on the

Building and Loan Associations

of the

State of California

by the

BUILDING AND LOAN COMMISSIONER

In accordance with an Act of the Legislature, approved April 5, 1911

to

His Excellency, HIRAM W. JOHNSON, Governor of the State of California

REPORT

OF THE

BUREAU OF BUILDING AND LOAN ASSOCIATION

OFFICE OF THE BUILDING AND LOAN COMMISSIONER,

SAN FRANCISCo, September 20, 1912.

To His Excellency, HIRAM W. JOHNSON,

Governor of California.

SIR: Pursuant to the requirement of section 5 of the Building and Loan Commission Act, I have the honor to submit the Nineteenth Annual Report of this office, upon the business and condition of the building and loan associations of California for the fiscal year, ended June 30, 1912.

The figures herein submitted are the result of the compilations of the annual reports of 91 associations, and show aggregate assets of $24,866,571.97, which is an increase of $1,526,559.59 over the report for 1911. The elimination of one large association in San Francisco that in last year's report showed assets of $1,534,512.20 causes an apparent reduction of that amount in the real increase of assets of the 91 associations embraced in this report, which in reality made a gain of $3,061,071.79 for the year.

The 91 associations are distributed over 25 counties, and 20 of these counties show an increase in the volume of assets varying from a few dollars to over two millions.

While the number of members and investors show a small decrease, the number of borrowers show an increase of 622 over the aggregate for 1911. The average investment for all classes appears to be $650.15 per capita; and the average amount loaned to each borrower is $1,430.

The new loans reported for the year were 6,120, of which 5,234 were made upon real estate security, and 2,590 were for the construction of new buildings, mostly new homes.

Thirty-eight associations hold 112 pieces of real estate having a book value of $391,228.47. Four of these associations own the property in. which their offices are located.

The reserve and undivided profits aggregate $923,596.18, an increase of $129,990.20 over the figures of 1911. This reserve is exclusive of the guarantee capital and its surplus amounting to $534,404.08, all of which is available for the protection of the shareholders, members, and investors against loss arising from any cause.

During the year eight new associations were formed, one of which

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retired and was absorbed by an association in an adjoining city. The reports of the remaining seven should appear in the published report for 1913. Three of the seven are located in counties not heretofore represented.

While the number of associations reporting is less than in any previous year, the volume of assets is $1,526,559.59 in excess of any previous report.

The changes since 1905 are as follows: