Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1901-06-13
The Woodbury. Real Estate Mutual Loan

| The Woodbury. Real Estate Mutual Loan
Association.
The Secretary Of this Association has pre-
pared the annual report of the Association
for filing in the department of banks ani
insurance, as required by Chapter 166
Laws Of 1899.
This report will show the assets of the
Association to be $40, 761. 81. These assets
consist of first bond and mortgages fol
$340, 46400; second mortgages, $27, $50
loans on shares, 81, 1874. 90; cash in banks
$24, 1909; real estate, $25, 865. SO; furni
ture and fixtures, 5000; dues unpaid
S., 267. 60; interest unpaid, So, 94420; fines
$21.80; insurance to be repaid, $463. 80
and taxes to be repaid, $4,000.
The receipts for the past year are shown
to be as follows: Cash balance at beginning
of year, So, 549.47; dues, SIS, 280.21; inter.
est, 500, 352.07; premiums, $3509. 40; fines
$223.19; rents, $1033. 70; mortgages repaid,
$38, 592; mortgages cancelled by foreclosure
or deed, SIG, $3.50; stock loans repaid, $685.
real estate sold, 81, 25931; insurance re.
paid, Stages; taxes repaid, 1888
miscellaneous receipts, $13S.25; Ziontown
mortgages suspended $4,000. Total, $780,
66S %.
The disbursements are given as follows
Loans on bonds and mortgages, $72, 256. 90
loans on shares. So, 429 90; dues repaid on
Withdrawals, $29, 1850; profits paid on
these Withdrawals, So, 606.88; interest on
advance payments, S287. "a; assumed mort
cages, $525.00; interest on do, 1878
real estate acquired by foreclosure or deed,
SIC, 80; taxes, repairs, and insurance
on real estate, 81, 672. SO; taxes on mort
cages, 81, 1895. IL; salaries, 81, 935; rents,
$175; advertising, stationery, printing,
postage, light, ETC., $23617; premium on
Treasurer's. bond, $50; new type writer for
office, $50; telephone service, $40; return
of premium on repaid loans, 81, 673.38;
foreclosure costs, 1915, 81; miscellaneous
expenses, $218.2 6; shares forfeited on Zion
town loans, S4, 4O2 "a; return premium
value on above, $118.59; credit from con-
tingent loss fund of 1900, $478. 81; balance
cash at close of year, 1874, 170.39. Total,
$166, 668.09.
The total number of shares in force at
beginning of fiscal year was 5341; issued
during year, 14648; cancelled during
year, S22, leaving in force at close of year,
5983ss. The largest number of shares held
by two stockholders is go shares each. The
largest loan to one stakeholder is $12, 600.
Thirty houses were acquired by members
during year by loans through association.
The total number of borrowing members is
270 holding 1885 shares, of which 1929
shares were pledged. The total number of
non-borrowers is 731, holding 1891 shares.
At the close of the year only one mort
gage for $1,000 was in the hands of the
Solicitor for foreclosure, while at the
beginning of the year there were five aggre-
eating S13, 1856 80, and one other of $1,000
added during year. Two of these of $500
each were settled, leaving four to be fore
closed amounting to $12, $685. so. The
Association purchased all of these properties,
and now carry them in their schedule of
real estate at valuation of $13 9O0 Their
total cost may be stated as follows Mort
cages, $12, sos. 80, less value of stock for
feited, 50, 677.34, leaving mortgages net
50. S7S. As. Add cost of foreclosures, 1915. 81,
and cost of repairs, $1183, AZ, aggregating
S11 ,977.72, thus showing surplus in favor
of Association of 81, 1922 %.
All the real estate owned by the Associa-
ton is being kept in good repair, and is all
rented except one small property. While
the amount has increased from So, 919.95 on
report of 1900, to $25, 1888 in 1901, the
Association is in no manner hampered by
its increased possessions, as most all of its
properties are destined to increase in value
in a very brief period of time. The receipts
for rents on 1901 report, $1033.79, do not
represent full years interest on the pres
ent real estate owned by the Association,
as the larger part OF the same acquired in
1900 did not come into possession of the
Association until the last seven months of
its fiscal year.
There is a very encouraging condition in
the business Of the Association, in another
direction. Arrears reported in 1900
amounted to $20,21936, while report OF
1901 shows only ST., 1879, with every
prospect of greater reduction for present
year.
The business of 1901 has opened salts
factorily, 5454 shares having been issued at
date of submitting report, with a certain
monthly increase each month during year.
The receipts for the month of May, includ-
ing cash balance on hand on annual report,
amounted to $40, 1880 Loans for $8695
were invested, and all surplus moneys on
hand will be used in paying orders for
matured stock.
The nineteenth series will be declared
matured not later than June 18th, on LAG
monthly payments, when $50, 900, will be
ordered paid in cash to "a stockholders,
whose residences are as follows: Mullica
Hill, Gloucester City, Woodbury., Swedes-
boro, Clayton, Philadelphia, Jamesburg,
Hurffville, Ithaca, N. Y, Helmetta, We
nonah, Mantua, Westville and Camden.
Mortgages amounting to $14, 700 given by
twenty-five stockholders, will be cancelled.
Their properties are located in Woodbury.,
Gloucester City, Westville, Newfield, We
nonah, Newbold.
On recommendation Of Auditors thor
ough examination of insurance policies held
by Association has been made, and policies
are reported to be in very satisfactory
form and condition. c. f. p.