The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-10-17
BUILDING AND LOAN.
How the System Has Grown in
This State.
Special to the Jersey citp Ne.os.

TRENTON, Oct. IL, 1891. The first build
ing and loan association organized in
New Jersey was incorporated in this city.
February 10, 1854. Its title Was the Mer-
Ger Mutual Loan Association of Trenton.
There were 254 associations in the State
last autumn, aud of those Essex county
had 49. Leading all the counties; Hudson
mad 46; Camden, 25; Burlington 10; Mid
dlesex, IS; Bergen, IA; Passaic ard Union,
ID each, and so Oh to Sussex and Ocean,
which had only one association each.
They are divided into serial, Terminating
aud perpetual. The serial and perpetual
are really alike. each issuing its stock in
series. There were, last autumn, 2l7 seri-
al, thirty terminating and seven perpet-
ual associations.
The net assets of the associations ac-
cordng to the State Bureau of Statistics
were $32. OLA. 392, or an average of $91, ,039
each. The total resources of the associa-
tions amounted to $23, 404. .236, an average
OF $92, l43 The resources include outside
Indebtedness, advanced dues aud money
still owing on shares. The net assets are
the aggregate value of shares in force,
the arrearages of dues, interest and fines.
The conservative character OF an associa-
tion is guaged by the amount OF Its ar
rearage. The aggregate arrearages were
$204, 1926, an average of $S05 an ass ociation.
or me associations 126 borrowed money
during the year ending October 81 last,
amounting to 81 SOC, 1862, an average OF
Sl2,356, while 81, ,278. $3.50 was repaid during
the same time. The aggregate annual
business transactions of the associations Is
estimated at $l0,000,000 The average
current expenses last year were 1884. OF
which 1894 was received by salaried
officers.
THIRTEENTH ANNUAL REPORT.
''Viewed in this light" says the thir-
faanth animal ranopf 0t the hI1raau staud
bearing in mind that but few borrow to
any great extent and one-half not at
all, our New Jersey associations
are managed on very sound and con-
servative as we'll as economical basis !"
The aggregate amount of the shares
Withdrawn or matured was So, 404, ,069
for 229 associations, or an average Of
$10,49S.
The aggregate number of shares re-
ported outstanding was 437,773 dis
tributed among and owned by T,726
members This number does not repre-
sent so many persons. They are open
accounts. 1t is estimated that about
$4,000 persons belong to the New Jersey
Associations. These would average about
2S3 shareholders, with 1,723 shares each,
to an association. Newark, Jersey City
and Passaic lead in the number of large
borrowers.
WOMEN INTERESTED.
w ODltu tdhc u ldtRo luuctCSb Al zuuC
associations. Twenty-four per cent of
the shareholders last year were women.
and of the borrowers twenty-one per cent
were of the same sex. In the agricultu-
raj districts, notably in Hunterdon
county. women were Uhirty-four per cent
of the borrowers The smallest per cent
of women shareholders and borrowers
was in Union, Cum perland, PasSaic, Es-
sex and Hudson counties. The largest
real estate mortgage loans to single per-
sons, under the association rules, was
$50, 900 in Jersey City. Newark's largest
loan was $4,000. or the total resources
of the State associations, $21. .320. 044 was
invested on bond and mortgage.
The first building and loan .association
in this country was organized in suburb
of Philadelphia in January, 1881. 1t was
called the Oxford Provident Building AS
sociation. No other was formed until
1841 and then, with the progress of i'm.
migration, they spread to ali sections of
the country. New Jersey was the first
State to pass an incorporation law for as
socialions. That was in l847. There are
in the United States $500 associations.
Pennsylvania leads with 1000, Ohio comes
next with 800, Illinois with 500, New York
with AS, Indiana with 400 aud New Jer-
sey with 254 The most accurate esti-
mates place the capital of the associations
in the Union at $455, ,454 600. and with a
total membership or 1,410,000. The total
receipts per annum Is estimated to be
$1S0,000,00O.