r7
- i --r -
CAROLINA TIMES
i:z?.:bzT Board Approves
'"Durham I irsl". a bold
new community image-build
ing program, was adopted
. i
. b " Durham Oianv
bcr Board ' of Directors,
according to Raymond J.
Mulligan. Chamber president,
business
in the
BU
By Ckarle$ E. Belle
BUILDING BLACK CAPITAL
The easiest and lowest
possible credit arrangement for
poor people is at their credit
union. The millions of credit
union members around the
country can attest to that
statemmt Th nmhUm fnr the
new U thf limitation rn the
amount, time and type of
credit provided by credit
unions
This column does not need
to reiterate the effects of
racism throuch redlining hv
banks and savings and loans on
poor, people trying to obtain
home loans. Now Congress has
come up with a bill to give
credit unions greater latitude in
writing secured and unsecured
consumer loans. This is a cure
not only for redlining, but an
opportunity for capital forma
tion for small business entre
preneurs. Too many white
controlled banks and savings
and ban associations will not
loan money for blacks to pur
chase homes in the heart of
their cities. This proposed bill
will allow our church and work
credit unions to provide mort
gage money for poor people to
purchase homes anywhere in
town.
The bill, being considered
by the House Banking sub
committee on financial institu
tions, deserves ' a letter of
support to your Congressman, say, let's get behind this credit
Current law effectively pre- union bill, it will help cure
vents credit unions from some of this hidden racism go
lending for home mortgages big on.
million m
' insurance
Prepared from
A ......
Cath.....
Bonds
U.S-, Canadian and
Other Government...$ 6,326,229
State and Municipal..... 10,079,375
Railroad... 3,522,611
Public Utility, U.S. and
Canada 22,754,203
Industrial and
, Mijcellaneouj....;...... 35,025,392 77,707,810
Stocks
Preferred...... $ 3,635,106 .
Common 6,824,777 10.459,883
Mortgage Loans
Conventional.-. .$30,415,648
Insured or
Guaranteed.............;.. 6,1 35,652 36,551,300
Real Estate
Properties for
Company Use $ 6,421,852 -
Other Properties .... 317,464 6,739,316
Policy Loans........ ..................... ........ , 3,416,990
Investment Income Due and Accrued... 1,972,433
Premiums in Course of Collection 10,899.383
Cash Value - Policies on Officers 421 ,953
Other Assets 107,000
TOTAL, ASSETS...............,.......$152.264.715
SAT.. MARCH 26,1977
"The 'Durham First pro-
gram will - be a unified
awareness of the many posi-
tive attributes of the Durham
community. We want the
wiiiuiuiiiiy cuuii luiicipuuuu
people of Durham to take
because it generally limits the
term of credit unions to ten
years,
This new bill would raise
that limit to 30 years and to 15
years for home - improvement
kans and fr purchasing
mobUe homes C. Austin Mont-
gomery, chief of the National
Credit Union Administration,
ith. its.?3 million members,
ins ims WU1 OIiei a ,on.S
sougnt atter service ror creaii
unn memh and. ?t con:
tnbute t0 the pliability of
mortgage money .u. v.u..m.,c.
members.
The exact sentiments of
this writer. Blacks and other
poor people control their
church and other sponsored
credit unions. These, commu
nity controlled organizations
will not deny a qualified per
son the funds to purchase a
home. Another provision of
the bill would eliminate the
existing $2,500 limit on un
secured loans and allow the
directors of each credit union
to set their own limit.
Black loan officers are not
as reticent to risk funds for
their own community develop
ment. This will create an easy iiiiiiiiHiiiMiMiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiniiHiriiiniiiiiHiiH
SsfnS1 Snnt "? "DURHAM FIRST" - The new "Durham Fjrst" pro
business person umons. The . highght of the posltjve attributes of
federal agency that regulates hJ Disrhaa arat including: first row, Duke Chapel
credit unions has endorsed the . 4k m- n..,Km rn..nu rtonoral Hncnital- -nnH
irt !.- r ,
article and mail it to your
'Congressman or call him and
STATEMENT OF CONDITION
NORTH CAROLINA MUTUAL
LIFE INSURANCE COMPANY
A MESSAGE FROM THE PRESIDENT
1976 was another year of continuing progress for North Carolina Mutual in spite of the
energy crunch and continuing inflation:
Total life insurance in force of $2.74 billion reached an all-time high for any
black-managed life insurance company.
