The weekly Iberian. (New Iberia, La.) 1894-1946, 1913-01-25

II order 70 proteef loans The
material increase nl the rnntln
gent fund, vhleb i now et,1lo o.,
4 adds strength 10 / he Association.
\ fact which few If our stock
holders comprehend ~, that on
! withdrawing serial stock, mn ex.
ceedlngiy small proportion of dlvl.
] dends IS uueained and the stock
! holder receives almost the entire
/ amount credited nn his book For
example Inc book value ot five
shares, aeiles ST. Is now $50 80.
from whi,h. N case of withdrawal,
81 50 would he deducted OF
course n the Dayton stock. the
face oi be book IS paid
Froai he small caah balance,
/ SIG, 81, ~ you vii See that there
are no idle funds esl celally when
| it is understood that IN lluuidat
ing Series -, 81. COO 90. III cash
will be required 70 pay off he free
shares.
The usual annual dividend of &
per cent compounded semr annu.
ally was declared. your Board
deemlng ii the part of prudence
to be conservative N the matter
OF profits, until the entire lluulda
tion Of the serial stock while, at
the same time, creating healthy
contingent or reserved fund
There are still twenty one series
in force. adgregatting | .6h shares
The question Of the taxation of
the Association was decided by
the District Court last year
There was never any doubt in our
minds on this subject. All prop.
crty actually owned by, and stand
ing IN the name Of, the Iberia
Building association, was listed by,
and assessed in the name Of, the
iberia Building Association. The
properties of the borrowers, stand
ing IN their rsames, are assessed to
them. The stock also stands in
the names Of the individual stock
holders, hence, 1t has ever been
our contention that the only prop
erty for which the Association
should be assessed is the real es
tate, etc owned by, and standing
in it's name However, the public
officials, at various times, have
considered assessing the AssOcia
ton as doing banking business.
rhe matter was brought to an ia
sue in 1911, when an assessment
Of S2J, 900. 90 was, despite our pro
tests, placed on the rolls, in add
ton to that returned by us. Act
ing under the advice OF your attor
ney, suit was tiled by the Assocla
ton against the Assessor and Po
lice Jury to cancel the said erro
neOus assessment The decision
was in favor of the Association.
We hope that this mat.eg is now
definitely settled.
lie then announced that II
was in order to elec' new Board
OF Directors FOR 1913. The old
Board was reelected by acclama
ton, as follows:
+. + Millard, who has served
% years continuously upon the
Board, now re elected to his oath
years service.
j. A. Fagot, who was first elect
ed to membership on the Board in
1896 After 5 years service az a
director, he retired for two years,
returning to his chair in 1903.
He now enters upon his 10th
years service.
Il. &. Langhlin, who was first
elected a director in 1900, and re-
elected at each subsequent annual
meeting, giving him a service, IN
cluding this year, Of IA years,
J. W. Taylor, who has a service
of 13 wears to his credit.
Lazard King, reelected for the
1lth time consecutively. Now en
tering upon his 18th years service
AZ a director
w. j. Bernard, who has served
six years unin.erruptedly and now
enters upon his 1th year.
After the transaction OF the
usual routine business the meet.
ing adjourned sine ole.
The meeting WAS probably one
Of the smallest ever held in point
of attendance. Shch condition
cannot reflect other than the com.
plete confidence Of the non attend.
ing stock holders in the manage.
ment of the Association, in which
80 many have SO much Of vital in
terest. The directors and officers
take 1t as the highest compllmen,
<xf 1,n;c ,.aat onryipt.a