488 



NEW JERSEY. 



amount due depositors showed an increase of $3,- 

 347,747, which was 76 per cent, greater than the 

 previous year's gain ; loans and mortgages had in- 

 creased $1,652,790; the increase in bonds owned 

 was $1,828,029 at market values and $1,500,678 at 

 par values. 



The resources of the State banks aggregated $10,- 

 925,336.31. In his report the Commissioner of 

 Banking and Insurance said : " The investigations 

 instituted by this department have disclosed, in 

 some instances, conditions that necessitated the 

 taking of extreme measures, and involved large 

 pecuniary sacrifices on the part of stockholders and 

 others, in order to protect the credit and solvency 

 of the institutions. The conditions referred to 

 were brought about by excessive loans to favored 

 individuals and corporations whose financial re- 

 sponsibility did not warrant such an extent of 

 accommodations, and in whose undertakings di- 

 rectors or officers of the bank were to a greater or 

 less extent personally interested. 



The aggregate resources of the trust companies 

 was $26.259,730.27. The increase in deposits was 

 nearly 21 per cent, as compared with the previous 

 year; in total resources the increase was 17 per 

 cent. A number of the trust companies pursued 

 the policy of accumulating an ample surplus, to 

 cover possible contingencies, before commencing 

 the payment of dividends. 



Building and Loan Associations. The num- 

 ber of associations reported was 334, of which 309 

 were locals, 14 State, and 11 national. The locals 

 reported a total of 603,296$ shares in force, of 

 which total 201, 670$ shares were borrowed on for 

 loans by the membership. Nearly 90 per cent, of 

 the pledged shares were for real-estate mortgage 

 loans. The total number of new shares issued, 124,- 

 871, was a decrease of 7,062 from the number issued 

 in 1896. Of the canceled shares there were with- 

 drawn voluntarily 86,819$; lapsed or forfeited, 

 2.458 ; redeemed, retired, 8921 ; matured, 12,380. 

 Borrowers numbered 28,258. over one third of the 

 shareholders borrowing. The net assets of the 

 locals reached $41,039,934, the aggregate valuation 

 of the shareholdings. The State associations, work- 

 ing on the national plan, but only in the State, 

 reported 187,146i shares in force, and the nationals 

 66,393. Less than 19,000 of the national shares 

 were held by New Jersey membership. The non- 

 locals had together an aggregate of 44,515 pledged 

 shares, or somewhat over 17 per cent, of outstand- 

 ing shares ; total number of shareholders, 29,520 ; 

 borrowers, 2,584; net assets, $3,487,401. The 

 number of shares issued by the nonlocals during 

 the year was 103,948$ ; canceled, 67,134. The total 

 gross resources of the associations, local and non- 

 local, amounted to $47,413,645.48, of which $44,- 

 526,336.21 were the net assets, which in the local 

 associations practically meant the aggregate value 

 of outstanding shares. The total invested on bond 

 and mortgages on real estate was $40.941,291.42. 

 The real estate held was valued at $1,715,788. 

 Much of the real estate owned by the nonlocals 

 was the result of purchase as an investment. The 

 aggregate of the outstanding bills payable, money 

 borrowed by the associations, was $219,286.14 in 

 the nationals and State and $617,416.31 in the 

 locals a total of $836,702.45, or nc.-irly !.s p<T cent, 

 of the liabilities. Of the total income,' $19,833,342.- 

 06. the largest sura was from installments of dues 

 and interest, and from premiums, fines, and fees 

 $11,391,644.83, or over r,7 per cent. Under dis- 

 bursements, $18,403,553.28, the largest item was for 

 loans to borrowers, $8.990..V.C>.<; ( .i, in- nearly 49 per 

 cent, of the total ; nearly 85 per cent, of this was 

 placed on bond and mortgage. There were 108 

 local and 7 nonlocal associations which foreclosed 



mortgages during the year ; 193 local and 27 non- 

 local mortgages, amounting to $427,832.24 and 

 $68,286, respectively. The total losses resulting 

 from foreclosures involved was $8,511 ; from de- 

 preciation of property, $14,448. Embezzlement in 

 four local associations amounted to $95,879.37, and 

 in one State association to $9,000, a total of $104,- 

 879.37. 



