The Wilmington morning star., 1945-01-27
Cooperative Building, Loan Report

the shareholders present for h i s
splendid report, and it was ordered
filed.
Frederick Willetts, secretary
treasurer of the association made
the following report:
Ladies and Gentlemen:
In reporting for the year 1914 at
this, our Forty Seventy Annual
melting, l cannot fail to bring out
the fact that the Association is now
very close to the halt century
mark. If the results obtained by
the community from this Associa.
ton over these many years could
be measured in dollars, the figure
would be astounding. This report
will relate to you briefly two very
important aims of the Association:
First, and very important, the part
yeur Association has played in
helping to win the war; second to
explain to you in some detail the
condition of your Association after
three years of war time activity,
The two most direct ways..in
which the Association has been able
to help finance the victory of the
United States are: One, to pur-
chase War Bonds, in other words.
to lend the Associations money,
your money, to the United States
OF America; and second, to sell
war bonds to the public through
ltS authority to act as. agent of
the United States Treasury. There
are also two indirect ways in
which we, as business institution,
are fighting the war behind the
lines. One is to encourage people
rot to spend, their war time in
comes, but rather to. save increas
Ing amounts Of it. The other is by
continually making funds available
to people who want to buy homes
the best investment in something
tangible that the American either
can make today. Both Of these &C
Invites of your Building and Loar
Association can look forward tt
postwar adjustment for the citic-
zen. Whoever has saved money, OF
whoever is well along toward deb
free ownership of a home is going
to find the post war world more
comfortable if he has either Of
both Of these types of personal fl
nancial reserves. - -
''When the United States first en-
tered the war, it. was natural tt
assume that none of us could &C
on with business as usual Withou
first putting our Thoughts and eff
forts into assisting in the war eff
fort. Every Officer, Director, anc
Of this organization has
played, and is still playing a def.
mite part in the war effort. Through
this Association and by the efforts
of your Officers, we have. directly
or indirectly sold over two million
dollars in bonds since the War be
gan.
"In turning back the pages for 6
few years, it is interesting to fine
that the Cooperative Building ane
Loan Association, over a period b
approximately eight years, :. has
more than tripied its assets. And
in drawing this comparison, it moi
only reflects the progress of the
growth Of, thu community of which
this Associations is an important
factor. In proof Of the fact that the
people are more debt
conscious than they have ever
been, and in further proof that
most people are anxious to estab.
lish and maintain a good credit
record, 1 will quote figures as fol
lows: In 1897, our outstanding
amounted to $500, 900 co.
At the close Of b/;iness that year,
which was considered a normal
year, uncollected@ interest, amount
ed to $3.182m. AT the close OF
business, 1914, with loans outstand
ing in the amount Of 81, 306, ga. IS,
interest amounted Only
to $1S2,34. '..%:s ,l.' '.G.@
I'm order to avoid enormous
amounts of surplus funds on hand,
we have found it necessary during
the year to decline. certain inyest-
ment funds that have been; Offered
to us. This particularly apples TO
out of town accounts, sinctWe
have felt, and still feel, as >serv-
ice to Our. local investors, that we
should at all times accept reason
able amounts. Notwithstanding this
Our statement reveals that
we have gained during the year
n total assets $161, 585.61, bringing
our total assets as Of December 81,
1914 to $1,601, 941.16.
I'm analysing our mortgage
.oan portfolio for the year 1914, I
:hink we can say that our outstand-
ng item is that of loans made
Turing the year, being a total of
.o5, aggregating $500, 10000, with
IN average term Of slightly over
seven years. This constitutes the
argest amount of loans ever made
~ the Association in any one year,
md represents a turn over in
oan volume of approximately one
.nird of our total assets. This ac-
onplishment is extremely crafty
ng particularly since all building
as been out of the question for
ONE time, which means that we;
ave no opportunity to make con-
truction loans: The appraised val
es of the collateral offered against
hese loans amounts to slightly ov-
r. ST 10000 90.
Building and Loan Associations
throughout the country during 1914,
ave experienced considerable
h riptooo in : h q y 1oop ,,or4foJ;o