The Jersey City news., 1899-03-03

TAXA ton.
Albeit and Murphy's Fight
Against Republican
Caucus
BUILDING AND LOAN INSPECTION
What the Bill Passed
by the Assembly
Provides.
BUILDING AND LOAN INSPECTION
Especial to s'rhe Jersey city News."l

TRENTON, March 8, 1S99-The past
week of the Legislature was productive
of much hard work and some bills Oh
more than ordinary importance were
passed One of these was Mr.. Bells
| Building and Loan Inspection bill, which
4 went through the House.
AS it passed, the bill takes the control
and supervision of building and loan as
| sociations from the Bureau of Labor and
Statistics which, under existing law, shad
no authority to compel the submission of
reports or make examinations, and trans
| fers the control to the Department of
| Banks and Insurance.
| The first section of the new law pro-
vides that every association NOW exist
| ing Or hereafter formed shall, within
sixty days after the enactment of the law
or after the Incorporation of such asso-
| citation, file with the department an au-
thenticated copy of its charter and any
additions or amendments thereto.
| 1t also requires an annual report to be
made on or before January 81 of each
year of the actual financial conditions and
affairs of the association at the close OF
| business on December 81 last preceding,
and of it's transactions for the calendar
year ending on that date.
The Commissioners Of Banks and Insur-
ance is authorized to call for additional
| reports when deemed expedient and fail
ure to submit any report called for with
in the stipulated time will leave the as
| sociation liable to a fine of $780, to be re-
covered in the name of the State and ap-
piled to the expenses of the department.
| The second section defines the term
| "loan. homestead and building associa-
| tion.'' as used in the act, to apply to all
| Corporations. companies, societies or
| associations, formed or organized for the
purpose of enabling their members to
| acquire real esteate, make improvements
thereon and remove membranes there
from, by the payment of money in period
ical instalments, principal sums, and
for the accumulation of fund to be re-
turned to members who do mot obtain ad-
vances for such purposes, when the funds
amount to certain sum per share
The third section requires the Commits
sioner of Banks and Insurance or his duly
authorized agent to examine the books,
| papers, securities and everything apper-
| tanning to the management of such asso-
Citations at least once every two years,
| and oftener if deemed expedient.
| For the purpose of such examination the
4 commissioner or his agent is empowered
to examine, under oath, every officer, d.
rector trustee, manager. agent or en-
ploye of the association, relative to its
| condition and mode of conducting busi-
ness.
Under the fourth section the commits
sioner is empowered to apply to the
| Chancellor for the appointment of re-
ceiver for any association which he has
1 reason to believe is insolvent, or exceed
ing it's powers, or violating the law or
whose condition or methods of business
are hazardous to the public or those hav-
ing funds in its custody.
He may also make application for the
removal of one or more officer or trustee
or manager of such association if in his
Judgment such removal is for the best in
terest of the association.
The remaining sections require the COM
missioner to report annually to the Legis-
lature the conditions of such associations
and to provide for the necessary expenses
of the department.
| Each association Is required to pay 81 on
the filing of it's annual report and the
necessary expenses of such examinations
as may be made, with a proviso that the
total amount paid in any year shall not
| exceed $40, except where fine is imposed
for violation of the law.
Another bill concerning building and
loan associations which is favored by the
local organizations Is one requiring the
full value of instalments paid to be re-
turned in case of Withdrawals.
1t is known as Assembly bill No. 179 and
| was introduced February 81 by Mr. Hall
. of Hudson. The bill is similar to the act
of last year. introduced by Mr.. Ebie, OF
Essex. It.was opposed by the national
organizations, but succeeded in passing
the House, only to reach the Senate toe
late for action.
Although there is some difference of
opinion upon the subject, the majority of
| local building and loan men favor the
bill. 1t must be remembered that the
necessity for this inspection is not felt
for the cooperative associations organiz-
ed for mutual benefit so much as it is by
those schemes gotten up for personal
gain, like the Crozier concern of Tren-
ton. which recently failed and caused so
much misery in that city. Mr. Bell has
little doubt that the Senate will pass
the bill and the Governor make it a law
! with his signature.
It is clear as pure sunlight that
equal taxation and similar measures are
to have no chance with this Legislature
! even to show their heads. Early in
} the session Mr.. Murphy introduced the
! equal taxation measure, and Mr.. Albeit
put in some measures intended to bring
: to the State more money in the way of
; taxes from corporations These were re-
) ferred to, committees, and Messrs. Albeit
and Murphy prepared to battle vigorously
| for their bills when they came UP. They
! scanned closely every report of. the com
mittees having their bills looking for
their measures; but the committees sim
: ply winked at them and hummed the old
college air.
'sYou may look, you may weep
You may look to the deep;
|, You may look to the bottom OF the sea,
sea- sea!
You may look to the bottom of the sea. .
, Finally the two gentlemen became
weary Of looking and gave the required
notice that at the proper time they would
move to have the committees relieved
from further consideration Of the bills
The Republicans were in trouble right
away They have had plenty of unnlis-
| -, AZ, +t.