New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-21


supervision. there are 323 IN the State and he thinks
the associations which were not represented took
tri or sIanted That something akin 10 the Guenther
..t "yuld become q law ana by their failure 10 at
'ehu me meeting assented 10 II. At any rate. -
Is only one-sXth OF 323
THEY STRONGLY FAVOR SUPERVISION.
Luther G. Gndd president and general manager
or the Republic Savings and Loan Association OF
Newark when seen by Tribune reporter yester-
day. said:
Mee sTg tkSa Win Mr. rNewDeTy president Of the
ny ny Tnd genera manager OF the New-Jersey Build
Mf. Fleming. secretary of the Eastern Union Ruid.
iNs ana Loan Society OF Camden. and Charles n
EuHding ana Loan Association Of Newark Al ~
.1e associations named are designated State" az,
himself strongly fayorng State superylsio6 Of
~ W., "uulhg ana loan associations Of New-Jersey.
70 exist In the minds Of some Of the DELEGATES 20
the convention held al Trenton IN resnecI 10 no
~ ot our purpose 70 enter into discussion OF the
mated as 'local ana Stte" ,DuS'y uess
In view Of the fact that all associations organ
and restricting their operations thereto mnet nv
paced together IN the category OF domestic cor
nor be after the reciprocal relations are more Sc w
y understood by those most vitally interested
WHAT THE STATE ASSOCIATIONS WANT.
The consensus Of opinion between the represen-
tatiyes Of the State associations with whom
'''''Iseu seems to favor enactment by the Legis-
Iaiure OF q b! embodyng the following salient
features:
b ON u.sory hiannual examination OF every loan
a0ass,eta and building association OF New-Jersey
other states and operating within New-Jersey one
-, III .1aH homestead and building associations"
associations formed organized for The purposes
iG-,-''7a IN me act under which the building and
I.dH assOclauons are lEcOrpOrated) the examine
uon 10 be made either by the Banking and Insur-
auce Department or the Bureau Of Statistics: each
"a fIa e.rttr oFff
I Or certificate Of Incorporation and OF rs articles
the passage Of The Sc and To be sEy qsys afg
copies OF any amendments thereto within sixty
ton 10 be required 10 furnish January 81 in each
year a Ieport - the department having supervision
fairs and financial condition ar the close OF business
S5 IC.gtioti 81 piecea.ns such report 70 be vert
ncI 10y ne oatns or affirmation OF az least two OFF,
Gers OF the association. accompanied by certificate
appointed by tn association; any association fall
lns 70 comply with the provisions OF the act shall
effective. same 70 be recovered in any court Of
competent jurisdiction. and when collected 10 be
penses OF the department Of supervison - the s ex
peAses Of the bannual examinations 70 be borne
TO any expense therefor; the head Of the depart
Meit ana me examiner 70 have power TO examine
under oath or affirmation any officer director trus-
tce manager, agent or empOye u he association rel
atye 10 rs bus ress or affairs and for mar nirnose
20 have full authority 20 administer oaths or firm
alton. Whenever Il shall appear 10 the department
thar any association through It's report filed or
examination made thereof, is conducting its affairs
in violation Of the law. and that its liabilities as
ZION and bylaws. exceed It's assets the department
snail require the directors % such association
dlsaontinue any Violations or .aw, and In case Of
the Liabilities oil any association exceeding It's
sets as stated the depaitment % require the
s''iailph 10 remedy such CONDITION WITHIN rea'
sonabie time and 10 event Of non-compliance with
partment 10 nave authority 10 apply 10 the Chan
ceIor FOR such relief as the particular facts may
90 the legislature embracing summary OF the
annual report fled by each association the depart
Tor proper discharge OF the duties created under
the act the compensation 10 be fixed and paid as
T 9a a quso the b to o2s q the usual a
repeater ~ inconsistent acts or parts OF acts and
THE BELL BILL FOLLOWS THESE LINES.
Hy requiring all the associations TO report a
specific date, the department would be enabled 20
submit It's annual report 70 the Legislature before
adjournment. and the printed reports could be fur
formation became stale"
You VIII observe thar Assembly bi!I No. 10 intro
the lines OF the foregoing which practically covers
atoms In the States OF New-York. Pennsylvania and
The plan adopted by any association may be
safely ieft 20 the wisdom OF is stockholders. and
IN Ike manner ne ine,Hou o. ptV ~ o 1oG eH
anteed TO stockholders in any corporation IN New
do not feel that any association would be war
ranted IN opposing am examination covered by me
=
elpe~vislon hy the delegates az the State League
seemed 20 hinge more particularly Oh any expense
OF supervision attaching % me assoClatous.
i %, s'f grno y under the laws Of other
states and doing business 30 New-Jersey should bs
examined annually. the entire expense or such eX-
nm nation 10 boz borne icy the association SO eX-
umlnel and that each ot sucn associations shouIO
before receiving license 70 40, buslisss IN New
Jersey deposit al east $1,000 OF securities accept
able 10 tte department. wiki the understanding
and agreement on the part OF the stockhollers OF
COW exclusively the liabilities Of the association 20
its New-Jersey stockholders
WITHDRAWALS SHOULD BE REGULATED.
The chies man In one OF the large local associa-
tlors said Yesterday 10 a Tribune reporter:
am NOT an adv ocate Of State supervision II Il
should Impose q burden upon the local building
and loan associations but ! regard the State su-
perylslon as ineyliaole. ana. as IL must come, !
should esteem IL q privilege 20 be consulted TO
framing the legislation protidlng for sucn super.
vision. not opposed 10 the state and National
as-... lions as such. but do not think the Build
INK and Loan ac- which was intended 10 encOur-
ase mutually In acquiring homes for poor people
and that any association. vine her local. State or
National should be compelled 10 return 10 IS
shareholders al any tine ne fuil amount OF dues
bald !u less q reasonable fine FOR arrearages. and
after the stock Is one year old, the shareholder
should be entitled also 20 reasonable share of the
profits ranging from per cent interest on the
as The profits OF he concern would warrant.
The fault with the so-called state and Ma
fl0uar assoca ,iOns Is thar hey pay their officers
such large sums that they find u necessary 70 take
advantage OF their poor invcs who are com
PEELED 10 withdraw their shares before maturity,
and deprive them OF all snare OF prohts ana, II
they Withdraw before the shares are three years
Old take even a part OF ne dues paid In. IN one
cas-. which has come under ny my observation a
a credit az only 81 when his loan was liQuldated
on January OF mis- year