1893 - State Library Information Center

CO-OPERATIVE BUILDING AND LOAN ASSOCIATIONS. 165The disbursements, or total outlay, of the associations in 1893took up over 95 per cent, of the income from all sources. Theoutlay for loans, approximately, was 50 per cent.; that for cancelledshares, including those withdrawn, redeemed, forfeitedand matured, 23.6 per cent., and that for current expenses 1 percent, of the disbursements. These items constituted 47.6, 22.5and %9 per cent,, respectively, of receipts of reporting associations.As will be noticed from the summary above, a few associationreturns of the separate items of expenditures are missing.The totals of outlay as given; $7,282,767 for loans, and $3,421,-033 for cancelled shares, are therefore below the real disbursementsfor these accounts, which, calculated on the basis of theaverages, approximately, amounted to $7,780,000 for loans, and$3,681,000 for cancelled shares. In 1892, these calculations were$7,160,000 and $3,958,000, respectively.The average current annual expenses and salaries for the associationsreporting in 1893 were $533 and $371, respectively; andthe respective average salaries of secretary and treasurer, $265and $96. Calculating on the basis of averages, the total annualcurrent expenses for all our associations would have been$158,300, of this $110,187 being for salaries. These, probably,are somewhat below the true amounts, as among the associationsnot reporting were a national and the 2 u State " associations;while the averages include the returns from 3 nationals, whoseaggregate current expenses came to $20,169, and salaries to$6,820. If the latter two totals are disregarded, the averageannual current expense item for 279 locals would be $467, andthe average annual salary item for 269 locals, $349 ; less than 24and 14 cents, respectively, per outstanding share for all thestrictly local associations.The number of shares cancelled during the current aesociationalyear (1893) in associations now in operation has been106,855, which is 68 per cent, of the number issued, 183,134, andnearly 17 per cent, of the number outstanding at the close,634,163. In 1892 these figures were 89,474 cancelled and 172,-666 issued—that is, the cancelled equaled 52 per cent, of thenumber issued and 16 per cent, ot the number outstanding atthe close of the respective associational years. Of the numbercancelled the destination of 105,087 is reported, namely, with-