The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-02-09

Gentlemen-Inclosed you will find copy
of resolution which passed the House Of
Assembly on February l, 1898. You will
notice that the object is to probe. the
Get Rich Quick" concerns doing busi-
ness ON the building and loan plan.
They are certainly injuring our old plan
and legitimate associations, and feel that
the result of our investigation will ex-
pose them, and benefit the old reliable
In order to succeed in having the reso-
lution adopted and the committee APP
pointed, I had to refrain from all ex
penSe, except Stenographer tit neceS-
sary).
| now find that there will be quite an
expense connected with the investigation,
which will be unavoidable, and as chair
man of the committee, am expected to
see that they are met.
AS your institution will be benefited by
the result, and we wish to go to. work
at once | take the liberty to solicit a
small contribution from you. Trusting to
hear from you ait your earliest possible
convenience, remain,
Yours truly,
ALVIN c. EBIE,
Chairman of Committee.
The letter was not written nor type
written, but printed and the resolution
referred to explained itself, as it read as
follows
The Following resolution was introdlc-
ed by Assemblyman A. G. Ebie, of Essex,
and adopted February l. 1885,
Whereas, There are number of build
ing and loan, savings and loan and bank
ing Institutions in this State, doing busi-
ness on the building and loan plan, who,
upon the payment of twenty-five cents
per share per month agree and promise
that in IA months each share shall be
worth $100.
tions are so large and astonishing as to
excite the suspicious of our best and
most cautious fnanciers, many of whom
pronounce it am fmposSibiEty and a will
full Misrepresentation.
1t is the opinion of many that, the
money paid in by the stockholders of.
these institutions is at the disposal and
mercy of a. few officers who, according
to articles of Incorporation, are, and can
not be held, responsible for this vast
amount of money received by them an
nually.
Therefore in order to ascertain the true
condition of these institutions, in order
to protect the people of this State and
either verify or deny their ability to COM
ply with their contracts and promises;
therefore be it
Resolved, That the Speaker of this
House appoint a committee of five who
shall be authorized and shall have the
power to call on amy or all institutions
doing a building and loan business in
this State
This committee shall have the power to
subpoena any or all of the officers of
such institutions and compel them to
produce such books records, papers and
information as the committee may desire
in order to make a thorough examina-
tfon and a true report as to their finan-
cial condition and their ability to meet
their obligations.
Resolved, That this committee shall
report the result of it's Investigations to
this House as soon as possible. with such
recommendations as they deem proper
for the government of such institutions
and the security. of it's stockholders.
This committee shall have the power
to procure the services of a stenographer,
if it is deemed necessary, the expense
to be borne by the State.
+ The Speaker of the House appointed the
following committee:
WOOD MKEE,
j. M. BELL,
f. C. COLE