Building and Loan Assets ?
Reached Peak In March
_ . ? m ????? ? ? ?
Associations in This *
State Have Good Rep-s
utation Over Nation (
i
The assets' of North Carolina ]
building and loan and Federal sav- c
ings and loan associations went ov- 1
er the $100,000,000 mark in March, j
according to reports submitted to 1
the North Carolina Building and
Loan League. This figure represents J
a new all-time high in assets, the <
previous high total having been in ]
1929 when the assets were $95,848,- <
056.86. The assets have been in- j
creasing steadily since 1937. The to- <
tal amount of mortgage loans made ]
by these home financing institutions,
$25,930,784, was the largest in the '
past decade. 1
A fine national reputation is en- i
joyed by the associations because of <
their large increase in business and ;
the comparatively few failures which <
have taken place in North Carolina, i
This fine safety record has been due
to the excellent supervision of the
Building and Loan Division of the
Department of Insurance, the better
business conditions, and a superior
sysem of mortgage foreclosure than
prevails in most states.
Building .a nd "Loan Associations
have more than a century of ex peri- 1
ence in home financing, having been
started way back in 1831 in a sub
urb of Philadelphia. From this mod
est beginning has grown one of the
strongest and most active coopera
tive businesses in this country. There
1 "irnn ?km'M.
are more nan iu,uuu m6o, uuj?
ing and loan association doing busi
ness in the United Stataes (includ
ing Hawaii) representing more than
six billion in total assets.
In North Carolina there are 177
mutual thrift and home financing in
stitutions of which 18 are chartered
by he Federal Government and are
called Federal Savings and Loan As
sociations. These have membership
in the Federal Savings & Loan Insur
ance Corporation which is somewhat
similar to the Federal Deposit Insur
ance Corporation.
It insures shares or accounts up
to $6,000 for which it charges the
insured" association one-eighth of
one per cent per year. State charter
ed associations may also have their
shares insured, 14 of which have
trailed themselves of this privilege)
vhich is compulsory with the Federal
Savings and Loan Associations.
Daring this past year $11,146,806
>r more thaq. 40 per rent of the total
cans were fbr the construction of
lomes. This represents an increase
>f over $2,600,000 during 1939. More
han $6,500,000 was loaned out dur
ng this period for the purchase of
lomes.
The balance , of over $9,000,000 was
oaned for repairs, refinancing, and
)ther miscellaneous purposes. These
oans are building the communities
>f North Carolina, creating taxable
values, and helping individuals be
?me more self-reliant and financial
ly independent.
The funds with which these loans
were made is the result of accumu
tationn of the savings of thousands
of small investors under the weekly
!>r monthly plan of their community
association. The boards of directors
of these financing institutions look
upon their positions as trustees of
the savings of thousands of individ
uals and must therefore be extreme
ly careful in selecting the loans to
which they will put the savings of
the investors.
Last year the total of $2,982,348
of dividends or profits was paid out
or credited to 135,744 shareholders.
The rate of dividends paid by these
associations is rather high because
of the economical operation of the
associations plus the fact that in
many cases the directors serve with
out any compensation and $he sal
aries in the building and loan asso
*
ciations are not very large.
North Carolina also possesses one
of the regional Federal Home Loan
Banks which is located in Winston
Salem. These banks are part of a
reserve system in which the mem
bers procure long and short term
loans by pledging first mortgages as
collateral.
Of the capital of the Federal Home
Loan Bank, $125,000,000 came from
the members. Any institution be
coming a member must subscribe to
stock equalling one per cent of its
net home mortgage loans. Practi
cally all of the larger associations in
North Carolina are in the system.
The savings, building and loan as
sociations for over 100 years have
been popularizing the amortized
home loan. During the past decade,
. v
FAMILIAR SCENE AT FARMVILLE'S, SWIMMING POOL
DURING THE SUMMER
many other financial institutions
have seen the practicability of this
type of loan and have adopted it
for their own purposes. The gov
ernment itself has used the idea in
the Home Owners Loan Corporation
and in the Federal Housing Admin
istration loans.
The savings, building and loan as
sociations of North Carolina are
looking forward with great confi
dence to rendering even greater their
many savings plans and through the
adoption of progressive changes in
loans, such as longer term loans, life
insurance building and loan combi
nation plan, and greater individual
loan service.
The associations are not unmind
ful of the greater risk in loaning to
day because of the more rapid
changes in neighborhoods and of the
uncertainty of employment Through
the adoption of the policy of ac
cumulating reserves for losses,
greater efficiency in appraisals and
in general better management, these
home financing institutions are pre
pared to meet any emergencies which
may arise.
