Raliegh, Aug. 7—Raleigh, Aug. 7—North Carolinians are not likely to lose any money in “blue sky” building and loan association schemes, despite the fact that “get rich quick” crooks have adopted this method to extract cash from their unsuspecting victims, according to Stacey W. Wade, state commissioner of insurance. Lately a number of bogus building and loan associations have been attempting to do business in a number of southern states. But because of the strict provisions of the North Carolina laws governing the activities of building and loan associations in the state, it is impossible for any foreign association to do business without first securing a North Carolina charter. And before these charters are issued, the application must be approved by the insurance commission, after a thorough investigation.
In the last few weeks two applications for charters by “unwholesome” building and loan associations from other sections were refused by the State Insurance commission because there seemed to be “something not quite satisfactory” about their petitions, said Commissioner Wade.
“We are determined to protect the people of the state against any building and loan association that does not conform in every way to the laws of the state. We intend to keep the building and loan associations in the state the soundest and safest form of investment by keeping out any that are undesirable or questionable,” Mr. Wade declared.
From the front page of The Concord Daily Tribune, Aug. 7, 1926
newspapers.digitalnc.org/lccn/sn92073201/1926-08-07/ed-1/seq-1/
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