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Dauk Cerquiler

BANK EXAMINER'S REPORT

ON THE CONDITION OF THE

BUILDING AND LOAN ASSOCIATIONS

OF WISCONSIN.

Madison, Wis., July 1, 1899. To Hon. EDWARD SCOFIELD,

Governor of Wisconsin. SIR: I have the honor to submit herewith the second annual report of this office exhibiting the condition of the building and loan associations authorized to transact business in this state as shown by the last reports on file, as called for on December 31st, 1898.

At the present time there are no foreign building and loan associations authorized to transact business in Wisconsin.

The number of local associations doing business is fifty-two (52), a decrease of one since my last annual report. The Bohemian National Loan & Building Association went into voluntary liquidation and filed its dissolution papers in this department on November 19th, 1898.

An effort was made to obtain reports from all associations of a uniform date in accordance with my expressed wish, and as recommended by the State Building & Loan Association League at its second annual conventon held in Milwaukee, in February, 1898, by the adoption of the following resolution:

“Resolved, That it is the sense of this convention that the associations be asked to comply with the request of the Bank Exam

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iner, and report to him uniformly for the twelve months ending December 31st of each year.”

On December 1st, last, a circular was addressed to the Secretary of each association, quoting the resolution adopted by the League, and asking for a report on December 31st. A large majority of the associations promptly complied with this request,-a small minority, however, failed to do so, withholding their reports until the close of the fiscal year of the association, thereby delaying the prompt compilation and publication of this annual report. Because of this lack of uniformity in making reports, that part of this report covering the volume of business transacted, as shown by the “Receipts” and “Disbursements,” do not cover a uniform period, but cover such items from the date of last published report.

By an amendment to the bulding and loan association laws, passed at the last session of the legislature, all associations are hereafter required to report uniformly on December 31st, of

each year.

The work of examinations has been pushed as rapidly as possible, but owing to the inadequate examining force of this office, and the multiplicity of duties imposed, it has been impossible to complete them within the time specified by law. The examinations thus far made have shown the necessity for careful supervision of these institutions, and as a rule the officers and directors thereof realize its importance and generally manifest a desire to comply with the requirements of this department.

Having had numerous inquiries for copies of the building and loan association laws, and no compilation of these laws having been previously made, I have thought proper to compile all laws relating thereto, including Chapter 216 of the laws of 1889, “An act to provide for the supervision and control of investment associations not now under statutory provision,” and add the same as an appendix to this report.

The abstract of reports which follows shows a healthy condition of our associations, and although the number of associations is one less than at the date of the last report, there is an increase in aggregate resources, the total now being $3,582,922.73. The present total number of shares of installment stock in force is 103,527 7-20, and of paid-up stock 2,481 9-10, making a total of 106,009 1-4 shares outstanding, of which number 32,166 9-20, or 30 34-100 per cent. constitute loans to members.

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Respectfully submitted,

EDWARD I. KIDD,

Bank Examiner.

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