Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-08-21
BUILDING AND LOAN
WORK IS IMMENSE
States Associations Helped the
People of Pennsylvania to
Secure II, ,379 Homes
SMITH GIVES FIGURES
Resources of the Associations
Jumped During the Year and
Reforms Are Started

Building and loan associations Of
Pennsylvania helped TO buy or build
21,S79 homes during 1914 and accord
| ing to the official reports of the 1 ,7e6
associations active last year these or
ganizations gained per cent. in re-
| sources over the previous year. An
army of Sal, 400 shareholders Is re-
ported to have 4,366,S2 shares, Of
which almost 5000, 900 shares are free
of loans.
The report for 1914, which was one
of the most active years for such asso-
| Citations. was placed in the hands of
Governor Martin G. Brumbaugh to-
day by Banking Commissioner William
II. Smith. 1t is filed with figures show
inE the vast amount of business done
by the associations and contains COM
ments by tine commissioner in which
he serves notice that the practice of
allowing shareholders to become de-
linquent must cease and that where
any frauds are discovered il is his in
tention to enter prosecution. Mr.. Smith
voices regret that the Legislature did
not enact recommended legislation
needed for correcting some conditions
toward better system of security.
Mr.. Smiths summary shows the fol-
lowing:
Number of associations reporting
December 81, 1914, 1,Z66; number of
shares not borrowed on, 2,949, ,677;
number of shares borrowed on,
,4S9, ,151; total number of shares in
force, 4,S65,S26; number of share
holders, male 365,626. female 174,714:
total number of shareholders, SAL 400;
number of homes assisted in building
or purchasing during the year. 21,379.
Assets - Mortgage loans on stock
shares, S219,251. .563.04; straight mort
cages, s4,379, ,603.91; stock loans,
SIG, ,96S, S,S50.39; building and loan as
socistions' loans, $569,225.34: cash on
hand, S4S,9O9.06; cash in bank. S4,356,-
9lO.44; real estate, So. .131.O3; dues
| delinquent, $1,612,2 ,206.59; interest fines
and premiums delinquent, $1.461,-
O31.7O; rents due. $11,S15.05; fire in
sufance and taxes advanced. S27 504.26;
miscellaneous. $500, 9,636.57. Total. 1914,
| $255, 157,937.3S. Total, 1918. $233,-
| 564, 1880. Increase, $21.623,4S1.76.
iabilities-Instalmen stock, dues,
$l65, ,261.2OS.61: full paid stock $5.-
/ 499, 1886; matured stock, $1.145,-
| 595.5S; interest due on full paid stock.
S26,845.19; advanced payments, dues,
| S1.259, ,S12.43; unearned premiums,
| S659, ,445.47; borrowed money, $14,656,
/ 45S.30; interest due on borrowed
money, $91, 1,363.91; contingent fund,
sass. .06S,S2; miscellaneous,$5 S 565 .258.1O;
| earnings due shareholders, $46,553,-
| 914,14. Total 1914, $255I6T.937I36.
Total. 1918, $685., 1864, 1880. Increase,
$21, ,623, ,451.75.
Receipts.-Cash balance, beginning
| of business year, $4.574.599.01 dues,
$40, 49,O65.17; interest, S.245,513.41;
premiums, 81 ,O02, 204.20; fines, $685.
1896; admission fees, $2O5,459,35;
withdrawal fees. $6.797.77: money bor.
rowed, $26, ,5S4.33; mortgage loans
repaid, SS0,964. 4.123.39; straight mort
cages repaid, S631.242.26: stock loans
repaid, S6,464, ,446.9S building and
loan association loans repaid, S1.252.-
4ol.SS rents $899, ,466.54: full paid
STOCK, S371276.63; sales of real es-
tate' Si'245,65O. 20; fire insurance md
taxes, SAT, ,694.59; advanced payments
$3.50. 1884; miscellaneous. S407, :
1904. Total. 1914, s136.214.652 az
Total, 1913, $122,011,512.43. Increase
$14, 203, ,34O.54.
Disbursements - Banks, stationery
rents and sundry expenses. $257,962.5i;
| salaries. $776, 6,340.16: furniture and fy,
lures $6,6SO.65; borrowed money re- re-
I PAID, S2S,71 5,615.43; interest on bor-
roWed money. S763,165.63; MORTGAGE
loans on stock shares. S52,776. Gas IL.
stfalsht mortgage loans. S1,714,476.44:
Stock loans, SS,535, ,645.25; building and
loan association loans. s1,331.22 az.
| Withdrawals instalment stock and in
terest, $40, ,566. 97S.75: withdrawals
IuIi PAID stock and interest. S697.015.75:
WITHDRAWALS matured stock and in
terest $17637,125.74; real estate
bought, S1,547, 1896; fire Insurance.
repairs, taxes, water rent etc. s44S.
ZVb.O2; legal expenses, S47.66414.
| commission and committee expenses
$40, I25. Al; miscellaneous. s726. 7e6 al.
cash balance, S4.4S0.S19.50. Total
1914, $136.214,532.97. Total 1ois
1922, ,011.512.43.
MI. MI. Smith says in his report:
Inc aggregate resources of the
bu1ld1ng associations of the State. as
com pared from reports at the close Of
thelr tlscal years, show ali increase Of
| over per cent. In the matter of casb
on hand and in banks there is n de-
crease OF about 8 per cent. from tha
year previous. while the item of bor-
rowed money for the same period ex-
hiDlts an increase considerably preater
than that of any other liability. This
is due largely to loaning on second
mortgages. Se''iA"
There Is also an increase in tba
number of first mortgages authorized
by the act of May IA, 1918. The de-
partment does not hold that loans
made upon properties subject to these
straight mortgages are second liens
as poth mortgages are under the con-
| troll of the association"
CLOSE 10TH CU pDrnrr