The daily morning journal and courier., 1900-01-03
NEARLY 2,000 HOMES BUILT.
REPORT OF THE BUILDING IND
 LOAN COMMISSIONER


 Com missioner Kendall Submitted tt
 the Govcrnor-statistics XViIl be Read
 With Great Deal of Interest,
 Building and Loan Commissioner
 George F. Kendall has submitted his
 annual report to Governor Lounsbury
 It is the third report of the department and the first prepared by MT. Kendall.
 MT. Kendall says: T lave the honor to submit my first annual report rela- ting to building and loan associations and mortgage investment companies (which will be the third report of this department) doing business in this state on the 30th day of September, 1S99 to- gether with their returns, showing their financial condition on that date, also tables, spread from the annual returns of the several associations. I have not in the short time since my appointment made an examination of all the build ing and loan associations inasmuch as my predecessors made thorough ex- animation just previous to the expira- ton of his term of office, June 30, 1S99 <1l lic pIGselt tilIlt tiitIC ulS DllCCh ets' ' socations in the building and loan as- sociation business. The foreign associ- ations have all seen fit to withdraw from Connecticut, leaving the field to the domestic associations. The mort gage investment companies remain the same as last year, with one exception. The Loan and Guaranty company re- ports that they are entirely out of busi- ness, are not using their credit, have no officers or office, and nothing to report that would interest the public.
 1T have prepared tables that will show the actual standing of the various associations an increase of assets suf- ficiently large to warrant certain amount of pride on the part of associa- tions and shareholders alike. The total assets of the fifteen associations for the year ending September 30, 1899, are s3, < 774,526.40, which show an increase over September 30, 1899, of $245, ,452.11. The mortgage loans decreased $S19S9.77 largely by the paying off in whole or in part of long-standlng obligations. Loans onshares increased sS,96510. Real estate increased 42,354.92, making the holdings of the associations of the state al the present time $236, ,133.0S. This increase in the item of real estate is to be regretted. While in few in stances the properties are returning a fair income, in a large majority of cases the income is so small that it cannot be considered a profitable in- vestment. It is true, the market has been dull for real estate for nearly de- cade, but with the improvement in bus iness may come the opportunity to un- load at a minimum loss at least. I trust that the real estate item has reached it's high-water mark, and that soon the tide will set in an opposite di- recton. Stocks bonds and other secur- itIes increased $11S,s1e,O7; cash in creased $19,1297O
 The mortgage loans of domestic as sociations comprise .s126 per cent; loans on shares. .03O1 per cent; real estate, .0625 per cent; cash, .037O and all other J investments, 057S per cent. of their to- tai assets The liabilities in install mehts paid and earnings credited of domestic associations show an increase of $1S7611.O5, and a decrease of liabili- ty on single payment shares of $S3, b7S.- 32. The operating expense of the asso- citations as a whole was 0154 of the to- tai liabilities
 tThe number of shares issued during | the year by domestic associations was 24, ,244 1-2; number of shares withdrawn, | 20,506 IA; in force at end of year, S6,- | 868 7-8; number of shares borrowed | upon, 22,079 1-2; number of borrowing | members 2,36S; number of non borrow ing members, 10405 number of shares held by non borrowing members, 62,245; I non borrowing members hold, .751 per cent. of the stock
 'On October 30, 1899, I sent out cir cular letter to each of the domestic as- sociations in the state, requesting re- port of how many homes they had as- sisted in building since their organiza- ton. This letter was received in a kindly spirit and while complete rec sYd of the facts has not been kept by all of the associa tions, large amount of research has been made, bringing put the fact that the ten companies re- porting have built or furnished the means to buy homes to the number of l,972. I have not the slightest doubt that complete record would raise the number to nearly 250O, which, at a very estimate, means much to l the home makers of our state. In the 1ext year hope to get more extended report of the number and value of the homes secured.
 1T believe the experiences of the few years in which the building and loan associations have lived and labored in have been on the whole sat- sfactory, and have resulted in the bear ng of good fruit. The management, SO 'o oo T hpua yoroipad SnernS to ha in | he hands of men of ability and men hat feel desire to so invest the asso- iations' money as to bring the great st good to the greatest number. Ii "One fact must be apparent to every ! business man: That for the last few years the country has been laboring un- Ter business and financial depression f great magnitude. That the building 1 nd loan associations have outridden | he gale and come through the storm in ( 0 healthy manner and sagacity. The 1 uilding and loan business of the coun- | v has reached magnificent proportions, nd it is self-evident that it is here to tay. With careful management, judi ious supervision by the state, careful i nyestigation of results and obligations 1 $ n the part of borrower and lender, aking nothing for a fact until 8 thor | Y ugh understanding is had by all par ( les interested, a careful valuation of ! (