SIR: In accordance with the requirements of section 201416 of statutes I submit herewith the twenty-first annual report of the state banking department on Wisconsin building and loan associations. At the close of 1917 there were seventy-eight associations, a gain of one over 1916. Two associations were chartered during the year and one was merged with another association. Of the seventy-eight associations forty are located in Milwaukee county. Each association in the state was examined at least once during the calendar year of 1917. GENERAL CONDITION. The total assets of the associations, as reported to the department for December 31, 1917, was $19,887,368.15, as compared to $16,873,841.90 at the close of 1916, a gain for the year of $3,013,526.25. This is an increase of seventeen and eight-tenths per cent. The ratio of increase for the previous year, 1916, was eighteen per cent and in 1915 was fifteen and seven-tenths per Wisconsin moved up in the list of states in 1916 from seventeenth place in the amount of total assets of building and loan associations, in which position it had remained for a number of years, to sixteenth place, changing places with North Carolina, in which state the increase during 1916 was not as great as was the increase in Wisconsin. I present here a table, showing the comparative total assets of the Wisconsin associations for the last ten years, and indicating their growth during that time, and increase each year: The number of members reported December 31, 1917, was 50,612, as compared to 45,891 on December 31, 1916, an increase of 4,721, or approximately ten and one-third per cent. The number of shares of installment stock in force December 31, 1917, was reported as 528,862, as compared to 473,643 at the close of the previous year, an increase in issue of 55,219 shares, approximately eleven per cent. The amounts paid in by installment members and to their credit was reported as $11,779,944.86, compared to $10,057,458.56 at the close of the previous year, an increase of $1,722,486.30, or approximately seventeen per cent. Paid up stock members had $4.215,548.36 to their credit in the associations at the close of 1917, as compared to $3,317,310.47 in 1916, an increase of $898,237.89 over 1916, or approximately twenty-seven per cent. The gross earnings of the associations during the year, from interest, premiums, fines, membership, withdrawal and transfer fees, forfeitures on withdrawals, and other sources, was $1,393,291.11. The expense of operation of the associations dur fice rents, printing and stationery, advertising, postage, etc., was $194,060.95. The ratio of operating expense to stock holdings of members and credited earnings of members on the first day of the year was one and two-tenths per cent. The expense ratio on a similar comparison for the previous year of 1916 was one and four-tenths per cent and for 1915 one and five-tenths, and for 1914 one and three-tenths per cent. The statute now limits the operating expenses of individual associations to two per cent of stock holdings and credited dividends-the law being operative for the first time for 1918. The combined contingent loss funds of the associations at the close of 1917 was $273,668.68, compared to $201,752.30 at the close of 1916, an increase of $71,916.38, approximately thirty per cent, compared to an increase of only seven per cent in 1916. This showing may be attributed to a better observance of the law affecting the contingent fund caused by recent favorable court decisions, and to better conditions in associations permitting them to leave funds intact. NEW ASSOCIATIONS. The following named associations were granted certificates of authority and commenced business during 1917: Location. Oconto Falls Corporate Name. -Oconto Falls Building and Loan Association. ASSOCIATION MERGED. The Union Building Loan and Savings Association of Green Bay, with assets December 31, 1916 of $139,896.69, merged with the Brown County Building and Loan Association of Green Bay immediately after the first of the year. ASSOCIATION IN CHARGE. Two dividends were paid during the year to the stockholders of the Peoples Building and Loan Association of Oshkosh, in charge of the department for liquidation, totaling fifty-five per cent of the stock holdings, and amounting to $24,089.11. The department is using its best efforts to dispose of the assets of the |