The Jersey City news., 1905-12-08
Commissioner Banking and
Insurance Watkins Writes
of Their Condition to the
Governor.
THEIR GROWTH IN the YEAR
GENERALLY ALL ARE PROSPER
GUS. THOUGH Al FEW HAVE
CEASED TO LIvE--MIsGELLAN-
EoUs sTAIIsTICs. .......


In his annual report to Governor
Stokes, dealing with building and loan
associations, State Commissioner of
Banking and Insurance David o. Watt
kins remarks that the year has not been
characterized by any developments Of a
nature to affect adversely the business
of this class of institutions. except in
the case of the Manchester Building
and Loan Association of Haledon, of
which former Mayor William Belcher.
of Paterson, was president. The COM
ments Of the commissioner upon the af-
fairs of this association are brief. He
says
San examination of the affairs of this
institution in August last. disclosed that
| its then president. who was also its att
| torney, had defrauded the institution of
| large sums by means of forged mort
cages and otherwise. This man IS now
| a fugitive from justice. Fortunately for
the shareholders the extent Of loss is
estimated as not above one-half Of the
accumulated profits and it may prove to
be less. It 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 the representa-
| tion of the president which had aided
him in carrying on his fraudulent trans
actions. although it did not appear that
they had personally benefited thereby"
At the present time there are 40S
building and loan associations actively
engaged in business in the state. This
is an increase fof sixteen over hast year.
Since the preceding annual report,
twenty three associations have been in
corporated and seven have ceased opera
| tion. OF the twen4y-three new associa-
4
tions, seventeen, or practically three
| fourths of the whole, are in Essex
| County. They are: Acme Building and
Loan association, Bigelow Building and
Loan association, Branch Brook Build
ing and Loan association. Conservative
Building and Loan association, Cross
| town Building and Loan association,
Globe Building and Loan association,
Modern Woodmen Building and Loan
association, Newark Mutual Benefit
| Building and Loan association, Olympic
Building and Loan association, Public
Building and Loan association, Sterling
Building and Loan association. Third
Ward Ruilding and Loan association.
United Conclave Building and Loan as
sociation, Upper End Building and Loan
association. all of Newark; Greater
Newark Building and Loan association.
of Iryington; Hollywood Building and
Loan association, of East Orange, and
the West Orange Building and Loan
association. of West Orange.
The associations that ceased busi-
| ness during the year were the Jefferson
Building and Loan association, of New
ark, which was wound up; Peoples
Building Loan and Saving association.
Of Hopcwell, terminated; Risley Colon
les Building and Loan association, of
Dorothy, winding up; Columbia Building
and Loan association, Of 'Hopeweil; New
Jersey Building Loan and Investment
company, OF Trenton; Progressive Build
| ing and Loan association, OF Elizabeth;
Union Mutual Building and Loan asso-
citation, Of Paterson.
The report contains variety OF mis-
cellaneous statistics, showing that the
membership in the class known as State
institutions at the beginning Of the year
was 1888, and in the locals III, 1853,
total membership of 125,oo1. The mem
bership at the close Of the year in the
local institutions was 2l,l9s, in the
State 7,1SS, total Of los, ,9s4. The
number Of borrowing members Of the
local association is SO, ,4os,! of the State
COZ, a total Of 34,olo. The shares held
by borrowers in the local associations
aggregate so6,121 lao Iinsthe State
s,51O14. a total Of a14;gsl 11sao The
borrowing members Of the local as
sociations are 81, 7,79s ! of the State Z, 1s1,
a totaHof s4,o74. The shares held By
non-morrowing members in the local as
sociations are 576oS4 147l5, in the State
organizations 4a,o26a a total of e19,-
010 4-C0. In the local associations the
'hares in force at the beginning Of The