Newspapers / The Journal-Patriot (North Wilkesboro, … / Jan. 30, 1936, edition 1 / Page 6
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>/m: c. B 55* m Mi^yi (Continued Irou page one) cent, and very tew paying that mnch. In other words, banks were only paying 1 1-2 to 2 1-2 per eent on savings accouots, efov- ernment and state bonds paying lees than 4 per cent, and in many* instances less than 3 ''per cent, and turthermore, the local asso ciation is required ,tq „ k,©ep., at least 5 per cent o( the total a- mount of its lull paid stock in government or state bonds, or cash, which makes it com^iwiry on the part ot the said gmoilfla- tion to keep at least J17^P1|;00 in securities or cash at all-tlihee. In view of their 115,160.00 In vested in HOLC Bonds, on which they only draw 2 3-4 per cent, this item alone creates a substan- tfal loss for the association, each year, and money they havp on deposit in the hanks has been very large especially during the past twelve months, and it was deemed advisable by the stock holders that until such time as the association could keep its money working and not laying idle in the bank that it would be only good business to reduce the full paid dividend. It was’also decided that should conditions come back whereby the associa tion could pay a 6 per cent .divi dend on its full paid stock, this order would be rescinded. It was found from the secre tary-treasurer’s report, which fol lows in this article, that the as sociation again had an earning rate of more than 6 per cent .ajid had sufticie-.c to apportion J50b. to their c'^itingency reserve and still app'^.tlon to the installment Stockholders’ profit account more than 6 per cent. Following t h e .stockholders’ meeting the directors mot and perfected an organization tor the year of 1936, in which J. C. Reins was re-elected president, -S. V. Tomlinson, vice president A. H. ('asey. attorney and J. H' Wil liams. secretary-tvea-surer. The North Wilkesboro Build ing & I.oan Association is one of North Wilkesboro’s finest Insti tutions and has stood the test of time. It wa organized in- IW? and for many years operated with a very smaU capital. It was found by going throu.gli the records that as far back as 1917 the asso ciation only had $33,224.28 in resources, whereas in 1935 it hrj^ $528,954.40, or nearly one^ ■ *-°**^^*^ Siirlng the nineteen years. It has done more to huildin.g North Wilkes boro than any other institution here and thg people of the city are proud of this institution. List ed herewith are the resourco.s of the different years from 1917 to 193.5. which will he of interest lo Vf*aders of Thi« newspaper. 1917. $33,334.38: 1918. $34,- .332.28; 1919. 129.S3.8.6C; 1920. $32,443.68: 1921. $46,687.26; 1922, $55.950.16; 1923. $84.- 204.15: 1924. $13:'..637.98; 1925, $159,902.68. 1 926. $223,44 1.40; 1937. .$274,920.69; 1928, $33;i,- 792.86; 1939. $443,835.91; 1930. $479.335,.84 . 1931. $508,819.44; 1932. $4 77,793.26. 1933. $436,- 156.47: 192 1 .1 192.266 51- 1935, 5.528,954 1". Fnilowing is the annual report 1,1 J r. Williams, secrotary- treasiu-er. as read in the slock- liolders' nieelin.g: ,\s Secretary-Treasurer of your J Iluilding x Loan As.sociation, l!a wish u> submit to you th>. activities of the for the year of 193:>. ch we af the PAjttI3 . . . Mile. Madeline Balestre (above), flaabea the tmile which won for her the titlq of “ Mias Piirii of 19$6" in g national beanfy contest, Jnst featured here. Ings is in excess of 6 per cent, and greater than we really es- j examiner, pected it wem’d he. As moat of you are aware financial institu tions of all Kinds have been go ing through, and are still going through, very hard times, due to the (act that there is so much money available for mortgage loans and home building, by ahd {idfcliaae' ltdines estimate that the sodst homes we tASiata^ in building, or buying, or improving, was |88,- 800.00, and in this amount thwro was new construction or re-con- dltioned homes which increased the taxable values' not less than 'i $60,000.00. After ell it is a rec ord we are proud of. We had at the end of the year 673 white stockholders and one colored stockholder, making a total of 674 stockholders owning Installment and full paid stock in our sssoclation. We hold in our loau files 186 mortgage loans aud 32 stockloans. Items of disbursements made during the year which were charg ed against our expense account were as follows: Salaries (three people) $1,- 440.00; advertising and printing $69.87: taxes $839.96 and all other expense, which included co.st of examination by the state bond premiums, fire j insurance premiums, etc., $4"9.