New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1912-01-20
THE IBERIA BUILDING AS
ISOLATION.

inc of the Iberia BriIding Asso-
cation took place last Tuesday
evening at the office of the ASso-
c alton with large number CT
subscribers present 10 hear the
report of those in charge OF this
successful cooperative AsBocla-
ton that has done much to give
many of our citizens homes on
the easy installment basis: we
reproduce in full the statement as
read by Mr.. Il. F. MiIlard, preSi-
dent which speaks for itself:
"A study of the 1911 statement
of the Iberia Building Association
presents many interesting feal
lures. The Dayton plan has now
been in operation for three years
and your President is glad
to report thht THE results
thus far are quite satisfactory.
That the liquidation Of the old
serial stock and The methods OF
the Dayton plan are working ont
as had been anticipated by your
Officers and Directors. One OF
the indications of the favor with
which the new plan is meeting Is
the fact that instead of carrying
the heavy cash balance of about
~ nnn
Fifty Thousand Dollars, ($500O0)
the balance Of the association us
ually approximates Ten THOUSAND
Dollars ($10,0000O). In fact,
while your receipts are large. be
inc exclusive of the cash on hand
at the beginning of the year and
the borrowed money. over Two
Hundred and Sixty Four Thou-
sand Dollars ($264.00G00, your
assoc; aticn has been compelled to
borrow during the year Thirty
Four Thousand Dollars 1894 ,O00.)
This loan together with Twenty
Five Hundred Dollars ($25OO.OO)
Of the s., 10000 note carried on
the previous statement has been
paid leaving outstanding notes OF
the Association on January LIST,
1912 of Twenty Five Hundred
Dollars ($2500.00). 1t is with
pleasure that ] can add that this
amount has since been paid. The
paid up stock of the Association
is greater than at any previous
time. being on January LIST, One
Hundred and Nine Thousand
Four Hundred Dollars ($109. 400,
despite the fact that during the
past year shares of this stock to
the amount of Seventy Two Thou
sand. One Hundred Dollars ($72,-
1000 were withdrawn. It is the
policy of your Directors to create
as rapidly as is consistent with
the payment Of a fair dividend
a healthy contingent fund. You
will therefore notice that al
though the Dayton plan has been
in existence only three years the
contingent fund amounts to slight
lN1 In excess of Three Thousand
Hpllars ($3,0OO.O0). There is less
liability of loss under the Day.
ton plan than under the Serial
plan but as the contingent fund
created during the existence OF
the Serial stock is playing such
important part in it's liquida
ton we feel that it is wise to be.
gin Immediately to create a con
tingent fund thereby strengthen
ing our Association. Another
cause of satisfacti is that the
real estate account has been re.
duced over Twenty Five Hun.
dred Dollars. While Building
Associations make loans on real
estate it is not their policy to ac.
quire property and whenever this
item is large in the reports of tn.
Association it shows an unhealthy
condition As expected. the as.
sets Of your association have each
year been somewhat reduced sine c
the adoption of the Dayton plan
due to the rapid liquidation by
the maturing and withdrawal o1
the Serial stock. They amount
in round numbers. to half a mil.
lion dollars. You will notice the
difference of about 100000 in
your receipts for 1910 and those
of 1911. This is due principally
TO two items. namely. Bills Pay.
able Serial Loans. the receipts
from which aggregate for 1910
over $172.000.00. During the
year 1911 these two items aggrc-
gated something over $55, 100000
a difference of about $117.OO0.00
The heavy receipts therefrom dur.
ing the preceding year was at.
tributable to the liquidation OF
Serial stock and loans. You will
therefore see that the difference
in the receipts was caused by an
! unusual condition arising from the
change in the charter. During
the year four series Of stock, 81