Bridgeton pioneer., 1907-04-18
|rATE MUTUAL WILL
WIND UP ITS AFFAIRS,

=. hehaif of State Banking and In
orca Commissioner Watkins appli-
,,or was made yesterday by Theodore
otos of the Attorney Generals De-
,.ment. to Vice Chancellor Leaning
Fl receiver for the State Mutual
8 Hiding and Loan Association. The
y rcern has been one of the largest in
New Jersey, it's clients coming from
g, rorts of the State, and if the re-
! bivership shows a weakness of it's
z,onces it is feared that some of the
oreholders may be heavy losers. The
Ranking Commissioner, however, is
|Eoneful that the assets may be SO
|Aandled as to pay them dollar for dol
IN The rule asked for by Attorney
Rackes is made returnable on Tuesday,
nril 30. when the application for the
a }eoeiyership will be acted upon and
zhme of the details of the operations
IN the association made known.
The application for the receivership
xame upon the heels of a statement is
:4bed Yesterday by the Board of Di-
bctors of the association as to their
4ction at a meeting held last Friday.
fhis was an announcement that a
Meeting of the shareholders will be
Held on April % for the purpose of
5oting upon a resolution. adopted by
{he directors, providing for the wind
Ing up the affairs of the association.
The application for the receivership,
however, will act as a stay of the
proposed meeting, as the Court is now
10 charge of the concern.
In their statement the directors ex-
press the opinion that it is advisable
Tor the interests of the shareholders
That the business be wound up and the
association dissolved.
Most of the $4,000 shareholders are
fesidents of the lower counties, but
there are hundreds distributed
throughout the entire State. During
the first few years Of it's existance,
since 1892, the association was very
successful, its gross asset at one time
being $2,500,000, with a total of N, 900
shares outstanding. Withdrawals
have been very heavy during the past
several years. exceeding greatly the
receipts, and the maturity Of shares
was but a few thousand less than
b, ,OOO 900.
The assets of the association at this
time are $1,000, 900, principally in
realty and mortgages. 1t was stated
last night that the association has
been losing business since 1905. Few
pew members were joining, and this,
Eogether with many Withdrawals and
bhe maturity bof large number of
shares. made inroads on the finances.
Early in April stockholder gave
notice for withdrawal of his money.
and becoming impatient, filed appli-
Pation in Court Of Chancery, asking
mat receiver be appointed for the
|ssociation. Many more Withdrawals
olloWed and the payments of pre-
NUNS fell off to such an extent that
ne directors became alarmed and
Peclded it was time to take action.
The officers of the association are :
President, E. Amber Armstrong. a
primer Judge of Camden County and
Pember OF the State Board of Taxa
Ion: vice president j. Willard Nor
Ian, State Comptroller; secretary, P
Aennedy Reeves, Of Bridgeton, and
Reasurer, Rev. Frederick r. Brace,
u Blackwood.
4 Inc secretary, Mr.. P. Kennedy
Heeves has sent to the Pioneer the
@rcular referred to, and says: "From
4 you will learn why it is thought
Es5 1or the Association to liquidate.
II nave surplus at present over
Raollitles of about $1OO,O which
fouAa enable careful Board of
Stustees to pay back to the members
3nas they have paid in with some
Font' the amount of which will de.
Pnu on the disposition of real estate
Y &piuings. The auditing committee
w just hnished its annual audit, find
~ 'ne books and accounts we'll kept
sney report the real estate as worth
u amount at which it appears in the
nual statement. The Department
banking and Insurance are favor
~ TO the appointment of trustees.
4pefe being statute to enable Build
~ Associations to liquidate in this
6ay' thereby saving expense and
raollng all the assets to be conserved.
After Wagon.