- 15, which made .the actual ope rating expenses for the year $2,- 748.98. We paid out profits on matured installment stock, $4,- 626.00; on installment stock withdrawn before maturity, $4,- 262.86, and to full paid stock banks, life insurance companies, j[^lJ paid stock. $16 and the Federal Government. All privately owned institutions have had too much money laying idle for the past two years. 1935 was especially hard for our Associ ation, as we had at times as much as $30,000.00 in the bank whlcn we could not loan. In ad dition. we had $15,150.00 in United States Bonds (H.O.L.C.), which only paid us 2 3-4 per cent. This item alone caused a loss of 2 1-4 per cent, taking into con sideration the fact that we pay our full paid stockholders 5 per cent. We have one piece of real estate which we carry on our books at $4,500.00, which is caus ing a loss of $22.50 per month, less a very small amount of rents wo collect from same. Therefore, idle money and Investments a- bove referred to. make it very hard for your A.ssoclation to show an earning of more than 6 per cent, and due to the fact that we did earn in excess of 6 per cent, I am sure it is .gratifying to eve ry stockholder. 1 am glad to advise you also that we have again added a small amount to our contingency re serve which, of course, is subject 822.12, making a total of profits paid to stockholders, $25,810.97. The total amount of expense items mentioned heretofore being $2,748.98. makes a total of dis bursements paid from our profit account, $28,559.95. Adding the $500.00 that was placed to the contingency reserve, makes a to tal charge against the profit ac count for the year of $29,659.96. Other information you would be interested iu is that we made during the year loans amounting to $222,875.88, We had retired in loans $161,699.38. stock re tired during the year, through withdrawal or maturity. $111,- 980.00: interest in arrears as of December 31st was $3,682.93. and in this there was eighteen day’s interest Included up to De cember 31st that was not yet due to be paid by the stockholders, which means that the delinquents on our books are very small com pared to the size ot the associ ation. We had interest in arrears over six months, $267.10. W» had interest paid in advance, $506.99, which could not be tak en into consideration in appor tioning profits,,,a-S tllis amount yon mlfli|l,fi*. ’ In', i will F"®*" aid tl NEW, YORK:..,. J) »0r fr . . . Opera debut, a ^otmioeO - 33, Amfiritftn t«ttOr won,higti pniae,^ If won him a year V^atradti-b»*W taken a role i« "Manen** oa a day's notice. KiB i«e Anns Expantlon Ofifeaao'^CoBiiaitteo Ot OaSta^^ . Ah SttOom Trepm^ Pot Kia^ Fanenals^ Brt. srbi^T nbesd witli ptvte^^ **t *ijB» e«paaaiwi mounted which, compared with the present resources of $528,964.40, shows an increase in resources during the pest nineteen years of nearly one-half million dollars. You made me your secretary-treasurer In the year of 1927 and that year we started with resources total ling $223,144.40, which tells us that during the time I have serv ed you as secretary-treasurer, we have more than doubled the re sources, of the association. Your directors have been very diligent in looking after the association, have carefully considered every application for loans and to the very best of their ability not madT”a loan in excess of 66 2-3 per cent of the appraised value of the property offered as collater al to secure loans made. They have, of course, had to decline some loans and in other cases re duced the amount applied for. which should show you that your directors have to the very best of their ability looked after your In terests at all times. I have endeavored to submit to you the facts regarding your association as best I can and I hope in a concise, sensible man ner. If there are any questions you would like to ask pertaining to any item of this report, or whizing down the highways of North Carolina brought death to four persons over the week;eBi ; Three were victima of hitrand- run drivers; a fourth of blinding lights and a careening B. F.' Garris.,’49, fatt^ .of six. was knocked tWtfy fert Saturday night by' a car which never,#t^ ped. He was dead when aid reach ed him. The accident occunr^ near Goldsboro. J. B. Davis, 86, prominent Har nett county farmer, died cm , an Operating , table in Sanford hos pital as he received treatment for injuries sustain^ ^when struck by a car a few hours earlier near his home in Hamers. A third victim, Richard Dawson, Enfield, was instantly killed by a hit-and-run,driver and his brother was seriously injured. Hie two were struck by^ an unidentified driver as they walked along the highway near their home. Mrs. C. G. Freeman, 50. met death Sunday afternoon at Aydcn, when the car driven by her hus band careened and left the highr way. Apparently he was blinded by the lights of an oncoming car in the near-dusk. Dobbins May Be Chosen Yadkinville Postmaster Washington, Jan. 27.