Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-27
TEACHERS AWAIT
FUND BROADS|DE
Expect Strong Session When
Hoboken Principal Is Asked
for Accounting.
IFrom a Stan corre.pondent.I

I1fGNIO1N, sept. zl.-In6 annual
convention of the retirement fund de-
partment of the State Teachers AS
ISOLATION opened here today. Dele
gates are looking for a stormy ses-
sion when Miss Emma A. Mccoy, q
New Brunswick high school teacher,
and Principal Otto III. Schultz, of the
Morton Street School, in Newark, call
to account the administration of the
fund by Miss Elizabeth A. Allen.
principal of School No. 4, Hoboken.
Miss Mccoy will be backed by the
association of Middlesex county.
Miss McCoy's first question to the
managers of the fund will be why
offices have not been opened at Tren-
ton, as the law requires. Also, still
more awkward question, she will ask
why 1t is that Miss Allen has to call
so frequently on the 1000 teachers of
the association for funds to pay Office
expenses when there is q State fund
available
Miss Mccoy and Mr.. Schultz say
the administration of affairs is arbi-
trary and requires explanation. AS
ISOLATED with Miss Allen In caring
for the affairs of the fund is Arthur
w. Milbury Both Miss Mccoy and
Mr.. Schultz want to know where Ar
thur w. Milbury comes In. He ap-
pears to aid Miss Allen In handling
the money that comes In to pay Of
flee expenses, but he has no real con-
nection with the fund, for he is not
even a member.
There is an appropriation of $500
made to the fund by the Legislature
OF that sum Miss Mccoy says $500
is available for office expenses, $500
of 1t being Miss Aliens salary. What
becomes of 1t is what Miss Mccoy
says she intends to learn. Miss Allen
and Mr.. Millbury have suite of Of
fees in the Terminal building, Io-
boken, and Miss Mccoy points out
that the law says the Offices ought
to be in the. State House at Trenton.
Miss Mccoy addressed letters of in
quiry to the caretakers of retirement
funds in eight States and received re-
plies from New York, Pennsylvania,
Massachusetts,, Illinois, Indiana.
Maryland, Virginia and California.
The answers fixed Miss McCoy's re-
solve to stir things up in the annual
convention. In New York, where the
fund is much larger and the teach
ers much more numerous than in New
Jersey, she says, they told her that
the fund is administered from single
room in the State Capitol at Albany
by two clerks with salaries of $4,000
ana $l,2O0 a year each.
Question Balance.
What becomes Of the rest of that
money Is what want to know" de-
clared Miss Mccoy yesterday. THAT
leaves nearly $4,000 for administration
and yet we are continually being
asked for small assessments to help
meet expenses, and Miss Allen is re-
imbursed from time to time for $125
or so she says she spends out Of her
own pocket to meet necessary ex-
penses when there is no other money
available.
1.-THE State treasurer, under the law,
takes care of the fund itself and,
therefore. he does not do the major
part of the retirement fund business:
What becomes of the rest Of the
money!
The principal business of the ses-
sion will be the nomination of
trustee of the retirement fund. This
selection will be confirmed by Acting
Governor Fielder. James e. Bryan,
superintendent of the schools of
Camden. the present trustee of the
massociation, will be renominated
without opposition. The convention
also received notifiation of the ac-,
ton Of the board Of trustees yester-
seven teachers.
Financial Standing.
Miss Allen. who is secretary of the
board of trustees fund, Is present
at the convention after recovering
from a slight illness. Miss Allen
presented to the convention report
showing the financial standing Of the
retirement fund. The receipts totalled
1886, S9S.43. Miss Allen pointed out
that the interest alone will more than
support fifty-slx annuities Of $3.50
each. The disbursements totalled
$154 ,615.21. The report showed sur
plus on the years business Of s42,-
2S322. The fund has no liabilities
and has assets of 1856, 286.72, divided
into Investments of $234,750 and cash
of $120,546.72. OF the investments
$116,750 is in real estate loans ana
$11S,0O0 in municipal bonds.
The report also showed that sixty
two annuities were granted in 1872
1913 amounting to 1872. Sc, with an
average value of $51690; Is annuities
deceased in 1912-1919, of the value of
$7,169.56. The annuities paid during
the fiscal year amounted to $154,-
614.21. The total annuities paid to
June 80 totalled $752,243.19. The total
raised by the fund to June 80 was
81. 107539.
Miss Allen in her report also re-
viewed the various bills introduced
in the Legislature inimical to the
teachers fund, only one of which was
reported from committee and became
law. She said that all the progress
sive States will ere long have COM
pulsory contribution retirement funds
similar to that of New Jersey is q
safe prediction.
Urges Better Medical III,