The weekly Iberian. (New Iberia, La.) 1894-1946, 1909-01-23

plan of lending money there hav
been and are heavy application
for loans. Your Board has COZ
sldered these applications an
granted a number Of loans, vet
will have the funds with which +
pay the maturing series, ana ais,
to meet several applications Ii
loans which will be considered a
the next meeting
Illustrative of the value of tn,
Iberia Building Association to tn,
community, 1t is only necessary t.
remember that, during its exist
enco, it has paid ont on maturing
shares more than half million
dollars IN cash, and has matured
proper ty loans to the amount of
$lSG, 10000. 1t has also paid ont
to witdrawing shareholders 4 vast
amount OF money and has earned
good profits for its shareholders,
both borrowers and nonbOrr0we1s
The slight decrease in profits p.r
share as compared with the pre-
vions year is due largely to the
~ nf I,A ID
deeming it best to make no loans
during the last quarter. The pro
portion of shares pledged for loans
is larger than at any time IN the
life of the Association. 10 day
81 per cent Of the shares of the
Association are borrowed on,
while last year the proportion was
a fraction less than 3J per cent
1onr l<oa'd realizes The import
"nee of auditing and desiling to
throw every safeguard around the
funds Of the Association have EN-
pldyed, for several of the last audits
OF the Association, expert public ac-
countants, who have spent from
ten days to two weeks, as the oc-
caslOn required, in thoroughly
checking up the business of thei
association. They feel that the
money thus expended is form of
insurance and that the details of
the business receive that scrutiny
and investigation which is one of
the safeguards against errors. Inl
addition to this checking, the As
sOclati0n is examined each yeal
by the State Bank Examiner and
is required to make semiannual
reports 10 State Banking Depart
ment.
With the opening of 1909 tie
Dayton plan, adopted 10y the Asso.
citation at the special meeting Of
stockholders, goes into eff&t.
The Association has been so pros
porous and it's workings so salts
factory that it was only after
years of investigation and deliber
alton that the change was made.
The Dayton plan IS the most np to
date and satisfactory plan of
building Association yet evolved
1t has been in successful operation
for a number of years. especially
in the West, aud is rapidly super
ceeding tho other methods; its
of both the borrower
and the investor is exceedingly
fair and equitable, and it is mlh
tual in every respect. While yield
ing fair return to the investor
he loans are at eight per cent
without premium and can be re-
paid by the borrower as soon as
he likes. Moreover, this interest
'ate is reduced by bis participa-
loo in the dividends. Under this
system the shareholder is not held
20 any payment save minimum
If twenty cents per share weekly
or stock that isspot borrowed on,
md forty cents per share for
pledged stock. All the profit
.rcditcd on stock is paid on
Y hdra avail, and W h en
he amount of Sl30 90 stands TO a
credit ON his book, one
,liare Of stock may be liquidated, .
interest only beng charged on the
balance. Ii shoot, it is up to the
borrower ~ to how soon he will
aturc his loan .As All evidence
# the favor with which the Day
on plan is regarded 30G shares
vas subscribed for daring the four
lays the Office was opened ending
January 9th, aud the applications
or loans are numerous.