The San Francisco call., 1905-03-05

I limited means through the legitimate
building and loan associations. OF
this large sum, fifty million dollars and
over have been used in building homes
/ for heads of families and nearly fifty
million dollars have been paid to with
drawn members who have had use for
their money to embark in commercial
enterprises or other ventures, which in
many cases, have been the means OF
laying a foundation for future inde-
pendence. Every member Of an hon
est, well managed local building and
loan association has always received
upon withdrawal every dollar paid in
together with a reasonable rate of In
terest
OLD LAW SUFFTCES.
Therefore I would earnestly recon-
mend to leave well enough alone, to
keep the present law on the statute
book. adding thereto only few sim
pie amendments. as follows:
1. Any member desiring to with
draw part or all Of his or her stock
shall have the right to do so at any
time by giving thirty days notice Of
such intention to withdraw and re-
ceive all the money paid in, together
with reasonable portion OF such
earnings as may be declared by the
board OF directors. provided that not
more than one-half OF the monthly
receipts shall be available to pay
withdrawal members for that month.
All applications to surrender shall be
paid in the order in which they are
made.
2. No association in this State shall
charge any more than 10 cents per
share for entrance fee.
8. All the money received and dis
bursed by building and loan associa-
tions shall be duly accounted for and
a report shall be delivered to each
stockholder at least once in each year.
This report shall show the total re-
ceipts and disbursements for the year,
the net assets and liabilities of the
association and a schedule showing
the amount which has been paid in of
the shares of each series: the amount
such shares has earned. It's actual
book value and its actual surrender
value.
SUGGESTS REMEDY.
With the adoption of these few
amendments and with the appoint
ment by our honest Governor Of two
honest, competent. practical account
ants to fill the duties of building and
loan commissioners. or better still IL
the supervision Of building and loan
associations would be placed under
the care of the Bank Commissioners
by giving them the power to employ
two active, competent accountants, I
believe that our meritorious building
and loan associations would continue
in their useful career by inducing
wage-earners to be thrifty, frugal and
economical and build homes for their
families, thus helping to build up the
towns and cities of our great State.
Some Of the papers have published
that the bill passed by the Senate was
compromise between representative
local and national building and
loan associations. That is not true.
Oil and water will not mix. The presi-
dent of local" building and loan as
sociations has informed me that he
did absolutely not approve the above
bill.
AS the Oldest building and loan as
sociation secretary in the State, with
thirty years of successful experience.
I believe that in the above remarks 1
interpret the sentiment Of every Of
ficer Of every honest building and loan
association in the State and the senti-
ment Of every one of it's $4,000 mem
bers