La Junta tribune., 1907-02-02
SATURDAY. FEBRUARY 2. 1907.
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The annual meeting of the Otero
Loan and Building Association was
held in the office Of Buckley & Hart
last Monday evening. The semi-an
nual report published in another
column of this issue. shows a record
that is unrivaled by any other SINH
lar institution in the state. Despite
the fact that the capital stock was
doubled two years ago and increased
to 10000 shares. the number OF
shares now in force is nearly $500,
and il is apparent that If the associa-
tion wishes 10 continue its good
work in the upbuilding of La Junta
the capital stock will have to be
doubled again before many years
have rolled around. The association
has been doing business in La Junta
teen for the past six years. and no
less than 600 homes have been erect
ed in this city through its benehcient
instrumentality. 10 making the a.
sertion that the 0tero Loan and
Building Association has been one Of
the most important factors in the
upbuilding Of la Junta, the TRIBUNE
does not violate its established repu
tation as a surveyor Of truthful
statements.
During the sixteen years Of the
associations existence il has never
lost a dollar, and IN that time has
foreclcsed only seven loans. One
reason Of its great success is the fact
that il never has any idle money on
hand. and every dollar paid in earns
a dividend. Dollar stock has never
run longer than seventy-two months
and is now maturing in less than
seventy-one months. Four hundred
and twenty-five loans are now in
force. the average amount of each
loan being 1913. During the past
four months the association has re-
fused offers amounting to 81. 900
for paid-up stock. The association
makes il a rule never to have any
idle money on hand and this fact is
demonstrated in the semi-annual re-
port, which shows only s.. .02s.65 on
hand with dividend liability due on
February lst Of 81. .305 so.
N,.... "A A.th.t.r,r
stand how il is that owners of paid.
up stock receive a dividend of four
teen and fifteen per cent while bor-
rowers pay a little over nine per
cent interest. Knowing ones say il is
difficult to explain but that it figures
out all right. Others figure that
Sis per month is an enormous
price TO pay for a loan of 81 go.
hut not 50 when you figure rightly.
When you pay Sis per month for a
period of seventy-two months you
pay in all. principal and interest.
81 80. and the debt is Cancelled. II
you borrow 81 600 for six years. at
seven per cent interest. you will
have paid Sseo interest at the end Of
seventy two months and will still
-owe the 81 $50. A straight loan is .
dead horse because il has no earning
power and that is where the building
and loan association has the advan-
tsSe.
When the annual meeting was
called to order Monday night by
President Frank Finney. it ~as
found that there were over loo
shares lacking Of a necessary quo
rum Although stockholders have
thousands of dollars invested in the
association. they seem to have un-
limited confidence in the officers to
manage the business in a satisfzc-
tory manner. By a diligent use II
the telephone sufficient number Of
proxies were secured to proceed
with the annual election of nine di-
rectcrs. all Of the old board. most of
whom have teen connected with the
association ever since il was organ
ized sixteen years ago. being re-
elected as follows. Frank Finney.
James McSeen. c. A. Reerbohm. T.
W. Pierce. J. B. Sherman. r. Phil
lips. C. r. Buckley. C. Jarneyson. C.
". Bcueardnsr. The directors
thea eIected ofhcers - follows;
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