Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-08-05
HUGE SUMS HELD
BY B. & l. ASSNS.
Commissioner Smith Speaks in
High Terms of the States
Organizations

The 1888 building and loan asso-
Citations of Pennsylvania reporting to
the State Department of Banking dur
ing 1915 aided in the purchase of 22,-
1873 homes according to the summary
of the twenty-first annual report on
the building and loan organizations
issued to-day by Commissioner Will
liam H. Smith. The commissioner
says in his report that the building
and loan associations have been of
great benefit to the people of the Key
stone State, noting the large enroll
ment of young people and the fact
that they are being taught TO save
ana remarks in closing The depart
ment is very proud of the building as
ISOLATION system under its supervision
ana It's tremendous growth"
In the summary of statistics the re-
port makes some interesting compari-
sons with the first year of State SUI
pervision. The first annual report, is
sued in 1895, showed 1871 associa-
uons with assets of S99,519.91T5O
against total of 1853 associations
now on the lists with assets aggregat-
ing the huge total of S276,393, 1889.
The total number of shares in force
mas risen from 1,796.311 in 1895 to
1852, ,SS1, while the total number of
shareholders has risen from 253,s6O
10 56S,126. of which 1S3.91S are re-
turned as women. Assets have trebled
IN twenty years, notes the report, and
where the capital used to be re-
stricted to one million dollars there
have been associations chartered with
from nVe TO fifteen million dollars
capital.
During 1915 there were eighty as
soclations chartered and eleven went
out of business. The assets increased
S21,205.3 7S.61 over 1914. when $685.
lSIS37.SS were reported. OF the as
sets reported S235. 5,S0267 were
mortgage loans on stock shares, slS,-
046,s49.7S stock loans and S5,6S6,-
O2s.S7 straight mortgages. The cash
items aggregated over S5.O0O.O0 and
Sl'SS4, 4S7.25 was reported as delin-
quent. The receipts for last wear
amounted in the aggregate to Sl4S,-
316,O90.15, against S136,214S52.97 in
1914, dues alone being over S5O,OOO,-
600, while S32.000,0 900 loans were re-
paid. The salaries paid by the asso-
Citations amounted to SS12.616.S1. The
withdrawals were $4,000, 900 in round
numbers, over S20,000.000 being ma
tured stock and interest
The summary shows 4.592.S91
shares in force at the end Of the wear
OF which 1.542,696 were borrowed on,
leaving over 100000 free of incum-
brances. The report states that the
FUNDS of associations are now being
used not only to purchase homes, but
Tor business enterprises such as the
aters, factories, churches, breweries,
creameries, etc"
The commissioner says that associa-
uons which cling to the old principles
GTnnnr1V ~ hr3F
and adds that it is highly important
That all members should pay their
dues with the precision and exactness
that subscriber to the capital stock
OF a corporation is expected to pay up
MS capital when called upon" If this
Is not done the department may be
forced to require payments.
1T is to the building associations
whose directors devote their energies
among the small investors rather than
those who are looking for large inyes-
tors who can afford to pay commits
sions for the private benefit of the out
side agent or promoter that the credit
OF the system is DUE" says Mr.. Smith.
who adds that twenty years ago such
thing as a commission to an individ-
ual for his personal benefit in produc-
ing loan in building association
would have been regarded as treason
tothe cause among. the old-line mana
gers"
An interesting feature is state
ment by Mr. Smith that there are at
least $4,000 persons in PENNSYLVANIA
who are constant borrowers of small
sums OF money and who have been
turned up in the departments supervi-
sion of what have been called loan
sharks, who are now regulated by
law. The old-fashioned director of a
DOllQinR association X1yhn
OF his time to the interests of his
friends and neighbors still has a great
work of philanthropy to exterminate
the loan shark and to teach its pat
rons to save instead of to borrow"
closes Mr. Smith