Premium income increased from $41.3 million in 1975 to $44.4 million in 1976,
more than 7.5.
Net investment income grew to $7.6 million in 1976.
Assets increased to a new high of $152.3 million.
Benefits paidto'ipoticyowners, since organization, reached $289.5 million with
$25 million paid, in 1976. v
Dividends paid to, policyowners have totalled $27.9 million since 1944. . . up $2.3
1976 . JdlUi lowering the net
to Wouapds'pf NORTH
DECEMBER
the Arpl;StBtement filed with the
vi- ii-.-.
'ysliJ'i'.l
""IWVfftV"
3,988,647
y
Durham First'
pride in their ,city, to support
the many Durham-based goods
aiui services, ana 10 snare me
'
feelings of camaraderie. We
have a great community here.
and all of us should be proud
to call Durham our home. This
program will help buUd re- entire country; North Carolina
gional and 'national awareness Central University, started as
that Durham is an ideal place the nation's first state-support-to
work and to live in the heart ed senior liberal arts college for
of the fastgrowing 'sunbelt' black people; the new $20
area of our country. This pro- million Durham County
gram will help us attract new Ceneral Hospital is the finest
people, new money, new locally-supported medical cen
commerce and industry -to the , m thme. the aerospace
greater Durham area. And of h North CjJu
course, that means more bust- -M of uf and &fc
ness, more jobs, a broader tax fe one of on, fJUr fc
base and better education and coUections ta thye world. the
other community services. ncw $3 mi,Iion Durham:
County Library will be yni
Mulligan then cited some paralleled in North Carolina,
of Durham's major strengths: The Stagville Center for Pre-
The Research Triangle Park, servation Technology, where
with 26 research organizations archaelogists have recently,
located in Durham County, is unearthed five ancient Indian
the most successful of 90 such villages, one at least 10,000
scientific communities in the years old, is one of only four
nation; the Research Triangle such comprehensive research
has more Ph.D scientists and
no5np,r! nr innnnn nennfo
tnan any of tjje Qtner argcst
metropolitan areas in the U.
S.; the Duke School of Edu-
cation is ranked in the top ten
in the country among private
universities; the Duke Law
School is ranked number eight
in the country among private
universities; and Duke Medi-
cal Center is ranked among the
top five academic health
death-defying
act.
Eat less
saturated Eat.
Give Heart Fund (f)
American Heart AstociationN
anu licit w w i nuin ww,,.j
row. Duke Homestead and
geological and aerospace exhibits at the N. C. Museum
of Life and Science; fourth row, medical research faci
lities at Duke, Stagville Center for Preservation Tech
nology, and the Research Triangle Park; fifth row ,
Nrr.U and the Duke Medical Center.
IHIIIIIMHIIIIIIIIIIIIIIIHIimitmimttWm"l'"'""i'''"""""'f"ll'"'""'"ll'''"l''' milllllt Itlllllltlllll tllMlllirillllMIIHIMIIIIIHtlllllll lUIIIMnMnMIIIIIIMUIIIinill
cost of
i
31, 1976
NORTH CAROLINA State Insurance Department
I iohilitiae
Liabilities
Statutory Policy Reserves ....$111,281,836
Policy Claims Currently Outstanding... 1 1 ,871 ,489
Dividends to Policyowners............. 4,780,588
Other Policy Liabilities...... 362
Interest, Rents, and Premiums Paid in
Advance ; 575,670
Taxes and Accrued Expense...... 1,795,173
Employee Benefit Reserves.,....,....... 676,631
Mandatory Security Valuation Reserve 337,912
Group Contingency Reserve..... 2,258,283
Other Liabilities.... 99,173
TOTAL LIABILITIES .$133,677,117
CONTINGENCY RESERVE
AND SURPLUS
Reserve for
Contingency.,
.$6,587,598
Asset Fluctuation
Reserve 2,500,000 .
