The Wilmington morning star., 1946-01-11
Wilmington, Savings And
Trust Notes Good Gains

these drives, with the result that
our county greatly exceeded its
quotas in all drives, with the ex-
ception of the last one, in which
the 'tE" bond quota was sub
scribed only 81 per cent, though
the overall quota was exceeded
by almost 100 per cent. Ration
banking, the servicing Of army
accounts end the issuing and cash
ing Of war bonds accounted for
much Of our activity.
Despite the fact that the profit
motive was not the controlling
one, your bank at the years end
showed the largest net profit. be-
fore taxes, in its history. Net
profits amounted to $204, 1877, OF
which SIS, 1910. 40 resulted from OPP
erations, and $42,356.60 from sale
of securities. After deducting 81
91z22 for depreciation on build
ing, furniture and fixtures, SIG. 300
reserve for FDIC insurance, and
SIS, $3.50 reserve for federal and
state income taxes, net earnings
were $104, 1929, Of which $4,000
was paid in dividends and $780,
1929 was added to undivided
profits.
''It has been customary for some
years for your bank to pay a bon
us Of 10 per cent of salaries to
all employees whose salaries do
not exceed 5000 per. annum. In
1915 your board of directors voted
an additional bonus of 10 per cent
to all employees in recognition OF
their faithful service throughout
the war years.
"An estimate Of income taxes
for the year indicates that the tax
reserve Of $81, 600.70 is excessive
in the amount of $4,000, which
will be reflected in the 1916 profit
account.
Omitted States government bond
account in the amount Of $14, 49,
$50 is carried at par, with $l0,'
$40, $50 due in 1916, $3.50, 500 due
| 1850 through 1855, and $3.50, 300 due
after 1855. The market value Of
these bonds is $146, 389 in exces!
of the amount appearing on thu
statement.
Reserve for contingencies o
500, 600 is an mallocated reserve
and there is no asset in the banl
which cannot be realized upon a
its full value. This reserve hal
been set up for possible future re
quirements. The book value o
your stock is $47 per share.
1.-THE beginning Of 1916 hndi
your bank in excellent position t.
take an aggressive part in the II
nancing of industry in the Carolina'
to produce the vast quantity o
goods which will be required owe
the next few years to fill tn
vacuum in consumer needs Great
ed by the war. Our textile mills
and our furniture factories will re
| quire a large amount Of new
machinery and replacementseN New
industries are being created. ant
industries now located In tn
northern states are being attract
ed to the south by the favorable
climate and the supply OF intelli
4 gent labor, which has 50 far re
sisted the fanatical leadership o
the CLIO. The Wilmington Saving
and Trust company made man!
valuable connections Throughout
the state in the years prior to tn
war. Most OF our friends have hat
no occasion to borrow money dur
ing the war years. A great man.
Of them have, however, continued
their deposit relationship with us
and we are now receiving report
from some of them Of thar plan
/ for renewal Of machinery and ex
pansion. The demand for money
will rapidly expand, and your banl
will exert every effort to lend IT
resources to the greatest advan
tage in the new area Of production
and development into which tn
state is now entering.
1'It is our hope that our cit.
may receive "a fair share Of tn
increased volume of bushes
which is in prospect for tn
south. The war has left US wit
expanded housing accommoda
tons, provided by individual a
well as government funds, whicl
may prove disastrous to real 81
tate values unless employment
can be provided in sufficient vol
ume to present a livelihood to tn
occupants Of these units. We
cancies in any Of these propertie
will have a depressing effect upol
all properties.
Strangers who have been ir
duced to come to Wilmington wit
a view to locating industries her
are enthusiastic about our city
They have remarked upon tn
churches and the schools, upon tn
attractive appearances Of the resi-
dental areas, and particularly tn
Lake Forest area at Greenfield
which in itself presents opportun
i{ine To-.