The Wilmington morning star., 1940-01-24

Of $500 90 on all employees. We
are under strict state supervision,
audited by the state department pc.
riodically, and in addition thereto,
it has been the policy to have
these annual reports prepared by
the firm of J. B. McCabe and com.
pany for your further benefit.
I'm conclusion, my persona !
thanks go to your splendid board of
directors, the employees of the in
stitution for their hard work, coop
Grafton and determination to make
the achievements of your ~associa-
ton possible, and last but not
least, may 1 express my sincere per-
sonal thanks to each individual
shareholder of the Carolina"
The report Of Secretary-Treasurer
Fonvielle follows:
"Our president has given you an
interesting report Of the Cardinals
accomplishments for the year just
closed. We do not ask you to
merely accept the fact that we had
a good year, but desire to explain
in detail u entire operations in
order that you may understand
completely every phase of our &C.
tivities. With this in mind, you
have before you the audit report of
J. B. McCabe and company, like
wise a printed financial statement
on a comparative basis for the
years 1888 and 1889. AS 1 proceed
in analyzing these reports, you
have the privilege and are urged to
ask any questions that will better
enable you to understand any facts
pertaining to your association.
Income: Our 1889 income was
$123,254.19, as compared with $1O9,
018.N for 1888, or an increase oil
$14,235.79. The primary item Of
income was interest collected or
loans in the sum Of $113,3C2.6 so
This for the first time exceeded the
500, 100000 mark. Interest received
on investments and bank deposits
amounted to s2,703.36; dividends
from the Federal Home Loan bank
s125.0o; fines, s703.25; entrance
fees, s2,3s2.25; transfer fees, $3.50;
withdrawal fees, s374.00 and rents
received on real estate owned
S ,006.23.
"EXpenses: Our expenses for the
year were s2~e,0Sz.S9, which in
cludes salaries, office rent, state
tax, licenses, tnxes, bonds, fire in
surance, repairs and other miscel.
laneous items. which amount ex
ceeded the expenses for the pre-
vious year by only $809.65. Thi!
means that whereas our net in
crease In income was $14,235.79, oul
operating expenses only increased
$S09.e5.
profits paid. Profits paid tt
shareholders for the year were:
On installment stock, ma
tured and withdrawn $25,493.2
For dividends on full paid
STOCK we,
For dividends on running
shares $18,711.3f
Or 81 total of 72,354.S7. These divi-
dends were increased over the
amount paid for the previous veal
S5.13t.99.
Maturity basis: Our soc serie.
were matured on o basis of 10;
weeks; u &c series, 1856 weeks
and our IL 1-2c series, 597 weeks;
therefore. you can readily see ani
understand why Carolina loans are
becoming more popular inasmucf
as the Carolina, due to its large
percentage Of earnings actually paie
to its shareholders. has maintained
this exceptionally low figure in the
number Of weeks required to ma
ture its stock, which Of course
makes Carolina loans cost less.
"Installments in arrears: Our in
stallments in e on both saw
ings and loans as of December 81
1899. were $~10,4O2.75, with interes'
in arrears Of $4,80O.3S. The interesi