The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-12-07

kEET tUUH ULUVU UELHu
1 stock of the associations. The shares in
| force at the beginning of the year were
400. 500. The shares issued during the
year were 1O7. s07. The shares cancel
led during the year were 101,28s, OF
| which number 10, 1874 were matured. Tne
| shares in force at the close OF the year
were 1888. The number of foreclosures
during the year were 1853.
The assets of these 1873 associations
are made up as follows:-Loans on mort
| cages. SM,1 07, 917.94 loans on shares.
| 81. e2s. 1912 loans on other securities sl4i'-
| 6iS.e8: cash on hand and in bank, Sl,lbS,-
434.es; real estate, $1,1S9,11S.45; furniture
and fixtures, s25,ss5.57: installments due
and unpaid, interest, premiums and mes
| due and unpaid, So, 1885, 81; other assets
| s64. SIG. "a. The liabilities are made up as
| foIlows:-Due insballment shareholders
dues, $26, 256, S25. 1885,; due installment snare
| holders, advance payments, s255,S45.l6; due
prepaid or paid-up shareholders, subscrlp-
| tons, $1S4, S71.l6; due prepaid or paid-up
| shares, profits or interest, $6,6D.9S; Que
| shareholders, matured shares, S42o,so6.Uo;
balance payable on loans made, $l3l. 7S2. ";
mortgages assumed, Z 1885,; borrowed
money, s605, 702. So; surplus, or undivided
profits. $50, 4s1. %; other liabilities, S2Se, 1az.5l.
For the year, the receipts of the lSS as
| sociations were made up as follows:-Due
an installment shares, IS, 1876, 6S8. o.; sub
| scriptions on prepaid or paid-up shares,
sss TAG. ~. interest received, 81, $50, 74l.S2;
premium received, SITS, 793; fines received,
| Sal. 500. so: transfer fees received, sS16i4;
| admission or membership fees received,
s27. PA. 80; rents received. $4s.SlS.O5; mort
gage loans repaid. 49, 50, 351-5S; mortgage
| loans cancelled by matured shares, $780,
| 1876: mortgage loans cancelled by lore
| closure or deed, s4Ol, Ss3.01; stock loans re-
| paid. S416, 49,. "a; stock loans cancelled by
| matured shares, S144, 26S. 80; other loans re-
maid. sg5, 400. 81; real estate sold, sl51,soSr;
money borrowed, 81. 1921, 202.79 other re-
ceipts, $S1, 069. 32, which, together with the
| cash on hand and in bank at the begin
ming of the year, amounting to SSo6,5ou.fl,
/ shows the total to be $1S. ZIG, 66l.ll. The
| disbursements were made up as follows
| Loaned on other securities, $4,2S0,2l4.N;
| loaned ON shares. s612, 81. SO; loaned on
other securities, s113, 1876. q; paid on with
| drayals dues and profits, .$S,o5s.Sls.fs;
| Maid. prepaid or paid up shares, ss5,6Oo;
naid interest or dividends on prepaid or
na,d-up shares, $l2, 606.36; paid matured
| shares. 81. 449, sS3. 33; paid borrowed money,
q s4s 1877 04: paid interest on borrowed
money. s42. SO. A; paid assumed mort
cages, $40, 1856. SO; paid interest on assume
mortgages, sS,Os2.S9 paid for real estate,
| ss77. sS5. IS; paid taxes, repairs and insur-
| ance on real estate, s5a,lS7.Ss; PAID taxes
on mortgages, sS1, 377.SS; paid OFFICERS ana
other employees, SIG, 4S1.2S; paid commls-
s,ons to directors and branches, slS,6So-D;
maid fees of agents, s34,5Ss-Ss; PAID rent
| s10. 331. AZ; paid advertising, postage, lisnl'
| etc. s36. 1868. 03; other disbursements, Slzo'-
| 5s5 81. which, together with the cash on
| hand at the end of the year OF slloS' 4S4.os,
| balances the receipts and amount on
hand from the previous year
In discussing the various kinds OF Dulio-
ing and loan associations, the report says;
| .Tbe terms local State and national,
| ,,sed to describe the associations, are per-
hans quite we'll understood. It may not
be- amiss. however, to explain thai tne
term local is intended to include associ-
atsons whose operations and investments
| are confined to their immediate localities
or restricted to territory adjacent thereto
| or at no great distance therefrom- Tney
| do not maintain an agency system and in
| the great majority of instances their az
FAIRS are conducted by simple methods
| and at the minimum of expense for the
s~haraholders. The State associations
| transact business throughout the state.
generally by means of agencies or
| branches. termed local boards having
| local officers. to whom the members OF
the association in the particular localities
make their payments of dues. interest,
premium, etc, and it is customary TO al
low the members or officers OF those
| boards. or both, to retain a certain por-
ton of the payments as compensation Tor
| their services. Another distinguishing TEA
ture is the employment OF soliciting
agents. who may be either outsiders or
members. They are allowed the admls-
sion fee. or are paid by commissions. or
otherwise. according to the practice OF the
particular association. The only practi-
cal distinction between the State and
national associations is, that the latter
do not limit their operations to State lines
sThe usefulness and value to the COM
munity of building and loan associations
were early recognized in this State, and
to encourage their formation laws were
enacted, and remain substantially the
same at this day, providing an easy and
inexpensive mode of obtaining charters
with the result that the associations have
become very numerous, with an aggre-
gate membership of many thousands. ana
having the care and custody of many MI
lions of dollars Of the earnlngs Of tne
people. 1t is not surprising. therefore,
that under these conditions Of SUCCESS sfess
regulation. abuses should nave crept in to
bring more or less discredit upon the sys.
tenn. The enactment of the law of last
winter, necessitating the abandonment
OF the practice Of using any portion Of the
members stock payments for expenses.
will tend to remove one of the chief
causes of criticism and complaint against
the management of some of the associa-
tons, and 1t is to be regretted that such
a provision had not been In force years
ago. Reforms in other directions are
apparently being carried out In good
faith, but it remains for the future and
the oficial investigations yet to be made
to develop all the needs of the situation
and whether further legislation is neces-
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