—Repre sentative Walter Lambeth an nounced today he has endorsed the candidacy of Charles N. Dob bins as postmaster at Yadkinville for the regular four-year term. Dobbins, a World War veteran, was first on a list of ellglbles cer tified to the postoffice depart ment by the civil service commis sion following an examination for the place. He is a civil engineer and a graduate of the University of North Carolina. ' the tot* * renf problenie ♦» well ffl f Greet .^ritaln edmt _ facing the'graateet erWs JtiM'world war and ao'ajtter J pean government is nr, a , Blah ♦»)*»’; l^a —. ablee waa held ,to MKiurttat decpHe the sad oceSHoh birln at Raleigh, Jan. 28.—AutopioHl^ the hfer of the princes of Europe him honor. t Not pausing even until after the burial, the defease committee of the cabinet met at 10 Downing street.’to pat bndget estimates into shape for 'presentation at the usual cabinet meeting Wednes day. t The belief was widely held that the most powerful flguiws in Bnr- would nbt pus up an' oppor tunity to uehange VlOws and dis- cou pollti^ and future alUahees. Realities of the ' Intemation^, situation confronting ' the mon- arqbs.. heads of states, and repre- seiitaUves, of governments u- sembled in London Indicated that them together. WbBe H was felt tba0«(%'mi would be sccompUshiBd.Bl , don, plans may be made for fu ture meetings vital to Bnrop^ ^ and S«n^ Bieetric and Acatyteae^Wi Body and Feadcr WyKams Mot 1 T. H.,1VlLUA]ia I Vi Mila Wart. - N.-.1L -1* 6? lUr blD II:.' NOHii T» imiERS '"’T Those who have not paid their Town » Taxes for the year 1935 are hereby reminded that on February 2, 1936, a penalty of one-half of one per cent win be added to said taxes and an ad- diti(»al penalty of one-half of one per cent for each month, thereafte that said taxes remain unpaid. PAY NOW AND SAVE THE PENALTY W. P. KELLY, Tax Collector For Town of North Wilkeftboro, N. C. serve wnicn, cuuiot:, — uonin^ tiii» to the approval of the stockhold- i,elong.s to.-tuc profit account tor i„ this an»->—Ubf-ycar of 1936; neither could ers in this ^r>» .unount you aside to till Pygaefve LUg. "nic lavD set out of the TiT "profits Is $500.00. making a total in the reserve as now shown on our books, ot $6,500. the $267.10 Interest in arrears over six months be used in the profit apportionment, as the law ' will not permit us to include in our profit account any delinquent shown OU OUl ijwrao. piuilL After this was taken out it still j over six months past due. We re- f left enough iu our 1935 profit ac count to apportion a small trac tion over 6 per cent to the undi- ceivod in interest, fines and fees from all sources, $28,995.81. This item does not include un- I III?* IWUl ••w. vided profit account, which is collected interest and fines, which for the benefit of the itistallmenl j.qu will observe is $64.14 less stoclcliolders. j than the amount paid out from the profit account, which in no We were examined by the In-j surance DepnrtmeiU of the State • of North Carolina as of October 31st and the Examiner advised us that our association appeared to he in a very excellent condition and that our expense ratio, in his opinion, was one of the lowest, if not the lowest, in the Stale of North Carolina. It seems that the average expense ratio for the Stale runs around 82c per share. way means that the association lost money or made a backward Step, for reason that the profits that were apportioned to the un divided profit account do not be long to the .'Vasocialion but ralh- e. to the individual installment stockholders, as they have a right to their pro rata part of all these profits when their stock matures or is withdrawn, and a.ssociation was approximately 29c per sliare. I find that our ex pense ratio for the year of 1935 actually was 25 l-2c per share. We are required hy law to hold directors’ meeting once each « report of i mouth. 