1893 - State Library Information Center

OO-OPERATIVR BUILDING AND LOAN ASSOCIATIONS. 151where the office is located, it does not appear to have any of thenational characteristics, however. In two cases of the nationalsnamed above, the New Jersey office seems to be merely nominal.All such enterprises have one general or chief office, and branches,or subdivisions, in all localities where there is a prospect of doingbusiness. These branches are managed by agents, usually workingunder commissions on business secured. The Bame methodis pursued by the State associations mentioned above. Therecan, of course, be little of co-operation in such a system; and itis a serious query, therefore, whether our present legislation evercontemplated this extension of the building and loan effort, andwhether it can be safely done under it. Outside of these objections,however, the plan has some good features, and could btfmade of real advantage under proper legislative restrictions.Statistically these associations disturb the symmetry of thetables. Their data are tabulated under the counties in whichthey have been incorporated, which is the only practicablemethod; but in reality their business is transacted all over theState, and, in case of the nationals, largely outside of the State,as observed. The latter, with one exception, are, as yet, comparativelyinsignificant; but the tabulations of the two u State "associations make the totals of the various items for the respectivecounties, in which the principal offices are located, considerablylarger than they should be, especially in the sum of theshares. The branch counties are not credited with the businesswhich really belongs to them. The State Mutual, of Camden,and the New Jersey Association, of Trenton, are reported eachto have in the neighborhood of 100 branches scattered throughoutthe State. The total number of shares outstanding is 17,811and 19,976, respectively, which appear under the Camden andMercer totals. But this is of no practical moment, as the businessall belongs in the State, which is the case with only aboutone-seventh of the transactions of the nationals. The fournationals reporting had 27,529 shares outstanding, with $248,712in net assets. The Avalon City Association, referred to above,largely composed of Philadelphian membership, may increasethese figures on towards $283,089 in assets and 28,394 shares.Three of these associations, only, reported the number of sharesowned by New Jersey shareholders :