The weekly Iberian. (New Iberia, La.) 1894-1946, 1914-01-24
IBERIA BUILDING ASSN
Held its 9th Annual Stock
holders Meeting-Issuedit its
Statement for l913-Elect-
ed Directors for 1914.

too, was convened the 9th annua
meeting of the stock holders, for thu
purpose OF receiving the reports of iti
officers Of the past years business ant
for the purpose Of electing directo
rate for the year, 1914. The Presi
dent, Mr.. e. #. Millard, called tn,
meeting to order al q few minutes aft
er Z o'clock. The minutes of the las,
Annual meeting were read and ap
proved.
The President then presented thu
Annual Statement, showing the de-
tails of the past years business, aftel
which he read the following special
statement, prepared for this meeting
PRESIDENTS ADDRESS.
In making this, my annual report
of the business of your Associa-
ton, for the past year, and gen
eral statement of its present con-
dition, together with certain fea-
lures which are proposed for the
incoming year, you will note that
several changes in method have
been made, not very material, and
that your Board will submit for
your consideration tonight, q
change that is, we think, Of much
Importance to the Iberia Building
Association. On this we request
you to express either your sane
ton or disapproval, as the matter
proposed appeals TO your judg-
ment.
You will note that in the matter
90 Paid Up Stock, April 1st and
October 1st have been adopted as
the dates on which checks are mail
ed to all holders of this class OF
stock. Formerly it was a requisite
that this stock remain i'm force for
six months. Now, any stock in
force on the dates named, receives
its interest check; while stock
withdrawn between these dates, re-
ceiyes no interest. This method oil
interest payment facilitates the
audit of the Association, and OBJ
yiates the necessity of the stock
holder coming to the office for the
purpose Of collecting the interest
the check issued in settlement
thereof being the only voucher re-
luired.
The special matter to which we
desire to call your attention is the
proposition to transfer all OF the
old serial stock into either Dayton
or Full Paid Stock, and the Serial
Loans into Dayton Loans. For this
purpose it is proposed to offer to
the holders of this serial stock
the full book value for such stock
provided same is transferred into
either Dayton or Paid Up Stock
and borrower will be given the
privilege, whenever possible, OF
changing his loan from the serial
plan loan to the Dayton plan loan.
This is to be left entirely to the
discretion of the holders of the
Serial Stock. There will be no
comptilsiOn whatever i'm the matter
The Board has considered the mat
ter most carefully, and has had the
official auditor OF the Association
go over the books with view to
ascertaining it's effect upon the
Association. 1t is recommended by
him as of advantage to both your
Association and to the individual
stockholder.
1919 is the fifth year of the opera
tion ofthe Association under the
Dayton plan. Your Board and Of
ficerB have never seen cause to
feel that the change was mistake,
but on the contrary are better sat
isfied Herewith as time passes
The Dayton plan loan is exec sding-
ly simple, flexible, and allows the
borrower privileges granted by no
othed financial institution. The
right to repay the whole or a part
of q loan ct any time is beginning
to be understood and appr sciated
During 1919 Dayton loans to the
amount Of S59,130, repres snting JOl
shares, were repaid, while Dayt0I
property loans III excess Of $4,000
were perfected. That the advant-
ages of the Iberia Building Asso-
citation, al an institution for saw
ing, are appreciated, is shown By
tho fact that, exclusive OF thu
amount on hand at the beginning
Of the year, it received in cash ovel
1921 10000. Althougk demands f0l
loans were heavy, and although th'
Association waB called upon to pa.
out for property and stock loans
Withdrawals OF serial, Dayton ant
Paid Up Stock, Interest on Paid VI
stock, matured stock, ETC., 1927 ,000
or practically $4,000 : month, M
mrtley was borrowed. Our re
reipts. principally in small install
ments. were sufficient to meet tn,
demand for this vast aggregat
sum. The Paid Up Stock in force
on January 1st was greater Y