The first building and loan association was founded in Philadelphia in 1831. Pennsylvania has always led in the movement, and its associations of this kind have defeated the rise of mutual savings banks in that state. On the other hand, in New England mutual savings banks have defeated the growth of building and loan associations. In the South and West, the same influences which defeat savings banks have defeated the building and loan associations.

The ten states whose associations have the greatest aggregate membership and deposits are as follows:

Building and Loan Associations in Ten States Having Greatest Aggregate Membership and Deposits

State

Number of Associations

Total Membership (In millions)

Total Assets (In millions)

Ohio.......................

723

842

$ 359

Pennsylvania................

2,124

725

355

New Jersey.................

792

348

169

Massachusetts...............

186

247

140

Illinois.....................

681

240

119

New York..................

249

200

89

Indiana....................

346

198

80

Nebraska.......................................

73

104

57

Maryland.....................................

590

87

41

Michigan...................

70

82

37

All others...................

1,650

934

448

Total....................

7,484

4,011

$1,898

The total management expenses for the year 1918 were less than .8 per cent of the total receipts. There were paid in weekly dues $434,000,000, and in interest $108,000,000, in premiums $5,000,000, and in fines $1,000,000. The mortgage loans amounted to $480,000,000, and pass-book loans to $43,000,000.