were made are held by the association as security for the repayment of the loan. Of the total number of associations (5,838) there were 2,519 which had no loans upon stock as described. In Table X it was seen that there were only 22 associations which had no real estate loans. These figures show conclusively that the associations are adhering very closely to the policy of making their loans upon real estate in connection with stock rather than upon stock alone, and the table now under consideration (XIII) shows further that of those associations which have loans upon stock the loans are comparatively small. One thousand one hundred and three associations had total stock loans of less than $1,000 each, 536 having such loans amounting to $1,000 or under $2,000 each. Above this number the gradation downward is very rapid. There were some associations that had made in the aggregate quite large stock loans, but only a very few, the total line for all associations showing the results. Table XIV.-Associations classified as to dues and profits, pp. 312 to 315.—In this table the associations are classified according to the total amount of the instalment dues paid in by shareholders on shares in force plus the profits on the same. Paid-up stock is not included. Of the whole number of associations in the country 2,014 had dues and profits of under $25,000 each, 1,218 had $25,000 or under $50,000 each, 775 had $50,000 or under $75,000 each, while 479 had $75,000 or under $100,000 in dues and profits each. The associations having $250,000 or over were only 326. Table XV.-Assets and liabilities, pp. 316 to 319.-This table shows the assets and liabilities of all the associations. From the totals, which are given for local and national and for all associations taken together, we find that the local associations had total assets of $473,137,454, consisting of $422,313,725 loaned on real estate, $15,880,663 loaned on the stock of the associations themselves, $5,666,853 loaned on other securities, and $12,603,145 cash on hand, while all other assets, which consist largely of furniture, buildings for business purposes, and arrearages, amounted to $16,673,068. The national associations were in possession of assets to the value of $55,715,431, of which $47,828,799 was in loans on real estate, $1,471,530 in loans on stock of the associations themselves, and $334,818 on securities other than real estate and stock of the associations themselves. They also had $1,453,261 in cash on hand and $4,627,023 in other and various assets. Taking all the associations, both national and local, we find that their total assets amounted to $528,852,885. Of this vast sum $470,142,524 was loaned on real estate on first mortgages, $17,352,193 on the shares of associations, only 86,001,671 on securities other than real estate and the associations' own stock, while they had $14,056,406 in cash on hand and $21,300,091 in other assets. The liabilities of both the local and national associations are shown in the same table (XV). They consist of borrowed money, dues paid in on instalment shares in force, profits, paid-up and prepaid stock, and other incidental liabilities, the total liabilities of the local associations being $473,137,454, of which dues paid in on instalment shares in force plus the profits on the same was $413,647,228. The nationals had net assets of $37,020,366, and all the associations taken together had net assets of $450,667,594. In some states the amount of paid-up and prepaid stock is considerable, although that feature is comparatively new in building and loan associations. The following table shows the number of associations reporting paid-up and prepaid stock in the various states and territories and the amount of the same: The following number of associations in the various states showed, at the end of the fiscal year reported, net losses of the amounts indicated: LOCAL.-In Illinois 4 associations, $1,531.12; in Indiana 6 associations, $2,210.02; in Maryland 1 association, $29.50; in Minnesota 1 1 association, $110.91; in New York 4 associations, $419.13; in Pennsylvania 8 associations, $4,823.14; in Texas 1 association, $1,239.94; in Utah 1 association, $9,315.40; and in Virginia 1 association, $81.05. The total net loss in 34 local associations was $22,075.61. NATIONAL. But one national association reported a loss. It was located in Nebraska and the loss amounted to $1,256.59. The net losses in both local and national associations as given above amounted to $23,332.20. Table XVI.--Classified occupations of shareholders in certain repre sentative associations, pp. 320 to 323.-The Department undertook to ascertain the facts as to the kind of people who patronize and use building and loan associations. The original purpose of these associations was to enable men of small means to secure homes for themselves and to save their earnings. The question became vital, then, as to whether the motive of the associations had been preserved. It was impossible to secure the occupation of each and every shareholder in the whole 5,838 associations in the country, and the attempt was not made, but we did learn the occupations of the shareholders in 909 local associations and 12 national associations, or a total of 921 associations. This table (XVI) gives the occupations in classified form for these associations by states. It shows that in the 909 local associations reporting there were 159,223 shareholders, and in the 12 national associations 15,547 shareholders. In the local associations 111,383 or 69.96 per cent of the whole number were practically working people, while in the nationals they numbered 8,403, or 54.06 per cent. These include the following classes as shown in the table: Accountants, bookkeepers, etc.; artisans and mechanics; farmers, gardeners, etc.; housewives and housekeepers; laborers; mill and factory employés; and salesmen and saleswomen. The remainder, that is, 47,840, or 30.04 per cent in the local associations, and 7,144, or 45.94 per cent in the national associations, consists of agents, bankers, brokers, etc.; corporation officials; government officials and employés; hotel, boardinghouse, and restaurant keepers; lodges, churches, and societies; manufacturers, contractors, capitalists, etc.; merchants and dealers; persons engaged in the professions; and superintendents, foremen, etc. These figures show conclusively that the building and loan associations of the country are being used by the classes for which they were originally established. These percentages may well and honestly be applied to all the shareholders in the country, as the facts relative to occupations were taken at random. All of the general tables, 16 in number, which have been discussed follow in consecutive order. |