New Iberia enterprise and independent observer., 1915-01-23
28th ANNUAL MEETING OF
THE IBERIA BUILDING
ASSOCIATION.

stockholders met with the Off
GERS of the Iberia Building Asse
citation for the purpose of hear
ing the report of the Presiden
and incidentally to select the off
cials for the ensuing year. Ow
ing to the illness of the presiding
officer, the yice-president lead tn
report which was satisfactory t.
those present. Owing to tn
crowded condition of our column
with ordinances of the City Coun
Gil and other matters of import
ance, we could only find space fo,
part of the letter Of interest t(
the stockholders:
-
Coming now to matters di-
rectly effecting the business OF
the Iberia Building Association
you will recall that at the last an.
nual meeting it was decided to
allow the stockholders, both Dor.
rowers and non-borrowers, to
change and transmute their Serial
Stock and Serial loans into Day
ton Stock and Dayton Loans; or,
into Paid Up Stock. The matter
was thoroughly explained result
ing in the practical liquidation
Of the old Serial Stock and Loans.
The result can be more readily
understood when it is known that
on January 1st, 1914, there were
in force a1191 Serial Shares; on
December 31st of the same year
there were only 335 Serial shares
in force. Our Serial Stock
account on January 1st, 1914
was $1S7,828.87; on December
31st, it was $54, 1868; showing
a decrease Of $133, 3,332.54. This
rapid liquidation of the Serial
Stock has had the effect of de-
creasing the assets Of the Asso-
citation by $39,50O.O0. These be-
ing only a little above $400, 100000
on January 1st, 1915. 1t will be
Of interest to know that over
half of the Serial Stock in force
is pledged for property loans.
Despite the hard times there
was received from Paid Up Stock,
during the past year, 100000
as against $58,300.00 in 1913 and
this although Paid Up Stock was
1ot issued during several months
of last year. A gain in receipts
rom that source over the prior
year Of $12, 10000. The Paid Up
Stock in force on December 31st
vas $19O,90O.OO as against $780,
10000 in force on January 1st,
1914, an increase. in that item Of
"a, 10000. While the assets
nave decreased, the earnings, in
proportion, are as great as they
rave been during the past two
n three years.
"1914 was the sixth year of the
operation of the Association TN
Ter the Dayton plan and your
Board is more than satisfied with
he wisdom of the change. The
lsual dividend of six per cent,
ompounded semi-annually, was
declared on the Dayton and Ser
al Stock of the Association, while
he rate of interest on the Paid
)p Stock was not changed; that
), it was left at five per cent" \
The following resolution was
dopted by the stockholders:
"Be it resolved that we, the
tockholders Of the iberia Build
ng Association, hereby express
ur regret that our President,
1r. E. F. Millard, is unable to be,
nth US at this time; and also to
xpress to him our pleasure in
is recovery from his recent ill ]
ess. In so doing we further !
oice our appreciation of the
cry able and faithful service he {
ad. rendered the Association {
uring his long and active con- ]
ection Herewith" q
The same Board of Directors, t
onsisting of Messrs. Lazard j
ling, A. H. Trotter, E. F. Mil I
I'D. j. A. Fagot, A. Daigre, w. t
!. Bernard and Max Levy were
,-elected. On the following
ight the Board met and elected :
lie same officials, E. F. Millard, 8
resident; j. A. Fagot, vice-presi- t
ent; w. G. Weeks, secretary and b
dward T. Weeks, attorney. p
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