New-York tribune., 1909-03-16
ASKS LAWS REVISION
UTLLT4NS MIKES REPORT.
Wants Co-operotive Loan 4ssoc'n-
fions Operated Uniformly.

tandent Williams transmitted also a supplemental
report on savings banks. trust companies. safe De
post companies and miscellaneous corporations IN
der his Jurisdiction The report on cooperative
building and loan associations says;
While there IS not the urgent need IF LEGISLATION
that existed prior the recent amendmentS 70 me
IN dignity and strength ana secure Iarger pol I@a
of public favor and support il their METHODS were
ing under The same general law. If this proposal |
meets with }"ir tayota9ie tIstd t iIf tc fnr
11enlIrs b, yecerf refoT7natory legislation
certain other reforms in methods which have been
eXercised h, thls department. reinforced by an en-
hghtened public opinion. ........
PASS SATISFACTORY YEAR.
These instirutions according to the report. have
Just passed a satisfactory year. The report con-
tnUes:
While the strictly local and truly cooperative
associat tions suffered severely from the resultant
scandals and unenviabe notoriety when the system
WIS purged by the elimination Of 50 many so-caled
national associations years they enjoyed
6 odTaes 6 our @1g @2 53e gfsT
felt the strain. and made still further increase in
ent time the total reported assets of the local as
been since the distinction between local and ma
tiOnal associations was recognized This increase
in assets would. OF course b. much larger were It
not for the gradual and continued liquidation Of
number of associations which are stl in existence
inauaeen1eut Il is hoped and believed that this
vived the greatest dangers that threa tened H. ard
that its future development viii not onv be OF
great ,,f be4eh[ aT 20 me 70 s t5e arf r
1Cen vrbo h4,-s T1ajrt- med under ver,- irving cir
c1Irsts noes. from public spirit rather than from
hope Of adeauats Tecuniary reward. the nigh stand
ards ana ideals OF the founders OF the system.
Although examiners have discovered during
the year number of cases Of misconduct on IN, IN"
work has already resulted in the most noteworthy
ton has been compelled TO close its doors on ac-
count Of such misconduct. or even to t7tc a.
gl genai a nsr nor ag mr ayraIfen to close any such
legislature last year.
RIGID INQUIRY PROVIDED
Superintendent Williams says he has thrown
better safeguards around the Organization Of these
institutions by the adoption of system providing
for rigid inquiry, when applications are recelNs'
believe that IN Ter thie system fewer weak
self gain in dignity and public estimation ! would
eGggest at in any revision Of the present |ta ~
the mandatolz provisions Of the statute
Eleven associations have completed liquidation
during the calendar year The greater number
have been in process Of liquidation for many years
The total reported assets OF all Of the associa-
tons Of the state increased s1.c11 $50 during the
wear and the total resources OF associations 70
Gated in thirty-eignt out Of fortT-fve counties no"
having such associa tons showed = very hatterinE
increase Tho withdrawals during tho wear we're
unusually large. thr total payments % Withdrawing
Shareholders Amounting TO -SIoa44.S2I. The total
reported assets Of al associations on December 8
1905 amounted 70 s46-ee4,12s. and their operating
expenses were approximately s7-1oo per cent Of
this amount
Superintendent Williams recommends the abolish
reent Of building and loan associations
Certain information received by the state Bank
Department after the close Of the last calendaF
YEAR and not embodied in Superintendent Williarnss
report submitted earlier IN the session, is given IN
the supplemental report on savings banks, trust
companies. safe deposit companies and miscellan-
eous corporations
Referring to the withdraw walls from savings banks
FOR the last year aegregatlng s2S467o4l less than
n 79o7 and a decrease Of s5l4oQ.5 SCI IN deposits,
Superintendent Williams says:
This condition is due 70 soe extent 70 % ne tr1 in
curson Of national banks. s'a{e % oaHS an M aia eayr
banks but the greater portion Of It Is douotless
TIe exceptiCnal investment opportunities afforded
by low prices for securities
The state tax on surplus paid bv the savings
banks in 1868 amounted 10 S769o2J. or $500 moro
than in 1907 The aggregate expenses for the year,
covering this TAX, salaries rents ETC. were AHy'-
20 an increase over 1907 oi {49,69l
The total of unclaimed deposits Of closed savings
banks and trust companies held by the superinien-
dent on January l. 1ede. was s4$lsS. the amount
paid from the fund during the year having been
1894 81 The report adds:
II is gratifying 10 record the remarkable growth
Of the trust companies IN the state during me sSt
upon the market value Of Investments, as against
charges 10 profit and loss in l&f account OF de
probation OF s25,0Oo.oH
In 1897 the dIyiGends paid by trust companies
amounted slo3T,Dgo BlrinG the last year divl-
dends amounted 10 &L1ls,5e0. an increase Of .
fl.S4s50O
II should be appreciated that the strength OF the
general banking institutions of the state has been
augmented h. The addition OF $ieG2oQ.V00 - the
store Of cash in their vaults and Si5,eo0No) 70
that held on deposit with Other banks.
The reserves Of state banks and trust com
panies are sufficient 70 meet demand that
might be made upon them Tor which proper re
serve would be adequate protection.
The resources of the safe deposit companies oc .
the state on January ] last are given S9552ss2
as against tg,375.J69 in 1905
Referring TO miscellaneous corpora tions, Superin-
tendent Williams says
IN providing for the Incorporation OF associations
for the loaning Of money upon the pledge Of per
scnal property it was the original idea that such
associations WoU6 be of benevolent character,
sfording 10 needy people whereby tenn
without suTrendering possession Of the proDertv
proposition has worked out differently in most
cases, the terms imposed for accommodations
often excessive. Despite the high charges /.
made. the hazards # the business appear 10 be (
such that very few enter the field
1.-THE WORLD PT.EAnC NOT CTTrT rT