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Newspaper
Long Branch Daily Record
Location
Long Branch, New Jersey, United States of America
Date
Dec 09, 1913
Page
2
The annual report to Governor Taylor from Banking Commissioner George M. LaMonte warns of defalcations within a few Building and Loan Associations. He notes solvency remained intact overall, with small sums misused and corrections underway.
The piece reviews the annual report of 64 to 645 mutual benefit associations noting assets of about 118.95 million, major holdings in mortgages and shares, and liabilities totaling similar amounts. It cites 241,487 members after gains, 214 foreclosures up from last year, and calls for law amendments and standardized bookkeeping to curb overextension and improve accountability.
Counsel for Ariwald Megaro announced moves to obtain a writ of habeas corpus arguing he was imprisoned under a law not covering his case. Police investigations yielded no direct evidence of a crime by Megaro and officers admitted the case against him is very slim.
Bayonne NS bank, Fivet National Bank, faces reorganization under the comptroller of the currency. Charles J Chapman, a national bank examiner, takes charge and demands new management. Directors must inject at least 250 000 to lift assets and replace loans deemed weak.
Washington report details the push for a presidential primary, critiques of the Wilson administration over Mexico policy, and the creation of a minister to Paraguay. It notes support from key senators, plus features on Holidays, Perkins influence, and Senate scheduling quirks.
Charles Armstrong and Ralph Wied erholt spent Wednesday in New York. Mrs. Emma Morford visited New York on Wednesday. Mr. and Mrs. C. M. Patterson went to Brooklyn to spend the winter with daughter Mrs. Frank Fairchild. Miss Grace Reed of New York spent the weekend with Miss Dorothy Linson in town. Local residents from Red Bank Hoboken and Holmdel appear in daily visits and farm plans.
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