The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-12-07
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B. AND [. REPORT
Banking Commissioner Has
No Funds For His
Work.
ssl ASSOCIATIONS IN STATE
Assets Are $685. o2, o7s.5 SO,
Liabilities For the Same
6o.o37.

The first report of Banking and Insur-
ance Commissioner BEETLE, as SUPERVISOR
of the building and loan associations sun-
der the law of last winter, is now IN lne
hands of the State Printing Board. ine
Commissioner has not been able to make
much Roadway. as he was given no ap-
propriation for the enforcement OF lhs
Jaw. In this connection, the Commls
eioner says
II seems proper to call attention to the
fact that while I am authorized by TINS
law "to employ such persons as may pc
necessary for the proper discharge OF
the duties imposed, no appropriation was
made to meet the attendant expenses, the
act having been passed during the clos
ing hours of the Legislature n after
the annual appropriation bill had been
acted upon; consequently. the additional
Office work it has necessitated has devolv-
ed upon the regular force, which is none
too adequate for the needs of the other
current business of the department. In
addition, I have for the same reason felt
obliged to defer institnting the investi-
cations provided for in the act. and
which are an indispensable part of the
scheme of supervision it comprehends.
411ct tAe aCL lOfiQCS III AZ go
of examination expenses by the associa-
tions examined, but the charge cannot in
any case exceed $40 in any one year. and.
while it is possible that this sum might
be sufficient in some instances. 1t would
not meet the case Of an association whose
methods of business were such as to ne
cessitate an exhaustive audit of its books
and accounts and an appraisal of the
49,
TO ascertain its real condition.
Thus" says the Commissioner "the
situation is presented of a. public officer
charged by law with duties of an import
ant and responsible character, and of no
fnconsiderable scope and magnitude. but
without the in-strumentalities at his COM
mand for their fulfillment. I would,
therefore. respectfully recommend that
action be taken to remedy this condition
Of affairs and thereby secure to The pub
lie and the associations the full benefit of
this legislation"
The report says that according to the
records of the department and advices re-
ceived from the several ounty clerks as
to recent interpretations, there are some
1861 OF the building and loan associations
in existence In the State, distributed
among the different counties as follows:
Atlantic. 10; Bergen. Is; Burlington, 16:
Camden, 80; Cape May, 8; Cumberland,
3; Essex, 1M; Gloucester, Z; Hudson, IS;
Hunterdon, 2; Mercer, 5; Middlesex, 13;
Monmouth, IL; Morris. 4; Ocean, 2; Pas
sale, Is; Salem, 3; Somerset, 4; Sussex, 1;
Union, 20; Warren, 2. From this it will
be perceived that 1s2 of the associations
or slightly in excess of 50 per cent. of the
whole number, are located In the cities OF
Newark, Jersey City, Camden, Paterson
and Elizabeth. Newark has 81 associa-
lions. Jersey City 40. Camden q, Paterson
Is, Elizabeth II.
During the year there were organized 81
new associations. divided among the fol-
lowing places: Camden 3, Newark II. Jer-
sey City 2, Town of Union /, Hoboken /.
Remington 1, Elizabeth l and Plainfield 1.
The following associations ceased opera
IONS during h year, the first two hav-
ing voluntarily abandoned their organize
ZION and the last two Terminated by adj
vice of their officers: Palisades Park Co
operative Building n Loan Association,
Fafisades Park, Bergen county; Bergen
Building and Loan Association, Newark;
Excelsior Building and Loan Association.
A'SnafA5 SECOND american Building and
loan Association. New Brunswick,
The report says that the proviso of the
new law requiring the fling by the assoc
citations Of copies of their certificates of
incorporation, constitutions and bylaws.
has been complied with in some $50 in
stances. and the work of reading, digest
ing and classifying the information con-
tanned therein is proceeding as expedi-
fiously as the circumstances admit. The
condition and operations of the associa-
lions numbering 1888, being about 50 per
cent. of the total number in the State.
and which are the only associations upon
which the department can report at this
time are shown to have assets of $685.
20, e78.55: liabilities of the same
amount; the receipt for the fiscal year of
these associations were $13, GIG, e61, IL,
which amount was disbursed in loans,
etc.. with the exception of a cash bal
auce of s1,1s8, 434.6 So. The membership
at the beginning of the fiscal year Id
these 1873 associations was 69,973 and
the membership at the end of the fiscal
year was 60,0S7. There were II. $50
borrowing ember during the year and
the borrowers held 152. 43S shares of