Every building and'loan and Fed
eral savings and loan association is
a member of the North Carolina
Building and Loan League, which is
located in Raleigh.. The League, Of
which Martm F. Gaudian of Raleigh
is executive secretary, gives a valu
able consultation service to the asso
ciations by keeping them informed
of all the latest developments in
home financing, not only in North
Carolina but in the entire country.
Wheeler Martin of Williamston,
prominent attorney and secretary of
the Martin County Building and
Loan Association, is psesident of the
North Carolina ^Building and Loan
League. During his term of office
a new up-to-date constitution and by
laws were adopted and several new
league services have been added,
such as complimentary newspaper
advertising mats.
The increased competition which
the building, savings and loan as
sociations are facing in the home
mortgage field has quickened the
pulse of the entire business. More
than three quarters of the larger as
sociations have moved into or built
new homes or remodeled their old
ones. New loan plans are being
adopted, the value of advertising is
being recognized as shown by the 10
per ceht increase in advertising ap
propriations during 1939.
i "11"'11111?1111 '*111" H11"111'1"1"111" |
| Announcement |
I For I
j County Commissioner j
! [First District] J
? x
i ## I
$ I hereby announce my candidacy for $
X ' ? ?; # ? T
+ the office of County Commissioner for +
t Greenville Township, subject-to tfie ac- |
I tion of the Democratic Primary May 25. %
i - f
i ???? I
| YOUR SUPPORT ' j
+ Will Be Greatly Appreciated ! |
?
j HARVEY TRIPP
? i
^
II i in???> , nil i i i i i i ,i ? i . i i n I
NOTICE TO CREDITORS
? '
Having qualified as executrix of
the estate of J. M. Hobgood, de
ceased, late of Pitt County, North
Carolina, this is to notify all per
sons having claims against the es
tate of said deceased to exhibit them
to the undersigned at Farmville,
North Carolina, on or before the
17th day of May, ^L941, or this* no
tice will be pleaded in bar of their
recovery All persons indebted to
said estate will please make im
mediate payment.
This the 15th day of May, 1940.
MRS. LUCILLE HOBGOOD,
Executrix of the estate of
J. M. Hobgood, deceased.
John B. Lewis, Atty. 6 wks.
? " ' ' ?J *
Modlin Market & Produce Co.
Main Street Farmville, N. C.
vC'-." f /' ' '' - ? .. ??* I r.
????;?
? CARRYING A COMPLETE LINE OF ?
GROCERIES - - FRESH MEATS
Featuring Stokely's Line of Canned Products.. ? Native
Western and Country Cured Meats... Fresh Vegetables
... Fruits, Country Produce. M
Jk ?GIVE US A PAST OF YOUR BUSINESS?
FREE DELIVERY - Phone 418-6
v _ V __ _ ?? ?
^ ^ flPH A Asm
11^
Lindsay Warren
To Head Special
Commission
Washington, May 22.? Speaker
Bank head today announced the ap
pointment of Representative Lindsay
Warren as Chairman of the Special
House Committee to investigate
campaign expenditures and illegal
practices for the 1940 election.
Associated with Mr. Warren will
be Representative Hart of New Jer
sey and Hennings of Missouri, Dem
ocrat, and Hancock of New York and
Michener of Michigan, Republicans.
?? ? ??* i
The committee wiu correspond w> a
similar committee in the Senate
headed by Senator Gillette of Iowa.
Representative Warren was the
author of the resolution creating the
Committee, which' is st up every
two years, but insisted to the Speak
er that he not be named a member.
Speaker Bankhead, however, stated
he was determined that the First
District member should serve as
Chairman.
Revised U. S. standards for pota
toes, effective. May 15, provide
slightly more liberal application, of
olerances for defects in occasional
packages, the U. S. Marketing Ser
vice announces.
Last 10% Of Tire $
Mileage Recovery j \
' Means 90% Gamble ::
<1
Car Owner May Lose Cash j [
laying to Get Final Few jj
Miles Frqm Casings < ?
That 90 per cent of the car own- \ [
er's tire troubles are likely to oc- ''
cur in the final 10 per cent of his < >
tires' life has been conclusively J \
proved in laboratory, road tests and ^ *
in actual user's mileage records, ac- o
cording to W. C. W^ooten, of, the ! |
Farmville Service Station, local \ J
Goodyear dealers who this week an- < ?
nounces that he has a 90-10 offer to ! >
make to car owners to help ban un- \ [
fit tires from the highways and < ?
streets of the community. <?
