The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-10-09
HUDSON In THE LEAD
Statistics About New Jerseys
Building and Loan Assoeia-
tions Essex's Has
More Assets.

Since the State Bureau of Labor and
Industries has been collecting statistics
concerning building and loan associa-
tons. it has never gotten out so COM
plete and comprehensive a report as the
one just completed. The facts relating
to the 306 associations in the State up to
the time the final work on the report
was begun, which was early in the pres
emit year, have been summarized. and
those from 295 associations have been
collated in detail in a series Of tables.
This is exclusive of two small so-cailed
national concerns calling themselves the
Metropolitan Building and Loan Society
and the Columbia. Building, Loan and
Investment Company. They were in
corporated in Camden county in August,
1898. and April. 1894. respectively, and
the bureau was unable TO obtain any
reliable information about them There
is also omitted from the report one for
eign association. theN Granite State
Provident, of Manchester. N. H., which
made the required deposit of securities
and was admitted into the State to do
business by the COMMISSIONS of Bank
ing and Insurance. 1t is the first out
sd building and loan association to
comply with the provisions of the iegis-
lative act of June 10, 1890. and thus be-
come legally entitled to carry on it's
transactions in New Jersey. 1t it a ma
tional organization. and its general year.
ly report for 1894 IS published in the an
nual report of the Bank Commissioner.
Its admission to the State was too late
to render the required statement to the
bureau.
NEW Acc0rtT A rJnNrc
Since the previous report says that for
1894 twenty-one new associations were
Incorporated in the State, but only thir-
teen of them are now in operation. OF
those. six are locals, three nationals, and
four are so-called State organizations,
or nationals confining their operatios to
New Jersey.
Although of the total number of asso-
Citations in the State, only eleven failed
to make the proper statistical return to
the Bureau as required by law-fve of
them are Newark associations-the re-
1t says:-"Under the legislation Of 1890,
providing for oftlciaa returns, strictly in
terpreted, failure of the auditors and
treasurer to swear to the statements
makes the delinquent officers association
liable to an official examination by a
Bureau representative. IL vertical
ton is intended to be a protection to
the shareholders, who, practically, are
at the mercy of a few officials, and
when auditors only make a cursory ex-
animation of the associations condition,
too often the case, such examination
tends to become a delusion and a snare.
The directors, therefore, should see to it
that the law to max a sworn attesta-
ton is complied with by treasurer and
auditors, who are the only officials auth
orized to verify the Bureau returns and
also that such returns are duly and
properly made"
ESSEX AND NEWARK IN THE LEAD
lne figures OF the report are interest
ing, and show Essex as a county and
Newark as a city to lead all other parts
OF the State. AS in previous years, the
report shows that 205 associations COM
Prise the bulk of the total number of
Shares and assets in the State. They
are located in six counties-Essex. Hud-
SON. Camden, Passaic, Union and Mid
dlesex-and their relative rank is shown
in the following, table, Hudson beng
tence. but Essex leading even Hudson
by nearly $4,000 900 in assets