Excerpt from Report on Building and Loan Associations: For the Fiscal Year Ending June 30, 1902

One new association, The Upper Peninsula Mutual Building and Loan Association, located at Sault Ste. Marie, has completed its organization during the year. It had transacted no business prior to June 30, 1905, therefore it made no statement. While the conditions found in the last report of this Department as operating against the organization of new associations are still potent, there is evidence on which to base the hope that new associations will be organized during the present year. There is nothing to indicate that more than five of the associations now in existence will discontinue business in the near future, and a gradual although slow increase in the number of associations may be expected.

The press of Michigan, the educator of the masses, could engage in no more worthy cause than that of informing the public concerning the benefits conferred by the well-conducted building and loan association and teaching how to discriminate between the legitimate associations and those dishonest counterfeits which have in times past preyed upon our citizens. The public should know that at the present time no build ing and loan company organized outside of Michigan has any authority to do business in this State. Grateful acknowledgment is made of the assistance the press has rendered in driving out of Michigan the Home Purchasing companies and similar fraudulent concerns. If the press will now assist in building up the legitimate building and loan associations a great benefit will be conferred upon the State at large.

Statements made by fifty-three associations are included in this re port. These statements disclose, with reasonable accuracy, the financial condition of the individual associations. It should be borne in mind. However, when an attempt is made to compare the statement of one association with that of another and to ascertain their relative merits, that the conclusion may not be accurate. The statements are made upon blanks provided by this Department. For obvious reasons the state ments must be reasonably uniform. There are three distinct plans upon which associations are conducted in Michigan, and important differences in the manner of conducting those operating under the same general plan. It is impossible to devise a blank that will permit each association to explain its distinctive features and it thus transpires that injustice may be done if an attempt is made to' compare individual statements as printed in this report. As an instance. The rate per cent of earnings is useless for the purpose of comparison, as pointed out in previous reports of this Department.

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