1893 - State Library Information Center

CO-OPERATIVE BUILDING A#D LOAN ASSOCIATIONS. 163average of $5,801. In 1893, the average is $6,131. The cashborrowed during the year by 155 associations, discounts frombanks to meet demands from their borrowers or pay off otherliabilities, aggregated $2,576,961—that is, an average of $16,625.The repayments, some part of which was on account of previousyears' discounts, totaled, for 160 associations reporting, $2,468,-524—an average of $15,116. In 1892, the discounts, by 148associations, amounted to $2,316,559, or an average of $15,652;and the repayments, $2,190,067 by 149 associations, or an averageof $14,700. It is thus seen that a considerable amount ofthis species of indebtedness overlaps from year to year.In 1892, of the total building and loan association receipts, forthe State, not less than 18 per cent, was the result of these discounts;in 1893, not more than 16 per cent.; but just about 30per cent, of the aggregate income of the 155 borrowing associationscame from this source. Barring the question of the legalityof this practice, this cannot be called excessive; the objection ismainly directed against its abuse by some associations whichappear to do a regular money brokerage business, the discountsbeing out of all proportion to income from installments.In summary 8, below, the separate items of receipts and expendituresare given, by localities, for the associations reporting.The totals are:Total Receipts of. 290 Associations, $15,962 658, averaging $55 044Dues " 273 "9,089,326,33 293Returned Loans to 2342 081.710,11459Disbursements of. 289 "15 134 750, ' 52 366Cancelled Shares of..... 276 "3 421033,12 391Loans made by 278 "7,282767,26 197Current Expenses of...282 "150 364,1 . 533Salaries of. 272100,877, ' 371Secretaries cf 26871,954,l265Treasurers " 228 "21 9.55.96Approximately, therefore, the aggregate receipts and disbursementsfor the 297 associations in operation were $16,3^5,000 and$15,533,000, respectively. In 1892, for 291 associations, $14,-210,000 and $13,455,000, respectively. If the discounts, as abovenoted, are deducted, the income from payments by shareholdersand borrowers could not have been far from $13,758,000 in 1893.In 1892, they were calculated to have been $13,455,000. Theaggregate losses reported for both years make but a fraction of