The Providence news. (Providence [R.I.]) 1891-1906, 1892-03-22
THE MUTUAL ALL RIGHT.
A National Building Association
Which Stands Very High.
A LETTER FROM PRESIDENT PEET,
The Company docs Not Oppose Proper
State Reguiation-The Report of tho
Fletcher.

In the issue OF Saturday the NEWS, in
quoting an extract from another paper, in
advertently classed the National Mutual
Building and Loan Association OF New
York with number of other building as
sociations whose methods are open to crit
icsm. The excellent work done by build
ing and loan companies, when properly
managed, needs no comment, but the
value Of the association and its work de-
pends entirely upon that management.
Knowing the reputation Of the local capi-
talist, the NEWS gladly takes this early
opportunity to correct any wrong impress
sion in regard TO the association which
may have arisen in consequence of the ar
ticle of Saturday. The following two let
ters are eselt-exp,anatory. A careful peru
sal. also. OF the report OF this association
printed in this Issue will be equally con-
vincing as TO the integrity OF the COM
pany.
To the Editors Of the Ne,cs:
Ny attention has been called TO an article IN the
ferring TO certain building aud Loan Associations,
and mentioning among others the National Mutua!
Building and Loan Association OF New York. OF
which have the honor TO be president. As this
associat on has among its members large number
number some Of the most prominent and respected
citizens OF Providence. and as the article men
correct aud calcuiated 90 give wrong Impression
request taat you WI give me room " your vau;
under the laws OF the State OF New York, and that
the civ of New York; men u who are eminent TIA and ID
distinguished and honored; all OF whom have been
take pride in it's progress aud prosperity That the
association was organized by them after mature de-
has grown from verS sns beginning. to 6e an
association that has accumulated and loaned out
satisfaction as far as we know. OF every borrowing
member; that L affords all its members safe in
vestment and large returns; that It's plan in 10
essential particular offers from that OF any well
Goneselyed Building and LoSn Association ,, our
legislation In Rhode Island that would give TO a
ara conduct OF our business and 10 wnom we should
have 20 make periodical sworn reports. We ask
OF the assets OF a Building aud Loan Association
would he unwise. We know OF no state whe e such
and Loan Association could comply with law thai
would require II 90 deposit anywhere any consider
OF this character depends upon It's ability 20 loan
and reloan its money promptly. Il is tn. receiving
promptly loaning it out again twelve times year
mskes 6e large pro and q TO one aEe on, ~
the loan fund any considerable sum OF money
would be foreign to The object of a Buiiding
aud Loan AsSOcts Ion anu would, by lcssening the
shares. Let the state supervision be rigd need
he and oil loncst anu well conducted associations
Will not object 70 Il. THIS association Is, oy law,
placed under the supervision Of the Banking De-
partment OF thiS stale and make % the Superu-
tendenl or that Department full anu accurate re-
ports of our business at the close Of every year,
which reports are verified by the officers OF the asso
ciaton and to those reports and 20 the Banking Do
partment OF this state we, with perfect confidence
refer YOU and oil your readers for the standing OF
our institution In th.s community and In the State
OF New lorS. Yours truly,
CHARLEs b. PEET. President.
In addition to this il may be interesting
TO note the opinion of local men as TO this
association.
PROVIDENCE, r. L., Dec cath, 1890.
Mr.. Robert s. Fletcher. state Ag'pt National Mutual
Bitldtr9 and Loan Association Of NcU lork, No.
Custom House street;
DEAR SIR-Hsving visited New York for tho pur-
pose OF investigating the National Mutual Building
aud Loan Association In behalf OF ourselves aud
other intending stockholders and having made a
having looked well into the standing OF It's officers
and directors We are pleased TO inform you That we
found the plan 20 be Legitimate. sound and equlable,
auOidtns du-Oiute security 10 It's membership and
TermanenCr To- the organization.
In tracing the earnings OF the shares 20 date, we
were glad ca note that IRE estimate Of the Company
has been correct and CouscTvati,p one.
Its system oi pOoS-s oeIing is simple, pracucaDe
ana 10 charge OF competent men. ana Is nt All Times
open 10 the Inspection of STOCKHOLDERS.
ISoncers art men Of known integrity, occupying
prominent aud esab shed pos ton- in the financial
world, enjoying the respect and confidence oi the
personal time and attention - the conduct OF the
business of the Association
We therefore personally give you . practical de-
mons,rat,on ot our condolences In ~ by placing IN
your hands our subscriptions for stock.
atc1tar n. PHILLIPS,
LoklN NJ COOk,
". y. NJ. MILLER.