Unassigned Surplus 9,500000 $ 18.587,598
TOTAL LIABILITIES AND
SURPLUS...................
centers
the country; the f
LDuke -ComprehensiveCancer
tenter is one of only eighteen
vvuivi m vuw vi win y villi I ICC 1 1
such centers " in the nation-
North Carolina Mutual Life
Insurance Company is the
lamest black cntcrDrisc in t
and educational iacilities ot
this tvn and is the nnlv state-
supported one in the nation;
Duke Homestead, a State His-
toric Site and National Historic
Landmark, is the site for the
Tobacco Museum, which will
preserve the history of tobacco
through displays and artifacts;
Bennett Place, a State Historic
Site, is the location of one of
the conferences that brought
the Civil War to a close in
1865: the Sarah P. Duke
Memorial Gardens attract 100,
000 visitors annually to view
the 55 acres of landscape and
the spectacular array of color, s
West Point on the Eno is a
River City Park where lies
an historical re-creation of the
West Point mill community
and quiet natural landscape for
recreation.
Bennett Place; third row,
w v. .w u ... . T
W.J. Kennedy III
President
BOARD OF
DIRECTORS
Senior Vice
Durham, North Carolina
W. A. CLEMENT, CLU
Executive Vice President
Durham, North Carolina
. HENRY E. FRYE
Greensboro, North Carolina
trVv. J. KENNEDY, JR.
Durham, North Carolina
ALFRED M. PELHAM
Detroit, Michigan
maceo a. Sloan, clu
Executive Vice President
Durham, North Carolina
ASA T. SPAULDING
Durham, North Carolina
C C SPAULDING, JR,
Durham, North Carolina .
1
A. E. SPEARS
i
Charlotte,
"MRS. V. G. TURNER
Durham, North Carolina
C D. WATTS, M.D.
Vice President - Medical Director
Durham, North Carolina
J. H. WHEELER
Durham, North Carolina
A.W.WILLIAMS
Chicago, Illinois
Honorary
........$152,264,715
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JOSEPH W. GOODLOE
Chairman of the Board
Durham, North Carolina
W. J. KENNEDY Ml
President Chief Executive Officer
Durham, North Carolina
N. H. BENNETT. JR.
Prejident Chief Actuary
North Carolina
"rMK n. I, ii - I I S. I
Added
Three North Carolina busi
nessmen have been elected to
the Board of Directors of the
North Carolina Central Uni
versity Foundation. They are
B. G. Casey of Allied Chemi
cal Corporation in Moncure,
Robert Baity Phillips, Jr., of
Western Electric Co., in
Winston-Salem, and Nello L.
Teer, Jr., of Nello L. Teer Co.,
Nello L Teer International
Inc., and Central Engineering
and Contracting Corporation
of Durham. . :
The North Carolina Cen
tral University Foundation is a
non profit corporation which
raises- private gifts for the pre
dominantly black university in
M&F Dank Reports
Continued From Page 1
from the Trust Department
were $38,000 compared with
$23,000 in 1975. v
The report concluded with
a review of the activities of the
staff and members of the
Board during 1976. Employees
Officers .... and Directors alike
attended numerous seminars
and special conferences during
1976 including classes given
under supervision of the
American Institute of Bank
ing, the Carolina School of
Banking at Chapel Hill and the
Stonier Graduate School of
Banking at Rutgers Uni
versity. The involvement of
staff persons and Directors in
the work of the National Ur
ban League, the National Busi
ness League, the N. C. Bankers
Association, the American
Bankers Association and
numerous other civic organi
zations were also reviewed as
evidence of an organization
wide, effort to become involved
in the civic and business affairs
of the State and Nation.
Following the President's
report, the following members
of the Board were elected to
serve until the annual meeting
of stockholders to be held in
March 1978 or until their
successors are elected: Joseph
W. Goodloe, Malachi L.
Greene, Charles A. Haywood,
William J. Kennedy. Jr.,.
