or Philadelphia COM
penies doing business in those states would
have TO do some extraordinary inanciering
to comply with the law" said an official Of
one of the associations. The law will work
an Inconvenience to the associations In Sa-
vannah and other cities except Atlanta.
The associations must necessarily be with
drawing and changing their securities, and
and 1t will be necessary to send to Atlanta
for the securities every time change is
made.