La Junta tribune., 1913-02-01
DUiLplNe AND LOAN MEETING
o%sre Loan and Building Aseocia.
sten Held Annual Meeting
and Elect Officers

There was a well attended meeting
Of the stockholders Of the Otero
Loan and Building Association at
Harmony Hall last Monday evening
the occasion being the annual meet.
Ing 70 elect board of nine direct.
ors for the ensuing year. The most
intercsting feature of the meeting
was the report Of X. Phillips. secre.
tAry Of the association. on the finan.
cial condition OF the organization
which Is Just now entering upon
the twen,ythird year OF its exist
euce.
II has been a great factor in the
upbaildiur Of La Junta. and IL pro
viding homes for members who nev.
or would have had home OF their
own had It not been for this organi.
ration. II is purely mutual In It's
bouefits. The borrowing member shar.
ing equally In the profits with those
who own paid up stock. There has
always been great demand for paid
up stock, as much as SIS eco having
been O. tle waiting list at one time.
and over one-half Of the paid up
st0ck Ia thc association is owned by
former tosdents and parties who
reside OUTSIDE Of town.
The Otero Loan aud Building Asso-
citation Il, the largest financial nsti.
tuition lnS the Arkansas Valley east
OF Pueblo the aggregate amount Of
loans bal . greater than the dcpos.
Its OF ant bank cas-, OF Pueblo, and
not otwithstSndng this fact the ex.
pense Of doins this amount of bust.
ness y iess than onc-half OF one per
cent. Al the present time there
are sa9 loan In force. the average
amount Of each loan being soGtio.
and Ill .beihE confined to otero
county. Tbts number OF loans would
cover the resident sites In fifty
city h3ocks In La Junta-all the ter.
ritOry hetwes, Ration and Carson ave
mes snAs fyom First to Tenth streets,
Al the prternt time the association
has the Asoes, amount Of cash on
hand tn = history. A. will he scen
by the WASch wSS1 he found
In an0shef cua,imn Of this issue. II
amounts 10 S3s.0so3s. The earnings
Of the associaton are also greater
than ever before. being four and one
half per cent more than is necessary
TO mature the stock In the time lin.
II OF scycnty.two months. In or
der To reduce the cash on hand the
association will b. compelled to force
out SO Oo0 worth Of paid up stock
on March LIST. and To rcduc. the
earnings II has been decided TO re-.
duce the rate of interest to borrow.
ing members from 90 per cent to
81 per cent The reduction To bor-
rowing members means that III.
payment On \ lean OF 81 900 will b.
month after March LIST. These chang
cs will rcduce the earnings OF the
association between $500 and $500
per month--ncarly $4,000 per year,
and tho serial stock may not ma.
ture in twenty-five months ms here
tofcr. bnt Secretary Piillips lis Of
the opinion that the change will not
l.nr'h,n the time more than two
months
Al the conclusion Of Secretary
Phillips report the stockholders pro
c"cd.d To elect nine directors for
the ensuing year. All Of the old
directors, most Of whom served In
this capaCty for 80 long period
that the minds Of the stockholders
knowe,h not to the contrary. we're
reelected. ~ follows: Frank Fin
ncy. c. a. Be~rbohm. Il. Phillips. c.
X. Buckley. J. u. Sherman. James
McNc"n, G. Jameyson. r.. ". Pierce,
G. W Bonsardncr. The directors
met q, the conclusion Of the stock
holders meeting and elected Officers
~ follows: President. Frank Finne,
vice president. James McNccn: sccre
iary. II Philhps: assistant secretary
Clara M. Merton: treasurer. ". A.