New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-07
BUILDING AND LOAN REPORT.
OPERATIONS BEGUN BY COMMISSIONERS
BEETLE UNDER THE BELL LAW.

OPERATIONS BEGUN BY COMMISSIONER
BEETLE UNDER THE BELL LAW.
Trenton Dec. s (SpeciaD. Bette, Com
missioner OF Banking and Insurance. has SUD-
mitted TO Governor Voorhees, his first report unueF
the law placing under his supervision the bulldihg
and loan associations of the State He says mat
Il was found impractlcable 10 obtain the desired
returns for this report from those associations
whose fiscal year had expired prior 70 the pdssase
Of the act While authorized TO employ the nec ,ba
sary persons for the proper discharge OF tne
duties imposed, no appropriation was mace ~ 10
meet the expenses and the Commissioner says Ina
force. For lack Of money he had 1eIt 0oIssu a., ~
defer nstitutng the Investigations pronuSI 1Sr ~
penses by the associations examined, out the
charge cannot in any case exceed twenty az
case Of an association whose methods OF business
were such 10 necessitate an exhaustive sudlt
Of its books and accounts and an appia OF me
properties held under mortgage in order TO ascer-
thus . says the Commissioner. the situation
is presented OF public officer charged by law WIN
duties Of important and responsible eharaGter
but without the instrumentaliues at MS command
for their fulnllment" The Commissioner recon-
The report shows that there are 36l building and
loan associations in the State. Of which Newark
has ST. Jersey City a. Camden - Pate rn 10 o G,g
concerning the condition and operation of lsS com
panies These are shown to have assets OF KY KY
2C s. and Liabilities OF the sane rbss assocatons
were sl3 9l6 es1 H. which amount, less a cash bal
ance of Sll6s. 434 SO. disbursed In loans, etc
The membership the beginning OF the hscal
wear I'm these associations was 1898. ana at tne
end OF the year il was 50 037. They issued 1920
shares during the year and cancelled OlZS, the
number of shares I'm force at the close or the year
being 49T3s There were 1853 foreclosures during
the wear There were 1850 borrowing members
and the borrowers held 1898 shares. The nom
borrowing members held 3i+'e'S shares'
Commissioner BEETLE says; .,,.... -,
.'The usefulness and value 70 the community OF
building and loan associations were early s recog-
nized in this State. and to encourage their foTma-
ton laws were enacted. and remain substantially
the same at this day, providing an easy ana mex
pensive mode of obtaining charters. with the re-
suit that the associations have become very nu-
rneroIs with an aggregate membership OF many
thousands. and having the care ana CUSTODY OF
many millions Of dollars Of the earnings OF tne
people Ii is not surprising therefore that unuei
these conditions OF success and popularity, ana
the absence Of State regulation, abuses snould
have crept in 10 bring more or less dscredlt upon
the system The enactment Of the law OF last
winter necessitatiug the ABANDONMENT OF tle
practice Of using any portion OF the members
stock payments for expenses, VIII tend 10 remove
ona Of the chief causes Of criticism ana complaint
against the management Of some oil the assocla-
lions and il is 10 be regretted that sucn pro-
vision had not been in force years ago: REFORMS
- other directions are apparently being carried
on, in good faith, but It remains for the future
ana the official Investigations yet TO pc made 20
Ss,-olon ALI the needs Of the situation. ana Whether
further legislation Is necessary or desirable