Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1928-03-01
CITIZENS HEAR
ABOUT B. & L.
Mr.. Leon Cash of Winston-Salem Ad-
dresses Joint Meeting of Civilians
and Building and Loan Directors
at Delightful Banquet

A NUMBER OF representative cltl-
Zens of Boone and Watauga county
were given sumptuous dinner at
the Daniel Boone hotel Thursday
evening of last week, by the Wat
auga Building and Loan Association
and the Boone Civitan Club.
After the gusts were seated
around the tables, Rev. Claud Moser,
pastor of the Boone Methodist
church, led in prayer, following
which all present Joined in singing
North Carolina Hills" led by Prof.
l. G. Greer. Mr.. w. H. Gragg, sec
retary and treasurer of the Watau-
ga Building and Loan Association,
then introduced each person present.
Dinner was then served.
Misses Nell Trivett, Nell Smith
and Blanche Smith rendered excel
lent music. A reading, The Most
Popular Book in the World" was
given by Miss Mildred McDade.
Prof. Greer sang some folklore
songs with Mrs. Greer at the piano.
The main feature of the evening,
however, was an address by Mr..
Leon Cash, of Winston-Salem, who
made an interesting talk on the va
! rious phases of the building and
loan.
Mr.. Gragg gave some facts con-
cerning the Boone Civitan Club and
the building and loan association,
which in part are as follows:
This meeting is sponsored by the
Boone Civitan Club, which is COM
posed of about 40 business men of
the town. We meet at the Daniel
Boone hotel around these tables ev-
cry Thursday at 12:45. If man
calls another Mr. it costs him
dime. If he is late he pays a dime.
If he fails to come for three times
he becomes a non-member. We pay
| IS cents for our lunch and discuss
various problems that we think
worthwhile to Watauga county. We
want the people who live out of
town to come to town more. We are
all country folk moved to town. We
are glad you are here tonight and
we want you to come back.
= Our club requests different men,
bers of the organization to put on
programs. Tonight it is Building &
Loan night. | want to say that men
will not shoulder a gun and fight for
a boarding house, a rooming house
or light-housekeeping apartment.
THE destiny of the country does
not depend on roomers. Any govern
ment built of this kind of folk is
bound to fail and is doomed for de-
struction. Therefore, we are putting
in d good deal of our time for the
| building and loan associations.
''The first building and loan asso-
citation ever organized in the United
States was formed in Philadelphia
in 1881, almost hundred years ago.
/ At that time we had one organiza-
/ ton in the United States; today we
/ have 1886 associations, and in
1926 the building and loans in the
nation helped to finance 100000
i homes. That is a lot of homes, but
that is not all we did in 1926. We
| helped to house more than 100000
men, women and children. We have
! 1O,665,70 members tthe close of
business in 1926. We had total as
sets of $6,334, 100000. The build
ing and loans of the United States
take the leading place in all the
building field, and the building and
| loans of the country have more cap
ital and assets than all the national
banks. That is little idea of what
( we are doing in the nation.
"Just a little about North Caro-
lima. The first building association
in North Carolina was organized in
! 1886 at Wilmington The same
association is in existence today. At
the close of business in 1926 we had
235 associations in the state report
| ing to the insurance department,
with total assets of $S7,715,000. We
! had 96,590 stockholders and during
the year we sold 504,640 shares. We
built 6,S79 homes at total cost OF
! $15,915, 5,655.27, an average of ST.
800. The average earning for 1926
was a little more than 6 per cent.
Coming down little closer home.
Our association was organized In
January, 1921. We were 70 months
old at the close of business last
year. Our assets for 1928 were
$74,1O1.43; 1924, 133,O1O.63; 1925,
S1s9, 1868; 1926, 1864, 4,904.6S, and
1927, 1851, 1,SO1.39 This shows a
substantial growth for the last four
years. The total number of stock
holders on December 81, 1926, was
469. We had 457 white and IL
colored stockholders. We have fl
nanced and helped build 274 build
ings in Watauga county; 244 of
these are homes and 25 are business
buildings and five are churches. The
: average loan to each individual is
: 81, $40 90. We have earned from
: the installments S.4 per cent interest
: from December to December. We
closed business with not single
| bad check on our hands.