The weekly Iberian. (New Iberia, La.) 1894-1946, 1909-01-23
The New Board of Directors
Organize and Return all
the old Officers to their Re-
spective Places.
The Directors Raised the In
terest Rate on "Paid-Up
Stock" to 5 Per Cent.

On Tuesday evening gOodl,
number Of the stockholders of til,
Iberia Building Association me
at the Office of the assOcla
tiOn for the 22nd Annua
Meeting. to receive the report!
from the officers of the past year.
operations and to elect a new
board of directors for the ensuing
year. After the reading of tn,
minutes Of the two previous meet
ings of rhe stockholders, Mr. L. +
M'llard, the President, presented
the 22nd Annual Report and rcad
his annual address as follows:
Despite the financial stress OF
the past year, the Iberia Building
ssOciatsOn received during tha,
time considerably more than a
quarter of a million dollars and
disbnrsed this amount IN the
course Of its business. There was
no delay ain meeting its obliga
tons and the demands Of it's
stockholders; no applicant for a
loan was refused, provided the Sc
curity was satisfactory, and not a
dollar Of money was borrowed
The Association prides itself upon
the fact that not a dollar has been
borrowed 10y 1t during the twenty
two years of It's existence.
Though during the year shares
have matuied aud liquidated to the
amount Of more than S154, 10000
though serial and paid ur
shares amounting to S32, 400. 90
have been Withdrawn, though for
the last three months of the year
no shares were issued and hO pro-
peTty loans were made, yet the as
sets of the Association have de
creased less than $47, COO 90. 10
the past year also, belongs the
credit of having matured more
shares than did any of its prede-
cessors, the Association having
paid out, during that time,
BIB. 773. 80 on Ofree shares,
matured and made title to proper
ties to the amount of $40, 10000, a
total Of $l54,17S.39. Series As,
which matured last year is the
largest liquidated in the history Of
tho Association. There were in
force, at the time of its maturity,
552 shares Of (Which 2S3 we're free
shares, receiving in cash *5G,65S..
IA, and SO were pledged for loans
to $l3.SOO.OO, making
he total liquidation in Series 4S.
over $7O.OOO.OO.
The effect of the hard times has
been shown by unusually heavy
stock Withdrawals, the disburse
nents therefor being $26, 204,95
It also appears III the fact tina,
y lille there has been a decrease in
he assets, and in the receipts
rom lnstallments aud interest, the
'eceipts from fines have material
Y increased. This is an indica-
lion that many who have hereto
'ore been prompt in their pay
nents have been compelled 10y
stress of circumstances to become
q arrears. The statement of Jan
lary 1st, 1908, showed 10000 90
If Paid up stock IN force while
he present statement shows $1S,- |
10000. $14. 10000 Of this stock
vas issued during the last year,
md &c, 10000 was Withdrawn.
You will also notice that tn.
Associafion has practically no idI.
money, the cash balance being OH.
= $l7,97l.72, which is about as
mall a balance AZ should be car
led by institutions Of this size,
specially as Series 50 has matur
d with 145 shares in force, Of
1hirh 36 are loaned on. The
Of this serios will re.
MIRO therefore, = payment Of s2i,-
% %. Furthsr, owing 70 the "a /