The Wilmington morning star., 1940-02-07
COOPERATIVE b..
MAKES BIG GAINS
Reports Submitted At Annual
Meeting Of Organiza-
tons Stockholders

The Cooperative Building and
Loan association held it's annual
meeting here yesterday and gains
of some 20 to 60 per cent, in all
branches Of the association, were
reported by the officials. F. E. Lit
tie, president of the Wilmington
Stamp and Printing company, pre-
sided over the stockholders meet
ing and upon conclusion Of the SEES
zion made the following remarks:
Before presenting this splendid
report for acceptance, l would ike
to make some observations which
seem outstanding. The nice increase
in both investment funds and num-
bers Of shareholders indicate the
associations growing popularity
among the masses of the communi-
ty. The large number Of modest and
even small deposits are conducive to
the healthful growth you have ex-
%perienced. The large amounts paid
out through loans and profits from
this and other associations have
been Of tremendous benefit to the
community, Your growth in assets,
while more than at any other SINH
lar period, is in keeping with SOUND
conservative policy. The increase OF
/ per cent in earning rate for the
period is an outstanding accomplish
ment, and 1 doubt if it is equalled by
many others.
1.-The association is esecially for
tunate in being able to place such
nice increases in the profits n re-
erve accounts, and particularly is
to be commanded in handling the in.
creased business at a smaller eX-
pense than for the same period
last year. The small amount Of fore
closure property shows close cooper
alton by the directors and efficient
and careful management. 1t gives
me pleasure to preside over the an
nual meeting of such an able Or
ganization."
The presidents report was pre-
scented as follows:
again I am afforded the pleasure
of presenting to you, the snare
holders of the C~ooperativeu Building
and Loan Association, my report for
this fortE-seccnd annual meeting.
THE year 1899 has been an I'M
usually active one for your assocla-
ton and as president L take pleasure
in stating that the gains shown
this past year exceed even thos
of 1898, which were the largest in
history. Approximately 100000 has
been distributed to our shareholders
during the year and the records re-
veal that we have made gains rang
ing from 20 to go per cen n all
branches of the institution.
MY daily contacts with the sec
rotary and his assistants have been
most enjoyable, interesting and in
structive. 1t is extremely gratifying
for me to state that during the year
approximately 100000 was loaned
by the association for construction
purposes, remodeling and the pay
ing off Of existing mortgages. But
one of the most interesting features
of our statement this year Is that
of the earning rate which appears
to be slightly over Z IL per cent.
This not only indicates the rapid
and careful turning over OF our
money, but as the records Will
show, the accounts Of the associa'
ton are in wonderful condition..
There are no accounts as much as
six months in arrears and we have
closed the year with only one small
piece of foreclosure property on
hanG.
ut has been my pleasure to pre-.
side over twenty-one directors meet
ings during the year at which there
has been an average of 80 per cent.
Every single director has been ac'