The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1921-05-06
Bull DING & LOAN MEN
TO MEET HERE IN JUNE
Insurance Commissioner Stacy w Wade To
Speak-Local Organizations Plan
Entertainment

The Elizabeth City Chamber
of Commerce, the Merchants As
sociation and the A1bemarle
Building & Loan Association will
join hands in entertaining the an
nual convention of the North
Carolina Building & Loan Asso-
citation to be held in this city June
II, IS and 10, 1921.
This is one of several notable con-
ventions to be entertained in this city
this year. Building & Loan Association
men to the number of 100 or more, from
every important town and city in the
state will gather here for the state con-
vention.
At a joint meeting of directors of
the Chamber of Commerce, Merchants
Association and Albemarle Bldg. & Loan
Assn Wednesday afternoon, committees
were appointed to look after the var
ious details of entertainment
State Insurance Commissioner Stacy
w. Wade will be one of the principal
speakers at the convention here. His
subject will be Building & Loan Stock
Versus Wild Cat Stock" Commissioner
Wade looks forward to- the convention
here with great deal of interest and
predicts a stimulation among the asso-
Citations as result of this convention.
Reports from the National Convention
of Building & Loan Associations held
in New Orleans last week show North
Carolina in the lead in many respects,
both as regards the method of operation
and the supervision of associations in
this state.
During the last ten years the associa-
tions of North Carolina have increased
their assets to far greater percentage
than any other state. During the same
period it has organized more new asso-
Citations than any other State except
Maryland, New Jersey and PENNSYLVANIA,
and, so far as is known, is the only
State to adopt uniform system of ac-
counting. Mr.. Campbell states that dur
ing a statewide examination of build
ing and loan associations in 1912-1915
a uniform system of accounting was sub
mitted and adopted by the State League,
and has been instaHed IN practically ev-
cry association in the State Since this
time the methods and financial condi-
ton of the associations have been close
ly scrutinized by the Department and
he. is confident that in no other State
have the associations been operated
with such strict regard 9or the inter-
es of the shareholders; in fact, North
Carolina is one of the few states in
which the business must be conducted
absolutely upon mutual basis, with no
preferment for any class or series of
stock. This is believed to account in
large part for the phenomenal growth
in this State, which is but the express
sion of public confidence in them.
The associations of many states have
so varied their methods of operation
that they could hardly be identified with
the purpose for which they were origin
ally organized except by the name, while
North Carolina has persistently clung
to the vital and original idea of home
building, and offering the wage Garner !.
safe and paying investment. Notwith-
standing this unprecedented growth, it
IS not to be assumed that North Caro-
ina ranks first either in total number
If associations, total members, or total
assets, for some of the older associa-
ions of other States have assets nearly
equal to all the associations of this
Mate