Insnrance. According to the report of the 

 Commissioner of Banking and Insurance for 1897, 

 there were 160 fire and marine companies doing 

 business in the State ; those transacting fire insur- 

 ance only numbered 133, while 25 were engaged in 

 both fire and marine insurance, and 2 did a marine 

 business exclusively. The aggregate fire insurance 

 business done during the year was summarized as 

 follows : Risks written, $538,170,522 ; premiums 

 received in cash, $4,481,039 ; contingent premiums 

 received, $538,510 ; losses paid, $2,122.328. 



The assets of the fixed-premium life companies 

 amounted to $1,337,400,727, an increase for the 

 year of $107,229,567; the aggregate of liabilities, 

 exclusive of $9,665,750 of capital stock, was $1,151,- 

 992,006, of which $1.113,896,684 was the calculated 

 value of all outstanding policies or the reserve ; the 

 increase for the year in the liabilities except capital 

 was $96,530,249. The total income was $301 807,- 

 677 ; premiums received aggregated $240,546,657 ; 

 receipts from interest and dividends, rents and 

 miscellaneous profits, were $61,261.020 ; total dis- 

 bursements, $212.147,742, of which $137,828,447 

 was paid to policy holders for death claims and 

 matured endowments, annuities, lapsed, surren- 

 dered, and purchased policies, and dividends. 



The assets of the fidelity and casualty companies 

 amounted to $32,169,473 ; liabilities, excluding cap- 

 ital stock of $11,080.860, aggregated $13,570,821; 

 total income. $18,653,152, the income exceeding ex- 

 penditures by $1,927,350. 



The fraternal beneficiary associations operating 

 in the State numbered 53, representing a total mem- 

 bership of 1,122,956 ; during the year they received 

 dues and assessments from members amounting to 

 $25,953, 780, and paid claims aggregating $23,425,520. 



Education. The numberof persons between five 

 and eighteen years of age reported for 1897 was 

 456,862; total enrollment in the public schools, 

 294,880; average daily attendance, 191,776; number 

 of children the public schools will seat, 270,866 ; 

 total valuation of school property. $12,605,882 ; num- 

 ber of school buildings, 1,766; male teachers, 804; 

 female teachers, 5,065 ; average salary paid per 

 month to male teachers, $81.39 ; average salary paid 

 per month to female teachers, $48.19 ; average cost 

 per pupil, calculated on total school census. $9.47 ; 

 average cost, calculated on enrolled attendance, 

 $18.57; average cost, calculated on average attend- 

 ance, $21.66. Receipts: Appropriated from income 

 of State school fund. $200,000 ; State school tax, 

 $2,194,845; district and city tax, $2,965,118.63; ap- 

 propriated by counties for salaries and expenses of 

 county superintendents. $29,436.99 ; interest of sur- 

 plus revenue, $31,909.48; raised in districts for 

 manual training, $38,200; from sale of district, 

 bonds, $373,666.52; raised in districts for school 

 libraries, $9,124.56; raised in counties for teachers' 

 libraries, $1.000. Among the disbursements were : 

 For teachers' salaries, $3,170,740.48; for building 

 and repairing schoolhouses, $963,794.72 ; for taking 

 school census, $20,307 ; for debt and interest, $338,- 

 173.19 ; for manual training. $54,275.91 ; for text- 

 books and apparat us. s-.'.Vj.4.")o.?8 ; for expenses and 

 repair of State Normal School, $39,000. Number 

 of schools that maintained school six months, I nit 

 less than nine, 35 : number that maintained school 

 nine months or more, 342 ; average time the schools 

 were kept open, nine months and three days. 



