The Wilmington morning star., 1940-01-24
CAROLINA B. & |.
DIRECTORS NAMED
Reports Of President And
Secretary-Treasurer Given
At Annual Meet

The annual Shareholders meeting
of the Carolina Building and Loan
association was held at the office OF
the secretary, POI Princess street
yesterday afternoon with Warren 5
johnson presiding as chairman.
REPORTS of President C. M. Butler,
and secretary-Treasurer w. A. Fon-
yielle were received with enthusiasm
and interest.
The following directors were elect
ed for the ensuing year: D. B.
Branch, C. NJ. Butler, j. o. Carr, B.
3. Cameron, W. A. Fonvielle, John
r. Handy, H. Jaffe, Murray G.
James, ". D. Jones, Fred E. Little,
Lloyd W. Moore, Jr., Roger Moore,
]. F. Post and Sol. sternberger.
The report of President Butler fol-
lows:
"On this occasion-our 28th annual
stockholders meeting-the opportu-
nitv is mine to present to you, as
briefly as possible, the varied actlvl-
ties Of your association which Will
reveal to you the financial condition
and PROGRESS of a home-financing in
stitution, the Carolina, which a
served this community and served
1t well. The certified statement
which you hold in your hand, pre-
pared by ]. B. McCabe and company,
proves conclusively that our 18th
year in all activities was one Of the
best in your associations long years
of usefulness, and while we are the
Youngest in town, we are the largest
in North Carolina.
Our shareholders are primarily in
terested in safe investments, low
cost loans and attractive earnings.
The 2S-year record of your institu-
ton along these lines speaks loudly
in its praise. The results accomplish
ed have been due to the untiring
efforts of your board Of directors,
employees, and above all, to u
clientele.
Investments: There is now in
vested in this institution by its
shareholders in various classes OF
stock the sum of 81, 1873, 324.61. These
Investments belong to more than
1900 neutrality-suspicious. 800
more than last year-in % states
Of the union and n foreign coun-
try, and show a net gain for the
year of s278, 555.46. This increase in
investments and the increase in the
number of shareholders, to say moth
ing of the hundreds of thousands OF
dollars in lump sums we were forced
to turn down during the year, shows
in part what the discriminating in
weston thinks of Carolina safety,
service and earnings. This institu-
ton has, as you know, since organi-
Zation maintained a safe, conserva-
tive plan Of operation, which is re-
Elected in the fact that we have had
very few foreclosures, have paid gen.
erous earnings to shareholders, with
the result that the number of weeks
required to mature Jul stock has
ever been below the average.
Loans: Loans made during the
year amounted to s712, 000.43 which
was by far the largest amount
loaned by any local home financing
institution. Our real estate loans
numbered 326, 107 Of which were
for new construction in the amount
Of s208, $3.50 0 Il were for the pur-
chase Of homes, totaling 1921, 100. 90,
the remaining loans namely $780,
341.43 were for various other our
poses. This loan volume, the great
est in Cardinals history, proves to
my mind simply one thing: That
in spite Of today's heavy competi.
ton, more and more people are
getting true facts about all avail
able loan plans, then turning to
the Carolina, whose record for %
years in low cost home financing