Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-01-27
SHOWN
At The MEETING
OF LOAN ASSNS
Officers of Local Organizations
Divided as to Benefits
of Session.

officers of the local building and loan
associations who attended the meet
ing yesterday of the New Jersey League
of Building and Loan Associations are
about equally divided today as to
whether the affair was a success or
not. All agree that many valuable
points were brought out by the men
who came from other cities TO give the
benefit of their experiences. Some of
the officers bewail the showing of ami
mostly between Gilbert r. Halves.
counsel for several associations in New
York, n Theodore W. Schrimpf, an
Atlantic City attorney.
Mr.. Schrimpf was strenuous in OBJ
jecting to the motion to hav the legis-
lative committee of the league draw up
a bill for the introduction of the Tor
rens system, which Mr.. Halves was
greatly in favor of.
There are too many sane men in
this league who want to investigate
the system before we go as far as that
with it, aid Mr.. Schrtmpf, who is a
solicitor Of the league.
Halves Raises Objection.
Instantly Mr.. HAYES jumped to his
| feet and shouted: 81 want to tell you,
gentlemen, not To be delayed in this
matter until II Is too late for the action
of the Legislature" Continuing, he
emphasized the following with sweep
ing gestures: And just remember this
point-most of the opposition to the
system is raised by the title insurance
companies who would lose business If
1t were put into effect, or by lawyers
who get 25 per cent. from these COM
panies as commissions.
Here Mr.. Schrimpf called the speak
er's attention to the fact that the mat
ter in hand was becoming lost in a lot
of useless talk.
well, 1 vas only telling the way they
do it in New York" replied Mr.. Halves.
To Secure More Members.
The executive committee of the state
League held the meeting yesterday aft
ernoon in the Builders Traders
Exchange for the purpose of inducing,
If possible. the $50 building and loan
associations in Essex county to join
the league. Enough publicity was
given the meeting to draw a large
number of the men. The local men.
responded notwithstanding the dis
agreeable weather and found the ac-
~commodations at he Exchange in
efficient.
Joseph A. McNamee, president of the
league, introduced Sydney r. Rosen-
thai, editor of the Building and Loan
Journal, of Cincinnati. The latter's
first remarks were that sincerity and
cooperation were missing. Judging by
the reception rendered the visitors.
The meeting had the effect, however.
of showing how necessary it is for the
building and loan associations of New
Jersey to amalgamate, especially at
this time, when the federal government
seeks to discriminate between mutual
benefit associations and those liable
to the special excise tax on corpora
tons.
Smith Addresses Visitors.
E. Allen Smith, chief deputy %collec-
tor for the local office of the internal
revenue department, who was present
at the meeting, told the members of the
governments side Of the case and
warned them not to be too hasty.
In part Mr.. Smith said: Il will not
discuss the Justice or injustice of the
tax on building and loan associations.
L am not here for that. But l must warn
you that until some decision is reached,
either placing o under the tax or
making you exempt, vol must make
your returns as provided or run the
risk of having to pay the fine of 1000
for non-payment of the tax"
When questioned Mr.. Smith told the
members how to gain their ends and at
the same time comply with the Federal
ruling.
Instructions were given to the
legislative committee to investigate the
Torrent system and report at the next
meeting, which will be held at Pater-
son in April.