The sun., 1919-03-14
Savings and Loan Associations
Show Gain Of 50, 945, 042
in Year.
HOME PLAN rs HAMPERED
Dividends Of SAB Per Cent.
Paid on S89,O17,871-
Progress Continues.

| cult to practice economy and to pur-
chase and own homes is demonstrated
in the annual report Of the Superin-
tendent of Banks. George I. Skinner, on
savings and loan associations. the Land
| Bank, State of New York, and credit
unions. to be transmitted to the Legis-
lature tomorrow.
| The report shows the total resources
of the savings and loan associations OF
the state at the end of 1918 were $780,
017.s71, an increase for the year OF
| $2,945, 042.
The women of the State apparently
! take n very active interest I'm the saw
ings and loan associations, as over one
third OF the total members OF these as
socations in the State are women, there
being 70.724 female shareholders who
hold j65,960 shares.
Mig Development shown.
THE savings and loan associations Of
| the State" says Superintendent Skin
ner's report, have enjoyed another year
| of progress and prosperity. Tho devel-
opment OF these institutions during re-
cent years has been a source OF the ut
| most qualification
Designed especially to promote home
building and homo owning, the progress
of the associations was, until recently
greatly hindered and impeded by the
failure OF so-called national building and
loan associations with which the strictly
cooperative savings and loan associa-
| lions had nothing in common.
III the farmers of the State, who have
at last through the Dairymens League
and other organizations demonstrated
their ability to participate in coopera-
tive movements. could be brought 10 ap-
preciate the opportunities presented to
them by this system of cooperative
finance and the possibilities OF the Land
Bank of the State OF New York this
State might soon have a system which
would exceed in its usefulness any of
the much lauded cooperative systems Of
Europe
The very uniform progress made by
these associations is indicated by the
fact that there was an increase in the
reported resources OF the associations
located in thirty seven out OF forty-seven
counties 1t appears, moreover, that the
resources of the savings and loan asso-
Citations In twenty-five counties exceeded
100000. AS a matter OF fact there
are no less than twenty-five different
associations which have resources ex-
ceedinE that amount
! 'sThe decrease in the reported re-
, sources of the associations located in
ten counties results with one exception.
; from the payment of matured shares and
borrowed money. The large decrease in
the reported resources Of the associations
located in Kings county results from the
! voluntary liquidation OF the Eagle Saw
inGs and Loan Company. which last year
reported resources OF s2,495.276.
: mo savings and loan association was
, closed by the Superintendent during the
, year. Five associations. however, were
voluntarily closed with total reported
. assets on December 81. 1917, OF 3d.
5449O3.
"rhe total reported assets Of all the
0 savings and loan associations Of the
D State NJ the end OF the year 1918 were
SS9,017,S71, an increase for the year of
+ $2,945.O42. No new association was au-
. thorized during the year and IL we take
= into consideration the reported assets
v OF the associa tons closed during the
year, amounting to s2,544, 900, Il appears
0 that there was an increase during the
= year In the assets Of the associations
, still in existence OF s5,4s9.945.
q Notwithstanding the large member
70 ship OF the Eagle Savings and Loan
. Company, there was a slight increase in
! membership and II the membership OF
, all the closed associations Is taken into
, consideration We find that there was a
? total increase N the membership OF ex-
0 listing associations OF 5.245. Over one
/ tons are womeN There were 7o.724
0 female shareholders holding 500 SOC
= shares.
, THE total amount paid to withdraw
I ing members during tho year was sls.-
. l96,SSl, which was S476,457 more than
0 was paid during tho previous year.
Total Surplus for Year.
THE total undistributed surplus OF
the savings and loan assoc latlonS OF the
d State at the close Of the year amounted
} centum of the sums credited trmembers
+. THE bond investments OF these asso.
Citations, which were in former years
= almost negligible, increased during the
Q year from $2,07S, 9Ss to s3,s95.62S
Tho total net earnings OF the saving.
n and loan associa lions OF the state for
1915 were s4,279,169. The accumulated
n capital OF tho associations at the begin.
: ming of the year 1918 was s76l7lI2C
t. and the average net earnings OF tho as.
At sociations approximately 5.62 per centun
~ Of such capital.
~ Two hundred and thirty-nlne OF tn,
+" associations paid dividends upon theii
q instalment shares averaging 543 pei
9 centum. while 1923 associations paiC
10 dividends on income or other classe.
y of cash dividend shares at the averag,
,r rate of 4. per Centum per annum
-6 THE expenses of management. OF
.o banking law. amounted to S509,132. O,
70 approximately S6.6S for each thousan,
J. dollars Of dues and dividends credited
to members.
g. AS the Land Bank OF the State o
20 New York is central institution OF
clearing house for the operation Of mem
n Der associations and all its shares ar
owned by such member associations, IL
6, resources can be added to the reportc,
"a resources Of the savings and loan asso
/, Citations in order to ascertain the to-,
DO resources OF the entire system The re
ported resources OF the separate associa
lions amounted to SS9,017.S7l and tn
- total resources of the Land Bank Of tn
- State of New York to $G67,862, making
~ total OF ss9,6S5.53S
., IN order 10 prevent duplication tn
So shares Of the Land Bank OF the State O
New York, amounting TO 100000 an
included in the annual reports Of tn
member associations, should perhaps b
" deducted. which would leave SS9,5S2,J3
= as the net resources of the system"
-, RESULTS AT AUCTION
rh lat IA vEsEY STREET
II BY Henry Brady.
20 l2aD ST, 2O7-l5 w T. l2i.l1 W 18th an