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December 31, 1917

TO OUR STOCKHOLDERS:

Attached hereto is a statement of the condition of the New Bern Morris Plan Company at the close of business December 31, 1917. The growth of our Company during this period has been gratifying and has met the expectation of the Directors. Total loans of $64,641.00 were made and we are now loaning at the rate of something over $7,000.00 monthly.

At the beginning of our year only one-fifth of our capital stock was paid in, the balance being received by 20 per cent instalments at intervals of several months. It was not until December 1st that it was fully paid in. Our expenses during this period of nine months were, of course, running in full, and for some part of this period nearly equalled our income. Now that the full earning power of our entire stock is in effect, the net earnings will be materially increased. The institution is meeting a real need in this and surrounding communities and at the same time promises to earn and pay a good return to its stockholders.

Respectfully submitted,

W. W. GRIFFIN,

President.