Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1907-04-18
STATE MUTUAL LOAN
ASSOCIATION IN TROUBLE

The business Of the above named associ-
alton extended to every county in the State,
though It's longest list Of stockholders were
probably in Camden, where its main offices
are located.
A petition for receiver was presented
through the Attorney Generals ONCE, on
behalf Of the State Commissioners Of Bank
ing and Insurance on Monday. It closely
followed move toward dissolution taken
by the boaid OF directors
In explanation Of his action. David Q.
Watkins, the Banking Commissioner, caused
the following statements to be issued from
his office at Trenton:
The action against the State Mutual
Building and Loan Association was made
necessary because of the $3.50 600 worth OF
withdrawal claims which the association did
not satisfy. The o. mmission was forced
to proceed because of this fact. There was
a clamor Of the stockholders for action
against the concern, but the commissioner
did not take meEsurss until be was empow
cred to do so The fact that there bas been
so many withdrawal claims shows that the
association is evidently insolveDt The de-
partment is of the opinion shat there =
sufficient -erideace te-ahow that there Is a
great necessity for arec ever to wind up The
affairs OF the concern,
THE OFFICERS
The officers OF the ociation are among
the most successful business men Of the
State, and included:
President, E. Amber Armstrong; vice
president. ]. Willard Morgan secretary. P.
Kennedy Reeves; Treasures, the Rev. Freder
ick K. Brace; directors, E. Ambler ARM
strong, Camden; Israel Adams: Atlantic City,
real estate; ex-State Senator, P. 2. Baker,
Vineland, president Of She Tradesmen's
Bank, VineIand; the Rev. I. R. Brace, Black
wood; Carol Bassett, Summit, civil engi
neer; Harry S. Douglas, Prosecutor Of the
Pleas, Cape May County, Cape May Court
House; Franklin Dye, secretary Of the State
Board Of Agriculture; Alexander r. Fithian,
Bridgeton, attorney at-law Edward E. Gross
cup, Camden, real estate; Robert Gwynne,
Jr., Salem, publisher; A. c. B. .Havens, Toms
River, real estate; S. Stanger Iszard, Wood
bury, attorneys J. Willard Morgan,
Camden, attorney -at-law; Fl. o. Newcomb,
Millyille, presidents Of Mechanics National
Bank Charies N.heaolhg, fiencntoWn, meI-
chant; P. Kennedy Reeves, ,Bridgeton, ,secre-
tary; Charles II. Richman, Woodstown, post
,,.sto.. Er.nh sh,t, wa,onot ,halass1a
l"s'S'
grocer, fhiiaaeipn'a'
STATEMENT TO THE OFFICERS
MS association commenced business n
1872. IL was very suceessiui anu grew g
great SIZE, SO e,aas ~ - nau ~ QUE e,l1s gfoss
assets 70 OF @ neaIly 9s,ooo ,ooo ana nau more
enan ,Vov s,i.si GO ~ io.so neo pel'e
"a s.as ,,,ora t,,s,, % eo o tie
present assets are about 81 200, 900 and the
shares in force 27,000. ALI the money that
the association has with which TO do busl-
ness is what is paid to it BY its sharehol-
ders. The Withdrawals, owing to money
lcondisions, have been very heayy o. late,
and there are quite number on flie
ION April stakeholder who had given
notice OF withdrawal filed suit few days
before he would nave been PAID in regular
course land ne was IN TACT paid, wnlcn was
widely puniisnea as an appilcasloh lot Ie-
ceiyer. NotwltnsIanding ~ our opinion
snis aG;loa Mas nos as m,s'1hne hs, i,as nas
ME IN volume 81 Withdrawals and decreasine
receipts. Your directors feel it may be nm
wise. in view Of these circumstances, in
pulsiy musaai .s soss;hls SooI r. 'I hS
doing doing ;mnair In the present value Of the assets.
when other action might preserve their
great value. They feel, therefore, that the