The weekly Iberian. (New Iberia, La.) 1894-1946, 1905-01-28

Total number Of subscribers Dec.
At the annual meeting of the
stockholders Of the Iberia Build
ing Association, held Oh the 18th.
INST. the following facts were
made patent by the Secretar4's
report. conveyed in the Prcsi-
dents annual message, Which he
read, as follows:
a concrete example is perhaps
the best method of showing what
has been accomplished during
1901 by the officers of the Iberia
Building Association. The cash
actually taken in during that year
was s2O6, 1895 The cash paid
out during the same period was
S2OG, ,OlO.OS; or, in other words,
every dollar collected during the
gear was kept active save a small
balance Of S393.S7 This means
that every week daring the past
year an average of 81 600 was re.
ceived and disbursed.
The experience of the Associa
ton has demonstrated the wisdom
of the purchase of the $4,000 Of
Louisiana four per cent bonds, and
holding same. Under the law,
Building Associations are not re-
Gnlred to keep any particular
amount of cash on hand. 1t is
the aim of your officers to keep
every dollar active; hence, at
times during the year the cash in
the depositary of the Association
was very low. On one particular
occasion it was only $1O.69. The
Association was perfectly safe,
however, and ready to meet any
reasonable obligations, having ar
ranged with one of the New Or
leans banks to advance them
whatever money they needed on
che collateral of the bonds at the
interest rate of five per cent per
annum. Had the $4,000 invest.
ed in bonds been in actual cash.
strenuous efforts would have been
made to invest same. The Asso-
ciation. therefore, would have
been without other resources than
to borrow money from the local
banks These bonds. while act
ing as reserve for your Associa
ton, are. at the same time. earn.
ing interest.
You Will see that the profits of
the Building Association, though
large being s49, 733 3S are SO, 12G..
81 less thar for the year 1908.
The reason for this difference in
profits rs due to the fact that
while our property loans increased
$50, 400. 90 in 1903. the increase in
property loans for 1904 was only
s3S, 200 90 making ths premiums
for 1904 nearly ten thousand dol
lars less than for the previous
year. The cause of this decrease
in property loans was largely due
TO the general stagnation and the
strike at the mills. You will no
tice that the other items Of profit
such as interest, discount, fines,
etc, have nearly all sensibly in
creased and that the falling off Of
profits is entirely due to the fact
that the demand for property
loans during the past year was far
less than during the preceding
year.
Although the Association is
larger, you Will notice that once of
the items of profit which is less
Tlis year than in 1908 lis that Of
forfeitures. The forfeitures being
very nearly fosr hundred dollars
smaller. This shows the salts
factory and beneficent workings of
the new forfeiture clause adopted
by the ASSOCIATION, allowing
stockholders who forfeit their
shares, or their shares and proper
ty, to again take up their shares
or their loans upon the payment
of penalty which decreases with
the age Of the stock. Formerly
the older the stock at the time of
the forfeiture, the greater the loss.
To day. it is reversed and the
stockhoialer who has for years