The Wilmington morning star., 1940-01-24

and service has appealed to the
prudent borrower. In order to lend
this amount Of money, your board
of directors held 81 meetings and
considered approximately 400 appli-
cations on various properties, all
securities offered being inspected by
three members of the board and
passed upon by the entire board OF
directors, or in a few instances by
an executive committee. Our mort
gage loans outstanding as Of De-
cember 81, 1889, were 81, 991, 930.65
as compared with s1,759,49S.3O in
1898, or an increase in mortgage
loans outstanding for the year Of
1921, 434.35. All loans are protected
by fire and windstorm insurance
and the opportunity is given the
borrower to pay his taxes and in
surance weekly or monthly with
the repaynInts on his indebted
ness.
"Maturities: We paid in cash or
Cancelled mortgages to shareholders
during the year 1889 the sum Of
$233, 622.25 as compared with ma
turtles for the previous year of
1922, 956.25. The profits or those
maturities, both loans and invest
ments, together with dividends on
full paid and running shares and
profits paid to shareholders upon
the withdrawal of stock, amounted
to $~72,334.S7 as compared with
s67, 2O2.88 for 1888, or an increase
in profits paid Of ~$5,131.s9. The
dividends declared by your board
on full paid and running shares
were on the basis of four per cent
per annum, and on installment
stock a fraction over six per cent.
Earning rate: The earning rate
Of the Carolina for the year was
.068536 which justified our contin-
ued low maturities and enabled us
to place in our contingent reserve
account an additional <$5,895.58
which amount brings our total
contingent reserve to $41,213.17,
leaving, however, in our undivided
profit account belonging to the
shareholders, the sum Of $103. 023.4 9
as compared with $~82,644.51 for
1888 showing an increase in un-
divided profits Of $20,378.9S. This
exceptionally large sum Of undivid-
ed profits and reserve proves be-
yond question the excellent finan-
Icial condition OF your association,
and was made possible through
economy of operation, and u vol
ume Of business IN spite Of the fact
that our cash and bonds on hand
as Of December 81, 1899, amounted
to $237,816.63, with an average
balance carried in these two items
for the year of nearly a quarter
million dollars.
mo borrowed money: You can
readily understand from the amount
Of cash and bonds on hand why
the Carolina has no borrowed
money from any ource whatever
nor any advance from the Federal
Home Loan bank. Due to its ex-
cellent financial condition and it,
waiting list of lump sum investors,
you "a understand why Carolina
is in position to adequately serve
the borrowing needs Of it's share.
holders. We hope through the unit.
ed cooperation of our clients who
are continuously telling their
friends of Carolina service and low
cost loans, that we can set a goal
in the not far distant future for q
record Of 5 1000, Oo0.0 90 in loans
made in a given year.
Assets: The total assets Of the
carolina as Of December 81, 1899
Increased 1908 1854, bringing them
Ito $2,S52,370.61 as compared with
$2,O44 ,202.47 for 1888. This increase
was achieved even though we paid
in maturities, as hereinbefore stat
led, $233,622.25 together with profits
lof S~72.S34.S7, and gives you some
idea OF the tremendously increased
volume of business handled by your
association.
Bonds and supervision: Your
association carries q b1opLaf honf