"What we mean by 90-10 is, that \ J
the owner often thinks he is saving < >
money when he continues to drive <?
on tires which' have about 10 per J [
cent more of their total mileage re- J'
maining. Whereas, he is very like- < >
ly taking a 90 per cent gamble that J |
he won't have - either a blowout, a
bad skid, or at best the inconvenience < >
of a flat tire at some time when he \,
can least afford it. / y * [
"That remaining 10 per cent mile- < >
age gamble isn't worth the worry ,,
and possible expense it might cause J j
the driver. I am not trying to scare J1
anyone into making tire replace- < i
ments, but I am -certain that, with ||
warm weather coming along tires j |
will give up more quickly, because < i
heat soon discovers worn tires' weak- J |
ness," Mr. Wooten continued.
"To show that we are sinceVe in * i
our efforts to rid the streets and ,,
roads of possible tire danger sourc- J |
es, we are offering to pay car own- <
era for the remaining 10 per cent ?
danger miles?so that the motorist J
ride on safe, new Goodyears.
"Another important thing about
tire buying to consider is that now,
every Goodyear tire we sell is. guar
anteed in writing?not for any par
ticular number of months," said Mr.
Wooten, "but for its full life, with
out time or mileage limits."
Mr. Wooten pointed out that his ,
offer applied to any tire in his j
line, adding that he had a tire to fit <
every buyer's pocket-book demand. ,
<
The sale of 20,000,000 busfyels of \
surplus American corn to the British ,
under a newly organized export sub
sidy program has been announced by I
the U. S. Department of Agriculture. ?
FARMVILLE j
Oil & Fertilzer Company I
Farmville, N. C.
? i:
Manufacturers of
? ' o
Cottonseed Products jj
and I!
o
< ?
High Grade Fertilizers jj
* >
Dealers in
Soy Beans
Corn
r | \
? Goal
Wood |
\ ( \
Cotton Ginners f
;0R RESULTS ADVERTISE IN THE EltfEfif RISE
An Expression of Appreciation!
Frin Tin Buiiiett Firm of .1 .F!
To The People of Farmville and Vicinity for Their Patronage in The Past, and Trusting We
Will Have The Pleasure of Serving Them for Years to Come. Make Our Places of Business
\
Your Hom^ and Headquarters When in Greenville... ' c
WHEN. IN GREENVILLE i:
o ' ' ' '? ?
o ? Visit The ? jj'
[New Greenville Cafe!
i: ' ?? 1
li GOOD, APPETIZING POOD ' jj
I: REASONABLY PPRICED! i:
o ? .
: ?? '
:: 308 Evans St. Opposite Proctor Hotel \\
iniitnii>ii>niiiinri?iiiin.?i. nil.. i.mif'
?V V V . y- \ ?'
t ( > p ( >
0 t. ? ?O-.l
H- A Complete Stock jj.
j[ OF ALL TYPES OP ||
II MERCHANDISE i
u ' : <>
' ' - 1 >
Blount-Harvey Ce.
GREENVILLE, N. C. i:
1 ' ' _ . jj '
I TUNE IN THE...
I Royal Crown Review ::
? 2 ?
! Every TUESDAY NIGHT at 8 P. M. over :
WEED ? Rocky Mount
I WGBR -GolMwro
I ^anu^ac^urer8 , . .
I NEHI and PAR-T-PAK BEVERAGES 1
I BRODY'S
;; LADIES' DEPARTMENT STORE
?: Invites You To Visit
j; ' COTTON SHOP
(Balcony) " *
; | Eastern Carolina's Largest Selection of
! j: - Cottons... for every occasion
ii ?? ? ..
i: STYLE! QUALITY! ECONOMY!
i ? . V. ?' .
% ?
IMMMM<MMMMMMMMMMM<<MMMMMMM
I CAROLINA DAIRY PRODUCTS, Inc.
DELICIOUS ICE CREAMS AND
ii , MILKSHAKES!
v ? ' .
. ? Quality You Can Taste ?
? > .
?
? ? 4 ;
|; Washington Street
GREENVILLE, N. C.
? ! > ?
iMMMMMMMMMMMMMMMMMMMMMMMti
*.'/ ' ' ? )?'*'' ' if /'.> , ~
SAFETY for YOBRFIRS
ITS TIME .
k TO PUT YOUR LOVELY
? FURS IN STORAGE
j Protect them from summer heat, <
I moths, fire, theft. Rates ate
^ moderate ? ? ? j
* Delay Is Dangerous ... Be Safe..
Brings Yours In Today
?
k: .v. !?. ...