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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 associations 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 sbares 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 or 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 V1.-Number and sex of shareholders, pp. 290, 291.-Of the 5,838 associations in the country 5,796 reported the total number of share. holders, 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 nume ber 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 associations. pp. 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

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 Tablo 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 asso. ciations 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 thestock 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 $6,001,671 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:

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· District of Columbia.

New Hampshire...
New Jersey
New York..
North Carolina
North Dakota
South Dakota.
West Virginia


3 8 5 4 22

5 3 10

4 20

1 12

1 10 1

16, 700 2, 261, 870

410 929, 985

9, 843

$210, 635

15, 125 86, 672 439, 764 109, 275 78, 880 20, 743 80, 166 140, 566 1,934, 188 4, 145, 511 503, 029

91, 405 1, 107, 618

330, 336 320, 481 116, 750

54, 790 2,598, 206

101, 947 1, 377 522

27, 193

6, 345 178, 466

299, 478 1,725, 889

55, 452

6. 0.54 12, 241, 246

31. 895 1, 765, 412

436, 726 2, 220, 602

27,981 514, 299

42, 671 173, 431 122, 515

30 2 1 3 16

1 2 15 45 2

1 270

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3 21

2 12 3

2 2 18 1

1.698. 392

53, 060 515, 334

17, 469 324, 671

14, 073 147, 781 89, 184

145, 425

14,000 766, 203

5,677 4, 423 78. 814 31, 895 67, 020 377, 666 1, 705, 268

10,512 189, 628 28, 598 25, 650 33, 331


2 272

2 90

5 39

3 16 4

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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

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