Hickory daily record., 1921-10-13
b.-L. ASSOCIATIONS
INCREASE ASSETS
(BY MAX ABERNETiiY

Raleigh, Otc. 13.-North Carolina
building and loan associations i'll
creased their assets in 1920 by %
per cent according to the annual re
port of insurance Commissioner
Stacey w. Wade.
The total assets of these organi-
zatiCns at the end of the fiscal year
amounted to 500, 1868, ,l15. as against
$23'452,771 in 1919. Likewise the
number Of shareholders have in
creased to S31.404, a gain of thirty
live pee cent over the previous year
This despite the fact that the pro-
po, ton Of Withdrawals in 1920 was
far greater than in 1919.
Commissioner Wade's report, how
ever does not indicate the wonderful
growth of the building and loan as
socations. Three other states have
done better than North Carolina in
this respect in the number g asso-
ciat.o MS during the last decade, while
tn, states increase in percentage cf
assets far exceeds the national aV~
cage. OF these Commissioner Wade
has this to say:
"Theil. phenomenal growth III this
state since the elimination OF for-
eiqn associations. the enactment Of
I.ws providing fc.' supervision, and
the Standardization OF methods
should be matter of pride TO every
pe2 son interested in the development
of our state and the improvement OF
its citizenship. Home ownership pre-
mctes a stability in the citizenship OF
any community which amply justifies
every encouragement that can be CIV
en- them, and the application of Their
p1inciples has effectively solved the
hCusing problem in many sections OF
the state. Their investment Of stock
has furnished an attractive Copor-
tunitv to save stimulating the habit
of thrift so strongly emphasized dur
in., the war, and it Is becoming ai'-
patcnt that these 2ssoci:tlons are to
occupy a very important position ~
tic soluti II CT future tnanclal ana
housing r.ob!cAs Of the average
citiZen.'
Commits sioncr W:}e warns against
the zcntil.ent which would TAX the
association "all the traffic will bear.
He points out that when it is "con-
eidered that over SSO,000 tax is ccl-
1e@ted from them for the past fls-
col wear. not cent of which was
nsod for supervision, it must be ap--
rarent TO anyone that the danger OF
oyertaxation is real, and without
some remedial Legislation 1t is prop
able that their usefulness to the
state in dollars and cents through
tho creation of taxable property VIII
he 1essened bv far greater amount
tb,n the tax collected from them.
A systematic and periodic. exam-
y. ron Of eve~v associatiCn IN tne
state is urged by the commissioner
who thinks that while the audlts of
= Dublic accountant are OF unoueS''o''
able value to the association they are
wade bv accountants differing amohs
themseives and often with the &c
,artment as to the objects in Vic"
and. therefore, unproductlVe or tn4
%ast rasults. Some provision must
sooS he made. either for cooTdlnatlne
the % work of public auditors or 10Y o.
re0ular departmental examination "
ali a$V CATIONS. 1t is highly lmpo'tl
ant that all new associations shouie
heg;n business with :: full kno"leuS.
of rroner methods and BOOKS tha'
~ thor he forewarned of pract!e!e,S {,
,"h;cb NH, would result in ultimate 1ali-
ure. .L:a information
oon,ns Of time when they are not
oh,a r., employ certified accountants
- bora that the departm"nt, prop
erlv equipped could, through work ., %
an educational nature, do hucl. ~ =,
eure the permanepcy or he"'S -
cornorated associations.