The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-01-26
B. And |. INDIGNANT.
Max sa1inger's Inspection
Bill Heartily Denounced
"A Soft Snap.

Ihe Dill which was introduced In the
Legislature yesterday by Assemblyman
Salinger giving to the Justice of the Su-
preme Court holding the Circuit in each
county the power to appoint a Buildln g
and Loan Association Commissioner for
each county, who shall examine and
audit, once each year. the books of every
Building and Loan Association In each
county, aud who shall receive as his
compensation five cents on each share OF
stock Issued, Is causing considerable ex-
citement in Building and Loan circles.
The Associations in the Greenville section
are opposed to the measure aud will Pc
tition the Legislature to kill the bill.
Tne directors of the Greenville, Green
Vile United and GreenvilIe No. 2 Build
Ing and Loan Associations held joint
meeting last evening and denounce the
bill as outrageous. 1t was also decided
to hold amass meeting tomorrow even
ing at the rooms of the Greenville Asso-
citation, No. 80 Linden avenue, to which
all interested are invited.
REUBEN SIMPSONS OPINION.
Tax Appeals Commissioner Reuben
Simpson, who Is President of the United
Building ana Loan Association, Is the
leader in the movement to kill the bill.
When interviewed last night he said:-
why the bill was introduced is a
mystery to me. Our associations do not
need q county inspector. and the pro-
position to pay him FIVE cents for each
share of building and loan stock is SIM
ply outrageous. Under the law now in
force, the secretary Of each association
must make report annually, which
auditor, director and trustee must sign
the report. ii is then sent to the State
Board. IT 1t Is unsatisfactory. an in
spector Ia sent at once to examine
the books We do not have to pay
any tax. and this law could not be
improved upon. believe that the bill
was introduced simply to create offices.
but why Mr.. Salinger, a Republic an,
should introduce 1t, is still greater mys-
terry. He presented bill few weeks
ago, which abolished the Office OF Clerk to
Police Justices. Now he introduces a
bill whi CHI creates snap in each county.
do not think that the members of the
association should pay an assessment
for such an inspector. If the bill should
pass. the inspector in Hudson County
would receive between $1,000 and SIC, 900
annually for his services. This is too
much. He would not earn it. The AS
sociation's members would have to pay
him. There Is no need whatever of such
an inspector and the bill should not
pass"
Secretary Richard Routh of the Green
vile Association said that he would do
all that lies in his power to defeat the
bill.
AN EXPERTS VIEWS.
Mr.. John Morrell the well-&nown
Building and Loan EXPERT said:-"I do
not see how such an inspector could in any
way benefit either the State, association
or the shareholders, and Mr.. Salinger's
bill is exceedingly unpopular with the
members of the building and loan as
sociatlons of Greenville. II the bill
should pass the inspector would be a nui-
sance. He could come at whatever time 1t
suited him to examine the books, and the
secretary, treasurer or someother
business in order to help the inspector
and watch the books. Aside from this, I
LOOK upon 1t as an outrage to be perpe-
trated upon the poor people. The major
ity of the shareholders in building and
loan associations are poor .ople and
they are to be taxed to pay the Inspector.
The three Greenville associations alone
would have to pay the Inspector nearly
S., 600 annually"
COMPTROLLER HoUGH'S VIEW.
Comptroller Hough. wno is interested
in many of the largest loans In the city,
said:-.A tax of five cents upon every
share Of stock is an out
rage. but If it is five cents
The first tax would be too m ucb, and l
doubt IL such a bill could be passed. The
second tax is ridiculous, because no ex-
pert accountant would go over2 the books
of an association for the remuneration d.
five cents from shareholder. There are
but few associations having member
ship of mare than one hundred. and is
an assured fact no accountant will 20
over books for IS. have no objection to
the remainder or the bill. An inspector
is albright IL buiInipg and loan associa-
tions want one."
WHAT MIR. sALINGER SAYS.
AssembIyman Salinger was a WIS.,
itor at the City Hall this morning.
He seemed to be unconscious of
the disturbance he has created in
building and loan associations, by his
bill, exacting 5 cents year frcm every
.'share of stocK'' as it is understood. The
Assemblyman, in reply 60 several queries,
said there Is q mistake some
where. Ny bill does not impose tax
upon every share of stock, but upon
every shareholder. / presented it at the
request of Building and Loan men,"