The weekly Iberian., 1903-01-24
A PROSPEROUS ORGANIZATION.

q One Of the most prosperous. cr
, ersetic and beneficial organiza
tions in the State has Its domi
cile and exists right here in New
Iberia This is the Building an,
Loan Association, of this city
whose progress and success fo
the past ten years has been mos
wonderful and surprising. Be
ginning on small scale and pass
ing through all the trials tha,
usually beset such organizations i,
has bnffeted every adverse wave
and met and overcome every
obstacle, until to day it ranks
among the most solvent and reli
able in the country.
Last Monday night the regular
annual meeting of the stock
holders was held and the following
board of directors, which had
done such satisfactory work for
the past year, was unanimously
chosen to serve for another term:
Walter j. Burke, Lazard King, f.
+. Millard, q. G. Laughlin, Jerry
w. Taylor, X. S. Mcmahon. Chas.
l. Provost.
At this meeting MIR. +. +. Mill
ard, who has enjoyed the distin.
guished honor of being the presi.
dent of the prosperous institution
for the past ten years, delivered
his annual address. which clearly
and truly set forth the gratifying
work that had been accomplished
and the encouraging prospects in
view for the future. He said, in
part:
More loans have been made on the
stock in the series issued this year
than have been made on the stock in
the series issued in any prior year, al
though some Of that stock has been
in existence eight years and only a
part of the stock Of this series for one
wear.
More loans have been made on stock
in series 63, which has been in exist
ence three months. than have ever
been made on the stock of any one
series during the existence Of this As
sociation. Next in order of number of
shares loaned on comes series 81, is
sued April lst, of this year. More
than one fourth OF the stock in exist.
ence is borrowed on. The number of
shares in force being 6207 and the
number of shares loaned on, 1862. The
number ofshares in force at the begin
ming Of 1902 were 5459. showing a gain
during the wear OF 74S shares. The
number Of shares loaned on, at the be-
ginning Of the year, was l4l5, hence
the year 1902 saw gain In the num-
be- Of shares loaned on Of 317, that be
ing almost 80 per cent Of the gain in
shares for the wear. The net profit OF
this year is $l4,397 80 greater than it
was last year. The gain In stock loans
is S6O7l 65, showing an increase Of
thirty four per cent for the year. The
increase in assets for this year is $92,
800 79. The gain in real estate loans
IS $7l 400. Gain in interest, 81 1872 50. |
Gain in premium, $l0,559 40. Gam /
per share on stock, 81 90.
This is the first year that the Asso.
citation has ever been examined by
State authority. and the result Of the
was most satifactory. |
The cost of putting in the fixtures and !
fixing Ap the new Office does not come |,
from expenses, but from the Contin-
gent Loss Fund OF S903S II.
The State League appointed COM
mittee which drafted new and moro !
complete law for building associations.
The right was given to married women |
to borrow on their stock, without the |
of their husbands, to
withdraw same and to hold their |
stock in all respects as though they
were single women. The rights OF
minors were also considered and regu-
lated.
The Association has found It advisa-
bic to preclude parties without the
of Iberia parish from taking
stock in this Association. IN order to
maintain the proper proportion be.
tween the borrowing and non.borrow-
ing members and to give the people CT
his parish the preference in holding |,
stock.
The Association has also been ad-
its money.lending features.
The fact that twice as much has been (
paid out on property loans this year.
han last, shows the wisdom of this
step and also the benefit of moving
INTO an Office properly equipped for
business.
The Louisiana State Homestead /
League will meet here in April.
Thursday night the regular an
lual meeting of the Board Of Direc-
.Ors was held and the following
5fficers elected to serve for the en-. i
suing year: E. F. MilIard, Presi
lent; w. !. Burke. Vice President;
J. p. Suberbielle, Treasurer; W.
8. Weeks, Secretary.
AS a dislnterestcd party the
writer desires to say q few words
,ommendatory of the president,
Who has served the Association so
ong and well, and who appears to
,njoy its undivided confidence, as
in his continuous re