1 am glad to advise that Association I the law was complied with to the j a.s our diroctoin ...... meetings during hold year , 1 am pleased to leU .you that very near 100 we hav© Again finisUed anoUier prosperous year Cor our associ ation. The re.sources are the larg est in its history which now total $528,954.40. Our ratio of earn- .Viouse anu — i,utl lo compound of U different! .,,5 glares and withdraw,, before tuiupv** -- „KrvVXMJ nf which Have Yoy Tried? LA-LO the new and different kind of Rat, Mouse and Roach Extermina- f^s and*^ Bed Bat Squill. Wll not hurt domestic anlmAls, livestock, poultry Of human beings. Ready to use just the way you get it. Comes in powder form and all vou have to do to use is to shake, it out in dark places fsr rats and mice and in damp places, such as sinks and around pipes for roach es. LA-LO is guaranteed by the manufacturers to rid your prem ises of Rats, Mice and Roaches or your money will be returned in full. LA-LO Products arc sold in North ’Wilkesboro by o. F. ELLER & SONS Tenth Street A. C. DENNIS 907 Cherry Street LA-LO Exterminating Products are Manufactured and Guaranteed hy the La4aO CompMMT per cent attendance. 1 will now, with your peimm- sion. submit to you the following facts and figures regarding the actlvitle.s of the Association for the yeaf t\> began thy year with 9.-3. shares of stock which was divided ^ into 5.935 shares of installmeut slock and 3.322 shares of full | paid stock. We had issued during (he year 4.438 shares, of which 3 827 shares was installment ,ti,ck and 611 full paid stock. MV had to mature during the yeai mat'iiritv. 2,679 shares, of which “048 shares was installment stock and 431 shares was .nil paid stock. We ended the year with 10.790 shares divided as - 289 shares of instalimeul | ■ ■ stock, 1 stock and 3,502 full paid or 1.534 more shares than wc started the year with. 1 might add In this connection that we were offered a considerable amount of full paid slock which we refused to take, for reason that there was no demand on the Association for loans sufficient to justify our ac cepting the additional amount of full paid stock. 1 can again tell you that we have maintained an enviable rec ord which very few associations can boast of. that we have always been able to take care of with drawals on demand, and, of course, with the funds we have had available we have been able to Uke care of all loans on de- North Wilkesboro and vicinity had very UtUo building, especial ly new building. durli)g the past series, the 37th iiiid the 38th se ries. to mature during the year, meant that a considerable a- mount of money, or rather $4,- 626.011 was paid out from the profit account to the owners of the maturing shares. Should the present installment stockholders withdraw all of their money due them at one time, they would share on the same basis in the ; profits as was paid to the owners lof the maturing stock in the 37th and 38th series. As stated, this in no way means that onr associ ation did not maintain its usual earning power, which was in ex cess of $6 per cent. You will find in Monday’s is sue of The Journal-Patriot a fi nancial statement of your associ ation which is a statement pub-1 lished as required by law and a ■ copy of same furnished the In-| surance Commissioner of North Carolina. In the event you have j not had time to read and analyze, this statement. I wish to submit to you the following statement of onr assets and liabilities. ASSETS: Cash >. hand and in bank 3 7,130.43 United States Govern ment Bonds (H. O. L. C.) Mortgage Loans Stock Loans — Accounts Receivable Furniture & Fixtures Real Estate - — - - ^ a. ^ o * • s« / 15.150.00 491.750.00 9,989.00 234.97 200.00 4,600.00 i TOTAL $628,954.40 j| LIABILITIES: Installment Stock Pall Up Stock Undivided Profits Reserve for Con tingencies ..$159,584.00 350,200.00 12.670.40 6,500.00 all for free home trial be suri: to see the new GRUNOW FARM RADIO is triily the last word in modern radio. So improved is it over old-style radios that you will scarcely believe your o>vn when you hear it. You must come in and let us demousttate the Grunow for you. We’ve only mentioned a few of the features. There arc many, many more to intrigue and fascinate you. R«membar, oil Orwows are pried to oHar you the greatMtv^ yet seen In radio. And they are sold on exceptionally easy f- TOTAL -$528.954.40 This is the largest financial j statement that has ever been made during the history of our j ossoclatlon. As a comparison of j resources for the past nineteen I years, I find that ire had total resources in 1917 of $33,224.28,1 ELECTRK^ COiiPANY PHONE 22-W YOU CAN ALWAYS RELY ON LYON WILXiSROROa’ & ..T-.
The Journal-Patriot (North Wilkesboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 30, 1936, edition 1
6
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