1893 - State Library Information Center

154 STATISTICS OF LABOR AND INDUSTRIES.In 1892 the rate per cent, increase over the previous yearwas: In the number of associations, 6; aggregate shares outstanding,10; pledged shares, 15; shareholders, 11; borrowers,12; net assets, 16. For the current year these rates have been :In number of associations, 8; shares outstanding, 11; pledged,13; shareholders, 7; borrowers, 6, and net assets, 14.The report of the Commissioner of Banking and Insurance forthe year ending January let, 1894, gives the total resourcesof our 25 savings banks in active operation to have been$37,729,102, of which $34,266,298 was due to depositors, asagainst $30,776,787 and $36,488,246, respectively, for the previousyear, showing the marked effects of the financial disturbanceson deposits. The number of depositors at the end of1893 was 137,897; of 1892, 140,772. The reports of the trustcompanies, on the other hand, at the close of business, December30th, 1893, exhibited an increase of depositors and in depositsfor the year, when there was due the 28,670 depositors the sumof $9,997,963.With the rise of nationals and kindred schemes has come theidea of " paid-up" or "pre-paid" stock—that is, the dues onshares, instead of being paid in advance periodic installments,are deposited in bulk. This practice prevailed in England evenbefore expressly authorized there under the statute of 1874, andwas held to be legal.* It appears to be permitted under Section5 of the New Jersey Building and Loan Association law(Rev., p. 92), which provides that " the right of membership inall associations * * * shall consist in the periodical paymentof such sum of money * * * or in payment of a principalsum specified in such constitution, to be repaid by the company,in such way and manner as shall therein be designated, withinterest not exceeding seven per cent, per annum." f None ofthe local associations reported any prepaid shares; but twonationals and the two State had outstanding at the date of theirstatements to the Bureau a total of 1,454 :* People, ex rel. Fairchild, v. Preston, Superintendent of Banks, Earl, J MN. Y. Court of AppealB, January 16,1894, referring to Scott's CaBe, affirmed bythe House of Lords. L. E. (9 App. Oases) 523.•[Query: Six per cent at present ?