associations,  then,  both  local  and  national,  reporting  as  to  both  facts
was  5,7G5,  and  in  these  associations  the  per  cent  of  shareholders  who
were  borrowers  was  26.25.  It  is  an  interesting  fiict  as  shown  by  tliis
table  that  the  per  cent  of  shareholders  who  were  borrowers  in  local
associations  was  more  than  twice  as  large  as  that  in  nationals,  the  per
cent  for  locals  being  29.83  and  for  nationals  13.77.
Table  X, — Associations  classified  as  to  total  real  estate  loanSy  pp.300  to
303. — That  portion  of  the  assets  of  the  various  associations  designated  as
loans  on  real  estate  is  shown  in  this  table  in  classified  form.    Loans  on
real  estate  are  those  which  have  been  made  upon  a  first  mortgage  on
the  same.    The  borrower  must  also  pledge  nis  stock  as  an  additional
security  for  his  loan.    Taking  the  total,  which  comprehends  both  locals
and  nationals,  we  find  that  there  are  22  associations  which  have  no
real  estate  loans,  1,942  which  have  total  real  estate  loans  valued  at
under  $25,000, 1,238  with  a  total  valuation  of  real  estate  loans  of  $25,000
or  under  $50,000,  and  741  with  $50,000  or  under  $75,000,  the  number
having  $75,000  or  over  in  total  real  estate  loans  decreasing  rapidly  in
the  classification.    The  total  shows  that  the  business  of  associations  is
not  large  generally,  those  having  $250,000  or  over  in  real  estate  loans
numbering  only  350.
