1893 - State Library Information Center

CO-OPERATIVE BUILDING AND LOAN ASSOCIATIONS. 149Btitutes a series, and 7 serial. Of the latter, the Eastern Union,of Camden, is one of the national associations incorporated inNew Jersey but doing the bulk of business outside.The nationals generally work under the perpetual plan, but ofthose incorporated in this State there are 3 serials and only 2perpetuals. One of the two State associations is a serial, theother a perpetual. As will be noticed from the summary tablefollowing, on page 150, the totals for 1893 show 268 serials, 23terminating and 17 perpetual associations. The latter have beengradually increasing in number since 1886, when there were but3 in this State; while terminating concerns, comprising 28of the 163 associations in operation that "year, and a larger proportionbefore that period, appear to be becoming smaller actuallyas well as relatively.There are no foreign nationals lawfully doing business in thisState, none having complied with the provisions of the act of1890, which requires a deposit of $30,000, with the Bank Departnient, of cash or approved securities. How far illegitimate operationsare here conducted the Bureau has no authentic information.The nationals incorporated or re-incorporated in this State underour building and loan association law number now 5, exdusive ofthe two " State " associations, the State Mutual, of Camden, andthe New Jersey Building Loan and Investment Company, ofTrenton. These latter do business entirely within the State, orgauiztngbranches in the different localities, while the nationalshave but a fraction of their business in New Jersey. Thenationals are :Eastern Union, Camden.Mutual Guarantee, Camden.Chosen Friends' Home, Newark.People's, Trenton.*Mutual Land and Building Syndicate, Jersey City.This number is exclusive of any which may have been incorporatedsince June, 1893, to which date the Bureau's records onlyextend. Neither does the list given include the Avalon CityBuilding and Lpan Association, incorporated in Cape May countyin 1889, but transacting its business mainly in Philadelphia, Pa.,* No information.