1893 - State Library Information Center

CO-OPERATIVE BUILDING AND LOAN ASSOCIATIONS. 147The net increase in the number of associations during the yearhas been 7. Of the 19 new associations incorporated, 13 havebegun operations, in addition to one incorporated in 1892. Inthe latter year there were 37 new incorporations, 27 of whichare now in existence. In 1892 there were 11 old associationswhich dropped out, including the winding up of 2 terminatingconcerns. In 1893, the number was 7, including 4 terminatingassociations which matured their shares. The comparative statement,by localities, of the number of associations in existence in1892 and 1893, and of the new associations incorporated and inoperation in 1893, follows on page 148.All the statements of reporting associations are tabulated inthe detailed tables below, NOB. 2, 3 and 4. In case of two of thenon-reporting associations, the totals for 1892 have been usedfor the summaries; the Trenton People's has not been included.Of the 295 associations from which statements have beenreceived, those from 77 were either entirely unverified or onlyincompletely verified—a fact noted in the foot-notes to Table 2.In 1892 there were 51 secretaries who failed to comply with thelegislative requirement to send in returns verified by both treasurerand auditors. These unverified returns include those frommost of the newly-incorporated associations, from which, generallynot yet being a year in operation, strict and full reportshardly can be expected. But with the larger number of theolder associations this failure to have the statements to theBureau duly sworn to is due to carelessness or negligence of thesecretaries. The office frequently has requests for the financialstanding of particular associations, but invaribly refuses to giveother information than is contained in the detailed tables of theannual reports, where all the data received are compiled. It is,therefore, to the interest of the associations to have their officialstatements legally verified. It is to the interest, also, of theshareholders of the respective associations to insist that auditorsmake a bona fide audit, and that the results are attested as thelaw prescribes.The 14 new associations of 1893 comprise one " homestead/'the Mutual Land and Home, of Newark, about which more issaid under "Statements" below; 2 other terminating; 4 perpetual,that is, where each Bhare or block of shares virtually con-