The Wilmington morning star., 1940-02-07

managing the affairs of the associa.
ton.
May I express appreciation on
behalf of the entire board of direc.
tors to the shareholders who have
made possible the splendid report
which you will hear from the secre.
tary later on in the meeting. After
a careful analysis of the affairs of
the association, and my personal
close contacts with the management
during the year, I cannot but feel
optimistic, not only as to what has
been done during the past year, but
as to the future. 1t is extremely
gratifying to find the association
building up a reserve for possible
contingencies even though we have
closed our ~forty-second year main
tanning our record of w having
had a loss"
Respectfully submitted,
J. H. HINTON, Pres"
Upon conclusion of this report
the secretary's report was then made
as follows:
another year, our And, has come
to a close and brings me the privi-
lege of reporting, in behalf Of your
board of directors, on the associa-
tons performance and the policies
which motivated it. From the
standpoints of soundness of condi-
ton, the increase of new business,
new relationships with individuals,
and tangible service to the communi-
ty, the year has been most success.
full.
New Investments
Money placed for investment
with the association by both old and
new members amounted to $685.
817.19 as compared to the year end
ing 1888 of s491, 276.62. an increase
of s187,540.57. At the beginning of
1889 there were 1856 investors in
the association and at the close of
business December 81, 1889 there
were 1871, showing an increase of
216 shareholders. Our growth in
membership is gratifying, not only
because it means the expansion Of
our institution, but also, and more
fundamentally, because it indicates
that we are reaching out to serve
more people.
Mortgage Loans
"The other principal way in which
we serve the community is provid-
ing a source Of money for those
who wish to own their homes. The
building and loan associations of
the entire United States did a third
of all home mortgage lending in
1889. The Cooperative's part in this
was $34E,124.12 against the previous
year of 30,15O.0O or a gain over
the largest year in our history Of
s114,974.12. This brings our mort.
gage accounts to a total of $814,-
229.00. In analyizing the distribu-
ton of loans made during 1889 we
find $142,550.0O was loaned for con-
structin new homes in the COM
munity, $27, 10000 for the purchase
of homes, $65, 400. 90 for refinancing
existing mortgages. held by others,
and a total of S6,423.00 for reno
waiting and other purposes. In order
to bring you a more concrete pic
of what the association has
done during the year it is necessary
to draw comparisons between the
years 1888 and 1889. Our assets at
the close of business 1888 were $780,
and at the close Of business
1889 were sS76, 1926, or a gain of
$145 1906. Number of shares issued
during 1898 were 4,469. Number of
shares issued during 1889 were g.
1874, a gain in shares issued Of L.
685. Number Of shares in force De-
cember 1888, 14,025; number of
shares in force December, 1889, 49,
600; q net gain of 2,575. Loans made
during 1898, $23O,15O.00; loans made
during 1889, $345, 124.12; a gain of
$114, 974.12. Our earning rate at the
close Of December, 1899, was 6 IL
per cent and at the close Of Deem
Der 1889 u earning rate was Z
IL per cent, showing a gain in earn
ing of 1 per cent. Reserve for con
tingencies December 1888. $12, 500. 90
reserve for contingencies December
1889, $40, 10000; a gain Of $4,000.
Undivided profits before deductnig
reserve December, 1888 was $780,,
1854; undivided profits before de-
Quoting reserve December, 1899, was
$44, 617.66, a gross gain of $14,442.22,
Operating expenses for the year
1888, s12,3O4.S3; operating expenses
for the year 1889, $1~2,263.15; a de
crease Of $41.eS, notwithstanding ar
increase in volume of business ove1
a period Of two years Of approx
mately 40 per cent.
Condition of Accounts
"Installments in arrears in all
classes both mortgage and savings
at the end of the year was $3,443.3J
installments paid in advance, SO,
450.50. Interest in e on al
loans $1,133.56; interest paid in ad
vance $1,253.73 showing interest pait
net in advance of $120.17 on loans
totaling $685., 651.12.
Our records reveal that the veal
1889 ended with only fourteen &C
counts sixty days or more in ar
rears and for the third successive
year, it is my pleasure to repor
that we have no single account a.
much as six months in arrears.
1.-THE association paid out in prof
it's during the year 1889, $23, 1886!
against profits paid out during 1898
$17,99c.84 or an increase in profits
distributed of $5,259.81. The tota