La Junta tribune., 1914-01-31
BUILDING AND LOAN MEETING
ANNUAL Meeting OF OterO Loan and
building Observation-Disclosures
Elccteti-Two New Ones

Elccteu-IWO New Ones
There was rather small attend
ance at the annual meeting of the
shareholders OF the Otero Loan and
Building Association last Monday
night. The attendance was small
shares represented was 6.627-143
more than was necessary to consti-
tute quorum. a very unusual cir
cumstance, as II has been necessary
in previous years to adjourn to a
later date on account OF quorum not
being available. The meeting was
held In the reception room of the
Baptist church, and this may have
been the reason for the small at
tendance, as the published call an
nouuced that Harmony Hall would
be the place of meeting. The ladies
OF the Fortnightly Club, however.
had some kind of mortgage on
Harmony Hall. and the members of
the building and loan association
had to give way.
The meeting was called to order
by Dr. Frank Finney. and after the
reading OF the minutes OF the annual
nesting OF the previous year. X.
Phillips. the secretary. made his us
lal interesting explanation OF the an
nual report. n printed copy of which
bad been placed In the hands OF each
member present.
The association had very good
year, although the profits were about
Ss,0O0 less than last year. The real
estate account also shows an in
crease over last year OF about So
900, now amounting To S36.al2.03.
this item consisting OF properties on
which the association has foreclosed.
Al ot the properties are rented how
ever. and bringing In revenue suf-
! ilcient To pay the Interest on the
amount invested. and there will be
no loss The association has had
rather unfortunate experience In
7 making farm loans. and In the fu-
!. Ixes has decided that loans OF that
character VIII be taboocd.
Last year there was 80 much sur
Il h.. aia.
ton had to force out 100000 worth
OF paid up stock on March lst. and
IN order To reduce the earnings re-
duced the rate OF interest to borrow
ing members from 90 per cent To
50 per cent The monthly payment
on "a 200 loan is now 81 instead
OF SIS. and has been since March lst
OF last year. This reduced III. an
nual income about $4,000.
The capital stock OF the otero
Loan and Building Association Is
S2.000.o0o. and the par value Of
each share IL 500. II II III. largest
financial Institution In the Arkansas
Valley. and th. expense account VIII
average about $4,000 per ycar-or
about one-half of one per cent on
the amount of business transacted.
tn. expenses for III. six months end
ing December 3lst last wcr. s1.bts.-
OF. The number of loans In fore" at
the present time Is Soc. aud the ay-
erag. amount of each loan IL 1913
~. The number OF loans mad. dur
inr the six months ending December
.3lst was nfty-four. and the number
OF loans paid off during the same
period was siN,y-fiyc.
A. the conclusion Of secretary
Phillips report the association pro-
e..ded Io elect niu. directors for
the ensuing year. the choice result
Ing as follows: Frank finncy. G.
A. Bcorbohm. Il. Phillips. c, H. Due
key. james McNcon. G. Jam"yson. y.
W Pierce. r & coltmnn and VI. +.
Miller. The two last named are the
now directors elected The diroc-
tors met ut the conclusion of the
stock holders meeting aud elected of
fic.rs AZ follows; President. Frank
rinnoy. Vice president, James Nc
Ns.n: secretary. Il. Phillips: assist
ant secretary Clara NJ Norton; treas
urcr. ". A. Hart. attorney. q. a.
kiixtorc.