The Wilmington morning star. [volume] (Wilmington, N.C.) 1909-1990, 1945-01-24
Carolina Building And Loan Annual Report


practical and business like man.
ner and is being used and appre-
ciated by S, 592 Carolina sharehold-
ers-a family circle that literally
reaches around the world, in prac-
tlcally every State of the Union
and many foreign countries, by
reason of the fact that so many OF
them are in the armed services.
In many ways 1914 offered very
little difference in business activi-
ties from 1913. We are still keyed
to war time living with construc-
ton absolutely curtailed, leaving
available as an avenue for loans
only those for the purchase Of
homes, minor repairs, refinancings,
etc.
It was our privilege to make
loans during the year in the
amount of $639. 8327s, or an in
crease Of approximately $4,000 90
over 1913.
Our total assets on December 81
were So, 429, 78029, or an increase
of $285, 655.11. Had we been able
to accept all funds offered us, this
increase would have been many
times this amount, because as in
previous years we have been offer
ed investments in staggering
amounts which under lending con-
ditions we could not accept. 1t is
my hope that in the not too far
distant future normal lending can
be resumed in that new construc-
ton will be permitted and that we
can accept larger portion OF
funds offered for investment. When
and if this situation returns, 1 hope
h t we can increase our divi-
dends paid on lump sum invest
mentS.
Our principal investments are
loans amounting to 81, 708,627 As,
United States government bonds OF
81, 458, 844.00 and cash of 1924, 349. 10.
Although we received only frac-
ton over 2 per cent on our govern
ment investments and practically
no returns on our cash balance, we
had a gross income for the year
OF $138, 039.42 as compared with
S144, 427. 40 for the previous year.
Our expenses were $31, 089.65 as
compared with $32, 9S5.26 in 1913,
with net decrease in income of
81, 1927. In view of present condi-
TONS, l think this a remarkable
showing and one in W h i C h we
should be justly proud. This en-
abled us to pay profits on maturi-
ties, withdrawals, full Paid a n d
Running Shares in the sum of $751;
372.68, to transfer to our reserve
account an additional $50, 10000 at
the same time leaving in our un-
divided profits account (sums to be
paid at maturity of any given Sc
ries or dividend period the sum
Of S75, 849.73.
Our contingent reserve is now
$175, 10000. Our windstorm insur-
ance and real estate reserve is
$2,22422, or a total reserve of $177,-
22422. AS you already know, our
contingent reserve was started in
1888. In that year $4,375.28 was
placed in reserve. Since that time
we have paid dividends to borrow
ers and investors in the sum of
1919, 981.82 and at the same time
built the reserve to the amount
stated.
Actual sums invested in all class
es of stock for the year were ST.
379, 821.09 as compared with 81, 249,-
283.18 for 1943, or an increase in
stock sales of $130, 537.91. This en-
abled us to have outstanding in all
classes of stock on December 81,
So. 176,051.84 as compared with ST.
Gil, 310.41 in 1943, or an increase
of 1854, 741.43.
Shares outstanding on December
81 were 63,704 as compared with
9,871 in 1943 or an increase OF
1888.
Your Association feels keen re-
sponsibility in doing its part in the
sale of War Bonds to help the war
effort. 1t was our privilege to pur-
chase and sell during the year
$728. 375. 90 in War Bonds. We not
only sold War Bonds, but placed
our idle funds in them.
Il think it will be interesting for
YOU to know that our investment
in War Bonds totaling 81, 458, 8440 90
now have a market value OF ST.
47o. 1853. SO, or a net profit if sold as
of this date of $40, s23.38 This of
course is unrealized profit as the
bonds are not for sale
OF course you understand that all
employees are bonded through
blanket building and loon cover.