The Wilmington morning star., 1941-01-29

only in the growth of your institu-
|1ion but in it's earnings. The year
1870 showed the largest gross and
net earnings in Cardinals history,
the gross income amounting to
s137, 1868. O4 as compared with $685.
254. 10 for 1889, an increase of $14,-
613.85. The net income for the
wear was $1O9, 1884, So compared with
S97. 221. 80 for 1889 or a net in
crease of $12, 1882 CURT total ex-
penses including salaries, fees, ad-
vertising, all forms of taxes, ETC.,
we're $28, 033.42, compared with
S2e, O32. 80 for 1885.
This income gave us a gross
earning rate for the year of .07245
compared with .06854 for 1889 and
enabled us to mature our series
below the average time, pay didi-
dends on full-paid and running
shares at the rate of four percent
per annum, yet increase u con-
tingent 10, 609. 26. This left
approximately So, 600. 90 in u I'M
divided profits which could have
been transferred to reserve on our
present maturity. Our reserve &C
count as of December 81 was there
by increased to $51, 822.46, as
against a reserve of $41, 213.17 IN
1899. Our undivided profits were
increased from S1O3, O23.4 40 in 1889
to S106, 49, "a in 1910.
New Investments obtained dur
ing the year in all classes OF stock
were 1913, 654.43, bringing the total
amount of stock outstanding at the
end of the year to $2,355, 220.53
compared with 81, 1873, 324.61 in 1889,
or an increase in all stock out
standing of $166, 1916. 80. This rec
ord of progress was made even
though we changed to the Direct
Reduction plan of lending in August
1910.
Our real estate owned on De-
cember 81, 1889 amounted to $780,
49, 81, all of which was improved
income-producing property. During
the year it was reduced by sales
of property to $22, 500. SO, a net de-
crease in real estate held of $13,-
1854. 04.
Cardinals loan volume for 1910
exceeded our every expectation.
When I reported to you at our last
annual meeting that We had made
loans during the year in the amount
of $712, 600. 43 a record was estab-
lished for loans of institutions OF
our type in this district. Today l
am proud to report that we made
loans during the year 1910 aggre-
eating 1916, O32. 78; of this amount.
SCI, 790.6 81 was represented by stock
loans for various purposes. $914,-
242. 16 was loaned on real estate
security and was represented by
4O3 individual loans. From authen-
tic records, this is the largest vol
ume loaned by any mountaineering
institution in this vicinity both in
Ilu11lDeI anu LIE tUO lOdllS
aggregatng the amount hereinbe-
fore specified were used by the
borrowers for the following pur-
poses: l
$50 for the construction of new
homes and repairs.
IS for the purchase of homes.
80 for refinancing existing mort
cages held by others.
14S for various and sundry pur-
poses such as minor repairs, refi-
nancing for payment of taxes, col
lege education and many other pur-
poses too numerous to mention.
The Carolina changed it's lending
policy to the direct reduction plan
in August, 1910. During the period
from that date to December 81, $751;
616.50 was loaned on this basis with
repayments for the period of 1884,
111,04, leaving direct reduction loans
outstanding on December 81 of $41S,-
505.46. Six years ago a report to