New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-01
ASSETS S1O,5OO,OOO LESS.
KILBURN GIVES FIGURES.
Tells of Collapse Of Ne70-l ORR
Ruilding Loan.

So. 90 AS "a result OF tie scandals
attending tie failure g dishonesty oV"e- -,
locations and the disappointment coilioo''-
~ voluntary but necessary hquicauoA Ca 10
MANAGED companies these ASSOCIATIONS ~ 80 80
locarfies are now IN So repute as t-es ~
e,--,e-lv ropular and in two cities OF tl' 80
she majority OF existing assoalalo"s nav
A practical liquidation FOR some dnse-
So SAYS Superintendent Frederick D. hllo0iH =.
she STATE Banking Department. ga his annual report
70 fhe legislature or building and loAl' assoc
tions made public tonight. The report oo-'---s
owing TO the benehccnt purposes for which ,1,s
srere given certain special prlyieg IS tt-l as "a
emptOn from taxation afo We - .--fse poru-
iar,rv Verv erroneous opinions. howeFcr, We
sorr-ed rs 10 the earning power - such c9rPo1i1-
actual Workings q the s-Etern a1o PeI 49, ne
.,ot,-s 80 soIlcfIrc agents The lack Of restr1c-
lions upon the general pg~tsgs .se repeaIed acts
orabed MISCONCEPTIONS adventures % Loo eie 49,
ns q re ,i s ysra Trecsa though ne incapac
and Ignorance of officers VINO nae no ~, ,,.i,1r
~ 1lose co15e-yativa principles which must be OBJ
served in order e insure the success O. any
business enterprise.
-.rs. hundred associations in forty-three differ
ant counties have flcd annual reports q me year
ended December 81. 1903. The largest numDef Is
taxty-hve IN Ncv-ToIk County; and there are
sorty-eight in Monroe, thirty-seFen AZ Ire al-o
thirty-four IN Kings. no othe- county has more
Khan eight
The report goes on 10 say:
A conparisoa with last year shows that inc Re
ported assets o. S4e ;4Sos- S ffaf the reported
assets OF the local associations nave St-I,astg9
aoout - - -. 49, sss,-iF-il- Isl Of course, due
20 the elimination a The New-lork bl...L ls oets
sgerseatlug Sas5lJS5 and - the continued gu!4ta
rion u q number Of morlbund insuluLo1s "a '4--s
TIE publicity given to the failure q the institG
Won named, and the continued aeila.l.l. - - ,s
from the prolonged litigation with reeaIo 20 =
coming upon The heels ~ tie scahoals - ss-,Ss
she closing Of numerous assoc ~ 80 .. s,irsS IN
class curing the last few years have ftS'.'sl ~
such shock 70 the pubic Sol 49, "a - met
~onolitan district have been almost oNeIh Lells-
With SlJhaT te ,-5,eo,d 81 the local sssooa
ions ana where they have geneialiy Ito,.ea - -sei
dividends paid curing tie year anoantel 20 49,
90 r enc - - tbs holders OF mature1 STOCK that
with total reported asscts az t1e neRlil--e ~ ~
year amounting 10 only S.saSo.-, theg 49, $500 he
upon 10 pay, and die pay, 70 members Gums t.5
YEAR s. 65S7 OF nearly 30 per cent o. ta9 b So
oatons Of that borough, ana SO secure e IisH Ere
soas Jla l--I lew N he ,synenS % ygithdrawa
Their total reported assets show e~its1s -. - ~, ~
hsif al the associations show an increase n 80
The local associations OF me H.Io~5 80 -eo
ord. The total reported assets oI az We s, "a n
Hssociations OF thst ooI9cs IA and these asso-
Citations paid during the year w-inaia -. s5 socE
- Re ST,oUrt al s5a "a total of s. 66s5Es repaid
20 shareholders during tie year 80 "A z-s---
peeides the counties Of Newly oTk aLlu fNli5e
which were the ones principally affected by nc g.
~losures IN the New-YOrk Buolng Loan IalA.--s
company case the counties Of Nonr2e ,lla ~.
daEa the only counties in me Sleee WIN %
soticeaby large de- rcase IN assets. -.
As q result Of improved conditions ana NE -. 49, ~.
81 public favor Of vel nanaeea TO- -, IL tv-o
rhe reported resources o. these co-Io-aj Ils -l
thirds OF the counties The State having such as
Eociafians show actual increase notv ms =
rhe adverse conditions under which the 5tsso--a-
lions have lahored and notwithstsEelng me p.S
YneTt bv the aEqoci ltiOus or the s lie curing "
wear 1919 OF withdrawals. and cash cIrlderds 10 INC
amount OF 50 rs as and s. 226 03 % the holders OF
rnpfu-cd stock. -nalir~ 2 total n0yTeTt 10 sn-.t
holders % $1,000 o0. The total repoII
assets OF an the associations of the state on De
cember g. 1903 Sf3699 sos. and the total opeat-
fng eNneusee for the reported amounted 10
sG12 US or l% per cent Of the assets.
Mr. Kfburn renews his recommendations OF the
abolition BY law OF the practice OF lending on real
estate more than fifty miles from the home Office.
~ the dividend mortgage system and OF the gross
premium plan. Speaking finally of the Eo-called
cooperative home purchasing companies. some
fimes called numerical bond societies. M Kill
burn 6encunccs them as gambling schemes, and
urges their prohibition.