William J. Kennedy, III, Joseph
J. Sansom, Jr., John C. Scar
borough, III, Asa T. Spaulding,
Charles C. Spaulding, Jr.,
Arthur E. Spears, James E.
Strickland,' " Mrs. Viola G.
Turner, William J. Walker, Jr.,
John H. Wheeler, Albert .
Whiting, and John W. Winters,
Sr.
IUHIIIIMIII IIMIIIIIHIIIIIIIIIIHIIHIIIMIinHllllllllllillMlltflllllllllltllllimilllllHIIIIIIIIMIMIII
NCCU
ForJnddta
Durham. The Foundation
maintains capital funds and dis
tributes income for the
purpose of the university, and
serves as a transmitting agency
for other gifts.
Casey is superintendent of
employee relations and mech
anical stores for Allied Chemi
cal Corporation. He is a native
of Kinston, a graduate of the
University of North Carolina
at Chapel Hill, and a former
aircraft maintenance engineer
ing officer in the U. S. Navy.
Phillips is a College Re
presentative inWestern Elec
tric's College Cluster Program
and is local university represen
tative to Elizabeth City State
Following the meeting of
stockholders, the Board of
Directors elected the follow
ing officers to serve for another
year: W. J. Kennedy, Jr., Chair
man, Board of Directors- John
H. Wheeler, President; Mrs.
Vivian R. Patterson, Vice Presi
dent and Secretary; C. A.
Haywood, Vice President and
Chairman, Raleigh Board of
Management; J. J. Sansom, Jr.,
Senior Vice President, Raleigh
Branch; A. E. Spears, Senior
Vice President and Chairman,
Charlotte Board of Manage
ment; W. S. Tucker, Vice
Heafffa of Dfacfi
Populations hammed
CHAPEL, HILL "Per
spectives oh the . Health of
Black Populations" is the name
of a March 30-31 for,um aUhe
University of North Carolina at
Chapel Hill.. . ,
Sponsored 'by, tHe. black
student caucus and the student'
union board of the UhlC-CH
School of Public Health the
free, public forum will ppen at
9 a.m. Wednesday, March 30
-with an address by lawyer
Floyd McKissick, president of
Soul City Company. He will
discuss "Health, Politics and
Economics."
The forum will te held in
Rosenau Hall.
Various aspects of the
health of black populations
Board
University for Western Electric,
where he has been employed
for 21 years. He is a graduate
of Winston-Salem University.
Teer is president of Nello
L. Teer, Co., Nello L. Teer In
ternational,. Inc., and Central
Engineering and Contracting
Corporation. He has been presi
dent of the American Road
Builders' Association, Betty
Highways Information Founda
tion.Carolina Road Builders'
Association. and the
Associated General Contractors
of America, Inc., and chairman
of the World Council of The
International Road Federation.
He attended the University of
North Carolina.
Growth
President and Manager, Char
lotte Branch; Mrs. Julia W.
Taylor, Vice . President and
Manager, Raleigh Branch;
D. L. Harrison, Cashier; J. B.
Anglin, Jr., Comptroller; W. E.
Ricks, Trust Officer; Lee John
son, Jr., Assistant Cashier,
Mrs. Clarice S. Banks, Assis
tant Cashier, Raleigh Branch;
Mrs. Sandra S. Heartley, Assis
tant Cashier, Charlotte Branch;
Mrs. Johnnie M. Edwards,
Manager, Independence Plaza
Office, Charlotte and R. T.
Lewis, Jr., Manager, Fayette
ville Street Branch.
will be explored in four panel
discussions on black involve
ment, barriers,, and rural and
international health. Topics to
be probed include "The Im
pact of Racism," "Blacks as
Objects of. Experimentation"
and "The Role of Folk Medi
cine." y :
. Besides faculty from UNC
CH speakers will come from
the Pennsylvania Department
of Health, Meharry Medical
College, University of Massa
chusetts at Amherst and State
University of New York at
Stony Brook.
No registration is required.
For further information,
contact William T. Small, assis
tant dean, School of Public
Health 201 H, UNC, Chapel
Hill, N: C. 27514. ,