The Jersey City news., 1905-12-08

fiscal year were S27, ,4SS 1924, in the
State 81 ,425A, total of SSS, ,904 5-24.
The shares issued during the year by
the local associations were 194,52411,
and by the State 1o,l25, total Of 204,7
650A. In the local associations the
nunhsf lof ,sllares maFE1gs4 .spring the
year were 24,O33 17-24, and in the State
1,044, a tota of 25,077 1924. Shares
otherwise cancelled during the year in
the local associations were 1885 1924,
and in the State 18,959A, total of
shares in force at the close of the year
in the local associations were $780,
164 1924, and in the State 1J1, 1927, a
total of 933,701 1924. The total num-
ber of foreclosures during the year was
LAT, and Of this number 129 were in the
local and eighteen in the State associa-
tions.
decreased one since the preceding years
report, the particular concern beiHg the
New Jersey Building Loan and Invest
ment company. The proportion of local
associations is about ninety-nine per
cent, and the only returns of this class
are comprehended by the following data:
The total membership reported by the
local associations is 121, ,196, an increase
of 4,751 for the year. The proportion Of
borrowing members remains at twenty
seven per cent. The gross assets amount
to $57, ,657 1884, an increase Of So, 1885,
361. The aggregate of dues and sub
scriptions paid on shares outstanding is
$43, ,469, ia. an increase Of $500, 800.
The accumulated profits are reported at
$10,16S, PSI, an increase of $756,060.
The LIABILITY for money borrowed is
50, ,402 ,929, an increase of $301 ,624 over
last year. The other liabilities amount
to $1,616,990, which is a decrease of
1922. 1882 The items consist chiefly of
advanced payments, unpaid matured
shares and balances due on loans.
Adding the share dues or subscrip-
tons to the profits or surplus gives
$53, ,637, ,456 as the total net assets or net
worth of the institutions and represent
ing gain of Sc, ,316, 800. The real estate
owned has been reduced in amount
$101,128 since the last report. The
present aggregate is 81, 1886, $50, which
is equal to fractions above 36-100 per
cent. of the gross assets.
About thirty-two per cent. is reported
as sold under contract, an increase of
eleven per cent. over last year. The
| total number Of foreclosures is returned
at 129, an increase of thirteen. Some
345, or eighty-nine per cent. of the asso-
Citations. have the serial plan of issuing
or perpetual plan is adhered to. The
terminating associations are six in num-
Der. In 18S, or forty-nine per cent. of
the institutions the practice of retaining
the premium bid for the amount of loan
applied for-known as the gross prem
ium plan-is followed, and in 100, or
forty-one per cent, the premium is pay
able in installments. while nine associa-
tons operate both plans. Those having
no premium plan are twenty-nine in
number.
As their returns indicate. the associa-
tions generally are in prosperous con-
dition. The years covered by this re-
port has not been marked by any deyel-
opments of nature to affect their busi-
ness adversely. except in the case of the
Manchester Building and Loan associa-
ton of Haledon. An examination of the
affairs of this institution, in August last,
disclosed that its then president, who
was also its attorney. had defrauded the
institution of large sums. by means of
forged mortgages and otherwise. This
man is now a fugitive from justice.
Fortuna teiy for the shareholders, the ex-
tent of loss is estimated as not above
one-half of the accumulated profits, and
it may prove to be less. 1t would have
been considerably greater, however, had
not other officers of the association
made good accounts for which they had
become personally responsible through
having done things at the solicitation
and upon the representation Of the presi-
dent which had aided him in carrying on
his fraudulent transactions, although it
did not appear that they had personally
benefited thereby.
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