Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1892-10-21
AND STILL ANOTHER.
THE NEW JERSEY LABOR REPORT
BEARS OUT PECKS.

BEARS OUT PECK'S.
The Commissioner Is a Democrat who
Tells the Truth--The Increase of Pros
perity as Evidenced by Building and
Loan Associations Reports.
The annual report of the bureau Of
statistics of New Jersey has nothing
whatever to say about the wages of
labor, but it nevertheless confirms in
very striking manner the statements of
other reports regarding the improved
condition of labor within the last two
years. 1t is mainly devoted to an in
vestigation of the building and loan as
sociations of the state, through which a
large part Of the savings Of labor have
been invested in recent years. Mr..
James Bishop, the commissioner, is a
Democrat who agrees with Commits
sioner Peck, of New York, in publish
ing the facts as he finds them, even
though they conflict with Democratic
theories. The theory that the wage
earners have gained nothing from the
tariff of 1890 certainly gets no support
from the figures published by Mr.
Bishop.
The number of building and loan as
sociations in New Jersey is 272; the
number of shareholders increased from
II 1928 in 1890 to 1875 in 1891, or almost
10 per cent, and the net assets of the
associations increased from $22, 043, 1892
in 1890 to So, 500, 1878 in 1891, OF 1871 per
cent. in a single year. The detailed
tables show decrease of assets in only
only one OBSERVATION-DISCLOSURES as
sociations in that county having been
wound up, while only one new associa-
ton has contributed statements. In
every other county in the state there was
an increase in net assets, and the fact
that nearly half the entire increase and
nearly half the aggregate of net assets
for the whole state were in four chief
centers of industry tells its own story.
The following gives the data for those
cities and for the whole state:
Assets 1891. Assets, 1890.
/ Newark .....,.....''''' Sf,'co,i@o Sf,ulo,o~o
| Jersey 1lty .'''''''''''' '''ooiVoo o,'"o''fo
| Camden. .......,........ S,f-o,"o@ I,USo,ooS
| Paterson ...........s.... l,Zo5,oo@ l,loz,59o
The state %, G06,373 22,0i3,S92
The surprising increase in assets of
these associations in New Jersey, and
particularly in the great manufacturing
cities, can in no way be explained with
out conceding that the working people
have been remarkably prosperous and
able to add largely to their savings. 1t
appears from the report that about
2,7OO homes were added during the year
for the working people of the state,
against about s,100 in the previous year,
showing a genuine and permanent i'm
provement in condition and one of sur
prising rapidity.
But it is not less important to notice
that this rapid investment of savings in
building and loan associations has not
been due to withdrawal of funds from
savings banks, which, the report says
page 245), care in a more prosperous con-
dition than ever BEFORE" 1t goes on to
show that the deposits in savings banks,
which were over 1923, 100000 in 1885, had
risen Jan. /, 1892, to $33, S07,6 1884. The
increase during the last two years has
been surprisingly great, as it would not
be expected from the great increase III
number of homes built and in assets Of
building and loan associations; but Jan.
/, 1890, the aggregate deposits were $780,
946, 1878, while Jan. /, 1899, the aggregate
was 1913, 807 1884, showing an increase OF
50, $3.50, 1855 in two years, or 9.2 per cent.
The increase in 1891 alone was 81 ,345,.
OBJ, which, with the increase in assets
of building associations, makes 81, 907, ).
512 added to the savings Of labor in one
year by the workers Of New Jersey alone
When the working people of a state
are able to add So, $50, 4s1 to their invest.
ments in building and loan associations
in a year, and at the same time to in.
crease their deposits in savings banks
81 ,345, 091; when they are able to build
2,700 new homes for themselves in one
year and yet increase the amounts they
have in bank against rainy day, it car
hardly be said that they are distressed
and starved by protection. 1t may b.
frankly admitted that some part of the
deposits are not by the wage earning
class, but everybody knows that the
great bulk Of them consists of the say
ings of labor. 1t will be said, and may
be frankly admitted, that other infu
ences have helped labor, but organiza
lions have not been more powerful thar
before and have been enabled to secure
larger returns for labor because of the
protective policy.-New York Tribune.