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in the state of Ohio, the Mutual Home and Savings Association of Dayton, issue their stock upon this scheme. The latter association is one of the oldest, most successful, and largest associations in the United States. This scheme no more deserves the name permanent plan than the serial plan, as both make the existence of the association perpetual.

The columns following the statement of the three plans of issuing shares give for each association the number of male, female, and total shareholders, the number of borrowers, the number of shares in force, and the number of real estate loans.

For the reasons stated in the introduction, no other facts are given for each association by name.

Table II.—Number and kind of associations, pp. 280, 281.—In all the general tables which follow, that is, from table II to XVI, inclusive, the facts are given for local and national associations separately, and both then brought into a total, and under all the groups the facts for each state and territory are summarized, a line being given to each. Table II shows the total associations and the number and per cent operating under each of the three plans of issuing shares-serial, permanent, and terminating-as just described under Table I, by states and territories. This table is in fact a summary, so far as kind of association is concerned, of Table I. It shows that there are 5,598 local associations, of which 3,168, or 56.6 per cent of the whole, are serial, 1,671, or 29.8 per cent of the whole, are permanent, and 759, or 13.6 per cent, are terminating; that of all the associations in the country 240 are nationals, 138, or 57.5 per cent of all the nationals being serial, 101, or 42.1 per cent, being permanent, and only 1 terminating. The whole number, including both locals and nationals, is 5,838, of which 3,306, or 56.6 per cent of the whole, are serial, 1,772, or 30.4 per cent, are permanent, and 760, or 13 per cent of the whole, are terminating.

Examining the total associations, including locals and nationals, it is seen that Pennsylvania leads all the states, having 1,079 associations. This state has but 3 nationals. The state having the next largest number is Ohio, with 721; and Ohio has but 3 nationals. Illinois comes next, with 669 associations of all kinds, 38 of them being nationals. Indiana follows, with 445 associations, 16 of them being nationals. New York ranks next, with 418 in all, 28 of them being national associa tions. The next largest numbers are found in Missouri, that state having 366 in all; New Jersey, 288; Maryland, 240; Kentucky, 148; California, 133, and Massachusetts, 115. In all the other states the number drops to less than 100. The numbers given for the states, respectively, will not always agree with the numbers reported by each state in its local capacity or through its state officials. This results from the fact that the account taken by the Department of Labor was for a period in most cases differing somewhat from that for which the state officials have given reports, and, furthermore, from the fact that very many companies

consider them building and loan associations, upon examination are found to be entirely different. They are trust companies or associations for the purpose of erecting houses for rental and various other objects, taking them out of the rank of cooperative building and loan associations as such.

The state having the largest number of national associations is Illinois, with 38. It is usually supposed that the home of these associations is in the Northwest, and especially in Minnesota, but this state has only 15. There are several states having more than Minnesota, notably Tennessee, with 17; New York, 28; Missouri, 17; Kentucky, 17, and Indiana, 16. The nationals are distributed through other states in small numbers. The table shows how thoroughly building

and loan associations are distributed throughout the country.

Table III.-Number of series, pp. 282, 283.-This table includes serial associations only. By reference to the explanation of the three plans of issuing shares-the serial, permanent, and terminating-in the analysis of Table I preceding, the reasons for the omission of the permanent and terminating associations from consideration in this connection will readily be seen. The table shows the total number of serial associations, and for each the number of series issued, matured, and in force, for each state and territory. The difference between the series issued and matured in certain instances is greater than the series in force, owing to the fact that some series were entirely withdrawn before the maturity of the shares. This table presents the facts for both local and national associations, and it will be seen that at the date of the conclusion of this investigation there had been 38,919 series issued, or an average of 11.8 series to each association, considering locals and nationals together. Of this whole number 5,321 had matured, this being an average of only 1.6 series of shares matured to each association. The number in force at the date named was 33,386, or 10.1 series to each association.

Table IV.-Number of shares, pp. 281 to 287.-This table shows, for each state and territory and for the associations from which a report as to the number of shares could be obtained, the total and average number of shares issued, matured, and in force. The shares in force are classified in the table as free and borrowed on. The free shares are those which have not been used for the purpose of borrowing; that is to say, they are the shares held by the shareholders, who have not borrowed upon them. The shares borrowed on are those which are in the hands of the associations as security for loans made to members, such loans being made either on the shares of the association alone or on shares and real estate as additional security. The facts as to the number of shares are shown in this table for both locals and nationals, and then by a summary for all associations, by which summary it is seen that of the 5,838 associations in the country 4,614 had reported the number of shares issued, the number being 20,455,799, an average of 4,433.4 shares to each

association. The number of shares matured was reported by 5,357 associations to be 473,352, or an average of 88.4 matured shares for each association. The number of free shares, as explained, was reported by 5,770 associations, and the total number of such shares was 9,406,347, being an average of 1,630.2 shares to each association. The number of shares upon which loans had been secured was reported by 5,767 associations, the number being 3,649,479, or an average of 632.8 shares for each association. The total number of shares in force, free and borrowed on, was reported by nearly every association, 5,816 associations reporting 13,255,872 shares in force, an average of 2,279.2 shares in force to each association.

In addition to shares for purposes of investment and as security for loans, several associations issue in connection therewith so-called endowment stock. This stock is issued for the benefit of such members as may desire to protect their investments from the consequences of death before the maturity of their stock, and especially for the benefit of borrowing members. Arrangements are made by such associa tions with a life insurance company, under which the latter guarantees the payment of life insurance in case of death for the full face value of endowment stock held by the member at the time of his death. Members who wish to avail themselves of such advantages must submit to medical examination. In addition to their regular dues such insured members are required to pay an insurance premium graduated according to their age.

