The Wilmington morning star., 1946-01-29

Inc OI "GASdtA 1AA
holders meeting Of the Coopera'
tive Building & Loan Association
was held at its offices, 124 Princess
Street, wilmington, North Carolina
at u o'clock noon, Friday, Win
Il. White, president OF White S
Ice Cream & Dairy company. act
ing as Chairman.
In the absence OF the president,
J. H. Hinton, the vice president,
J.E. L. Wade gave the president S
report pertaining to the affairs OF
the Association during the past
year. Setting out some of the safe
guarding features of the institu-
ton and the service rendered the
community through It's facilities,
as follows:
FORTY-EIGHTH ANNUAL RE-
PORT OF THE PRESIDENT
OF THE SHAREHOLDERS OF
THE COOPERATIVE BUILD
ING AND LOAN ASSOCIA-
TON.
IVA Princess OF.
Wilmington, N. C..
January Is. 1916
Ladies and Gentlemen:
I regret exceedingly, on &C.
count of illness, my inability to
attend in person this our Forty.
Eighth Annual meeting of the
Shareholders Of the Cooperative
Building and Loan Association, as
] have been fortunate in doing for
so many years.
You will notice from the Secre-
tary's report which follows imme-
diately that the Year 1915 has
been the best in the history of this
Institution. I am proud Of the fact
that we have completed this our
Forty-Eighth year without having
sustained a single loss.
The progress and growth Of the
Cooperative, with assets at the
close of business December 81,
1915 amounting to S1,804, 325. 80,
reflects the cooperation and in
creasing confidence that the citi-
zens of this Community and other
Communities have in this Organi-
eaton.
The Directors, the Secretary, and
the members Of the office staff,
have worked diligently to warrant
this confidence, and as President,
I wish to take this opportunity to
express my deep appreciation to
them.
I would like at this time to tell
the Shareholders Of few Of the
safeguarding features OF their In
stitution. Every employee in the
Cooperative is fully bonded; each
account in the Association is in
sured up to and including $4,000
by an fundamentally of the United
States Government; and the COM
plete operation OF this Organiza-
ton is examined in detail by the
State of North Carolina examiners
and the Federal examiners. At
the end Of these examinations,
complete report is brought be-
fore the Board Of Directors, parti-
cularly a report of any exceptions.
It is very gratifying to be able
to state to our Shareholders, that
these reports have been filled
with compliments on the progress,
growth and management Of the
Cooperative, and at the last audit
these Examiners did not have one
sinale exception to offer.
The funds of the Association be-
come available for employment in
the economic life Of the people in
the form of investments and loans,
which not only improve and pro-
tect the financial position Of the
individual family, but also work
in the service of the Country as
whole; therefore, as we come
to the beginning Of another year,
we look forward to the continued
growth of the Association and
added service 10 the Community.
In closing, may I thank the
Shareholders for their cooperation,
confidence, and patronage, which
has enabled the Cooperative Build
ing and Loan Association to obtain
the outstanding place it holds in our
City today. !
Respectfully submitted,
fsiened) J. H. HINTON
President.
The presidents report was re.
ceived with thanks and ordered
filed.
Frederick Willetts, secretary i
treasurer of the Association gave
the following report:
FORTY-EIGHTH ANNUAL RE-
PORT OF THE SECRETARY
TREASURER TO THE SHARE
HOLDERS OF THE COOPER
ALIVE BUILDING AND LOAN
ASSN.
Wilmington, North Carolina.
January Is, 1916.
1924 Princess Street
Ladies and Gentlemen:
I take pleasure in presenting my
report as Secretary-Treasurer OF
the Cooperative Building and Loan
Association Of Wilmington, North
Carolina, for the year ending De-
cember 81 1915 at this our Forty
Eighth Annual Meeting.
The results obtained during this
neriod as I will show later, Tar ex-
coed all hopes Of our anticipation
Vow association dur