The weekly Iberian. (New Iberia, La.) 1894-1946, 1906-01-20
The IBERIA Building Assn.

1
the Annual meeting of the stock
holders of ti9 iberia Building
Association at its office. The
President, in presenting the annu
al report 70 the stock holders
read th4 following report.
Despite the many UnfaVorablt
conditions existing during 1905
the iberia Building association
has continued to grow md to pro
greSs, and the general profit ac
count for the past year shows an
increase over that Of the proceed
ing year. The gross profit for
1904 vAs so, 1888 while the
profit for 1905 amounts to go,
6J1 30 Series - which is one
year old does not show az large a
percentage of profits as was earned
by the corresponding series for the
prior year. This is due to the
stagnatiOn resultant from the
yellow fever and quarantine con
ditiOns, the profit for the quarter
ending September 3Oth being
about Twenty five hundred Dol
lars less than any of the preced-
ing dividend periods for the year
and reducing the profit per share
III q corresponding ratio Several
parties who had made loans dccid
cd not to take same alleging the
yellow fever AZ their reason.
The best test of confidence Is
the patronage OF The people, and
it is gratifying TO state that our
total receipts are greater this
year ton ever befol IN the his
tory Of the Building Association,
amounting to $212,5l1.o and ihat
we have more shares in force. In
1904, jill shares were issued,
while in 1903, l2yS shares were
sold. One Of the most satistac-
tory features Of this growth of
the Association il the fact that
Waile the shares in force have
increased, the proportion of shares
borrowed on is greater. than ever
before In 1902 the percentage
of Shares pledged for property
loans was u per ct Of the shares
in force; i'm 1903 - per ct were
pledged for loans; in 1904, 81 per
Ct of the shares were pledged,
while on the Thirty FIRST of DE
cembep, 1896, 81 per ct OF the
shares in force wee pledged for
loans. This shows that while
more shares are being issued, a
greater number are being taken
for the purpose of borrowing 90
per ct to 80 per ct is considered
cutie large proportion of borrow
ed stock, hence our showing is one
of which we may jastly be proud
The number Of shares matured
this year is 249, and there was
paid ont in cash S47. .5GG 32 and
loans were matured to the amount
Of $11, 200. 90. This ia the largest |
amount of cash ever paid ont in
one year by the Iberia Building
for maturing stock.
The maturity period of the Asso
citation is now nine and a quarter
years which is shorter time than
is taken to mature stock by any
in Sc St5e, and
there are very few in the United
States which equal this record.
You will notice that we have OH
hand IN cash the sum of S51.77G.
81, which is more money than we
have ever shown on any one state
ment except that Of January 1st,
1903, when the cash balance
to s62,93S. "a. While
this seems quite an accumulation
,f money, there is 800. 900 90 of
cash to be paid ont during 1906
Tor maturing stock. The increase
,f assets is S64, 259.7S notwitb
our large payments on ac
count of maturing shares. There
has also been a most gratifying n.
crease in our stock loans, our inter
,st and discount account and III fact
almost every account of the Asso
,iatiOn. The only item of profits
which is less is the premium ac
count, the falling off in which is
argely due to the conditions
caused by the yellow fever epi
lemic. Despite the increase of
assets, profits and the general