Table V.-Shares held outside of.state, pp. 288, 289.—A comparison of the second and third columns of this table shows that nearly all associations in the country reported as regards the number of shares each held outside of the state in which it was incorporated or in which it carried on business, but although a very large number reported as to this fact, the great majority of associations reported that no shares were so held. The total number of associations reporting as to the fact have, however, been used as the basis in computing the averages. It should not be assumed, therefore, that the number of associations appearing under the head "Associations reporting as to" represents the associations in which shares were held outside of the state in which they did business. Taking the summary for all associations, both locals and nationals, on the basis just stated, it is found that there were 515,186 shares held outside of the state, being an average of 91.8 to each association. The value of these shares was $8,073,443, or an average of $1,438 to each association. The number of shareholders holding these outside shares was 58,021, or an average of 10.3 to each association. It is interesting to know whether these outside shares were held largely in national or in local associations. The table shows that of the whole number (515,186) held in all, 475,996 were held in nationals and only 39,190 were held in locals, and of the value of the

value of outside shares held in national associations and $1,049,461 the value of the shares held in locals. It is also seen that of the total number of shareholders holding these outside shares (58,021), 55,405 shareholders belonged to national associations, or an average of 404.4 to each association, while only 2,616 shareholders, or an average of one-half to each association, belonged to locals.

Table VI.-Number and sex of shareholders, pp. 290, 291.-Of the 5,838 associations in the country 5,796 reported the total number of shareholders, and 4,269 reported the number of male and female shareholders. A very small proportion of shareholders reported as firms, societies, etc., have been classed in this table with the males. The total number of shareholders in these 5,796 associations reporting was 1,745,725. The number of shareholders whose sex was reported was considerably less, being 1,227,442, of whom 919,614 were males and 307,828 females.

Table VII.-Associations classified as to shareholders, pp. 292 to 294.— This table shows simply the classification of associations as to number of shareholders, the classification ranging from those having under 100 shareholders, those having 100 or under 200 shareholders, etc., the gradations being by hundreds up to 1,700 or over. The totals show that the largest number have 100 or under 200 shareholders, there being 1,587 having under 100 shareholders, and 1,765 having 100 or under 200 shareholders, the next largest number being 914 associations having 200 or under 300 shareholders each. Those having 300 or under 400 number 513. The largest number of shareholders in one association, 14,088, is found in a national association in Tennessee.

Table VIII-Associations classified as to borrowers, pp. 295, 296.This table, which is a companion to the preceding, shows that most of the associations have a small number of borrowers. The classification in this table, however, starts at under 50, and then the gradation is divided by 50's up to 200, and then by 100's. Three thousand and twenty-nine associations have under 50 borrowers each, 1,466 have 50 or under 100 borrowers each, and 568 have 100 or under 150, while 243 associations have 150 borrowers, but under 200 each, and 233 associations 200, but under 300 borrowers each. The number having over 300 borrowers each is small.

Table IX.-Shareholders and borrowers, pp. 297 to 299.-This table shows the total number of shareholders and the total number of borrowers in associations reporting as to each of these facts. Of all the associations in the United States 5,796 reported 1,745,725 shareholders, an average of 301.2 shareholders to each association; 5,776 reported 456,004 borrowers, making an average of 78.9 borrowers to each association. The table also shows the number of shareholders and borrowers in associations reporting as to both of these facts, associations reporting as to one fact only having been excluded in order to secure a fair basis for arriving at the per cent of shareholders who were borrowers. The number of

associations, then, both local and national, reporting as to both facts was 5,765, and in these associations the per cent of shareholders who were borrowers was 26.25. It is an interesting fact as shown by this table that the per cent of shareholders who were borrowers in local associations was more than twice as large as that in nationals, the per cent for locals being 29.83 and for nationals 13.77.

Table X.-Associations classified as to total real estate loans, pp. 300 to 303. That portion of the assets of the various associations designated as loans on real estate is shown in this table in classified form. Loans on real estate are those which have been made upon a first mortgage on the same. The borrower must also pledge nis stock as an additional security for his loan. Taking the total, which comprehends both locals and nationals, we find that there are 22 associations which have no real estate loans, 1,942 which have total real estate loans valued at under $25,000, 1,238 with a total valuation of real estate loans of $25,000 or under $50,000, and 741 with $50,000 or under $75,000, the number having $75,000 or over in total real estate loans decreasing rapidly in the classification. The total shows that the business of associations is not large generally, those having $250,000 or over in real estate loans numbering only 350.

Table XI.-Homes and other buildings acquired by borrowers during the lives of the associations, pp. 304, 305.-Of the 5,838 associations in the country, both local and national, 4,444 have reported as to homes. acquired by their borrowing shareholders, and through this latter number of associations 314,755 homes have been acquired. In the 4,422 associations reporting as to that fact, 28,459 buildings other than homes have been secured. Of the total number of homes acquired 290,803 have been through local associations and 23,952 through nationals. Through the locals 26,061 buildings other than homes have been acquired and 2,398 through the nationals.

Table XII.-Mortgages foreclosed during the lives of the associationspp. 306, 307.-The total number of mortgages foreclosed was reported by 5,440 associations, including both locals and nationals, as 8,409, having a value of $12,217,126, the loss on such foreclosures being $449,599. Of the number of foreclosures, 7,765 were by locals, having a value in the aggregate of $11,031,394, the loss being $441,106. The nationals had foreclosed 644 mortgages, having an aggregate value of $1,185,732, the loss incurred being $8,493. It should be remembered that these foreclosures and losses relate to the whole lives of the associations reporting.

Table XIII.-Associations classified as to total stock loans, pp. 308 to 311.-While Table X covered the classification of total real estate loans this table (XIII) gives the classification of total stock loans. Stock loans may be defined as loans made to shareholders on shares of the

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