The Penn's Grove record., 1915-03-05
JERsEYMEN LEAF IN THRIFT.
Building and Loan Association Returns
Show Heaviest Ratio of Saving.

n people Of New Jersey are the
most frugal of any State in the Union.
This does not mean that New Jersey
has greater wealth than any other
Commonwealth, but that it's working
people save more money proportion
ately than those OF any other State.
This assertion may bring the pon
that 1t is hard to prove, but fnanciers
agree that the health and prosperity
of the building and loan institutions
OF the country are the greatest baro-
meter as to the frugality of he me-
dunn class of w-age-earners, and the
building and loan figures prove that
New Jersey stands al the head OF the
nation upon the investment per capita
in such institutions.
The last figures of the standing Of
the States in this regard showed that
only Pennsylvania and Ohio ranked
ahead of New Jersey in the total
amount invested. But even those
great States were o~utdistanced by lit
tie New Jersey in the per capita in
vestment.
In probably no place else in the
United States have the wonderful ben
efits Of this method of saving been
% fully appreciated. With its easy
payments, the large rate of interest.
the magnificent accommodations and
terms secured by the borrowing mem
bers, the economical management and
the minute supervision of the State
Department of Banking and Insurance.
the scheme of saving money has
grown with leaps and bounds until the
workers have the magnificent total of
$132,605,897 cared for in the assets of
the 1853 associations.
The records of Banking and Insur-
ance Commissioner George M. La
Monte show that the number of asso-
Citations in the State is now 75S. The
increase for 1914 over 1913 was thirty
four They are all corporations of
New Jersey. Essex comfy leads with
80 associations, or 40 per cent. of
the whole number. Camden County is
third with seventy-nine, or over 10
per cent. Mercer County has but seven
associations all told.
The total amount now out on first
mortgage loans is $122, S,449. The
total membership at the beginning of
the last fiscal year was 2O4,2O6, and at
the close Of the year 265, 500; borrow
ing members, 62.905; shares held by
borrowing members, TAP, $40; non-bor-
rowing members, 1865, 941; shares in
force at the beginning of the fiscal
year, 1,9OS, 1875; shares issued during
the year, 493, O96; shares maturing dur
ing the year, 5S,SS7; shares otherwise
cancelled during the year, 284,4SO;
shares in force at the close of the year.
2,111,Sl1 foreclosures during the year,
80.
During the year there was a gain in
me npppf PEI of tg mRtemh ffgre ef w ss9 = pain
GAS, $50, or over IL per cent. The profit
accumulations, both apportioned and
undivided, amount to $25, 599, 526, a
gain of $2,559,052. The net assets ag-
gregate 1922. O20, 1926. being the sum of
the share dues or subscriptions and
the profits. The proportion of borrow
ing members shows little variation
from year to year, it now being % %
per cent. The real estate holdings
total $1,959,3 $50, which is a little in
excess of l per cent. of the gross as
sets. The amount of real estate own
ed is $644,76 larger than the total on
hand as shown by the report for 1913.
The great growth in the number of
building and loan societies has come
about in the past ten years, or since
the Department of Banking and In
sufance has had jurisdiction over
them. The report of the department
for the year 1904, the first issued on
the subject, shows that at that time
there were 1888 associations, as against
758 today. The total assets of those
companies amounted to $54, 767, 687, as
against 1872, 605, 1897 today. The total
members ten years ago was 1924,
as against 265, 500 today.