1893 - State Library Information Center

180 STATISTICS OF LABOR AND INDUSTRIES.by advising them not to pay a premium beyond 16 per cent, fortheir loans. Through its operations, since its organization, assistancehas been given in paying for six hundred homes.Montdair, Building and Loan.—Trie premium on all mortgageloans is deducted in advance, and has been for the year : highest,5.5 per cent, on $600; lowest, 1 per cent, on $7,000; average,2.8 per cent. Premium on stock loans only is lu cents per monthon each $100, and is paid monthly.The seventh annual report shows total receipts of $120,218.41,of which $87,412.99 was received from the shareholders and representsthe amount, of new business. The assets are now over aquarter of a million dollars, all of which is loaned to membersof the association, upon bond and mortgage or upon shares. Theloans upon bond and mortgage are all upon property within thetownship of Montclair, except about $22,000. And no loan uponshares exceeds the amount of dues actually paid by the borrower.The report gives a list by book numbers of the open accountsand the number of shares upon each book; also, a list of thebooks upon which there are advance payments or arrears. Wenever have had occasion to call in a loan or foreclose a mortgage,and at present with loans of $257,862, there is only $45.89 interestoverdue, and the total dues, interest and fines in arrears is only$292.93. The profit credited to the different series averages about8J per cent, per annum upon the amount of dues paid.Newark, Hearthstone.—The holding value of the first series,numbering 724 shares, on which $84 has been paid per share, is$107.52. In order to reduce the free shares, 478, of this series,an amendment to the constitution will be submitted to the shareholdersat the annual meeting, authorizing the payment of 8 percent, interest, making the withdrawal value thereof $107.52 pershare.Newark, Mutual Land and Home.—The association, incorporatedin 1892, has 48 members holding 48 shares. As this is ahomestead enterprise, different from any others in operation inthe State, the following extracts are reproduced from the " introduction" to its printed constitution :