La Junta tribune., 1915-01-30
BUILDING AND LOAN MEETING.
Twenty-fourth Annual Meeting OF the
OtefO Loan and Building Assoc
ciatiOn-l3est Year Ever.

The twenty-fourth annual meeting
OF the Otero Loan and Building A.
sociation was held at Harmony Hall
last Monday evening. the attendance
OF the stockholders being quite large.
although not great enough at the
outset to provide the necessary QUO
rum. When DR.. Frank Finney, the
president OF the association. called
the meeting to order. a poll Of
the stock represented developed the
fact that the shares represented In
person and by proxy were 492 short
OF the necessary quorum. which re-
quired that 1907 shares be repre-
sented at the meeting.
BY using the telephone industri-
ously for few minutes the requir-
ed number of proxies were secured,
and Secretary Phillips gave his an
nual message to the members. The
message was one Of optimism. Al
though the past seven years have
been a period of depression. decreas-
ing values and general business stag
nation. Mr.. Phillips thought him.
self fortunate In being able to re-
port that the affairs of the Otero
Loan and Building Association were
in excellent condition and that the
report for the year was one of the
best ever made by the local associa-
ton. During the year the associa-
ton had no losses that will affect In
the least the maturing of the stock
in the time estimated. The reduction
In the rate of premium on loans by
which the payment OF $l7 instead
OF SIS per month on a $1,000 loan
natures the stock In seventy-fiyt
months. reduces the earnings oi
the association more than $500 pei
month. but this resulted In n trans
fer Of u slight portion Of the burden
from the borrower 10 the non-bor
rover. 10 that the interests OF all an
nov oretsy evealy tslanssd. AZ
~ 0 - - 49,
had an increase IN btsiness OF atou
$4,000. the resources Of estS
A72..7 In the annual report for thii
year showing an increase Of tha'
amount over the report Of yeai
ago. The amount Of authorized
capital Of the association is $1,000.
900. aud nj the present time thu
number Of paid up aud serial share
of stock In force have = value Of 81.
$4,000. which shows that the Oter
Loan sud Building Association IL III.
largest financial Institution In Ii,
Arkansas Valley. not even exceptini
the banks. The number Of shares
paid up stock sold during the 81
months ending December 81. 1914
WAS 1856. and the number Of share
withdrawn. transferred or cancciless
Was ~. The number Of paid "
shares In force nj the present time
:.ses. and the number Of serts
shares lI.SS6. The number Of loan
made during the last six months o
1914 Was 81. and the number
loans paid Oft during that period 81
The number of loans In force NJ th
present date IL s7s. and the averss
smount Of each loan IL eI.oos.si
The total expense Of conducting ih
business Of the association durin
the last sia months Of 1914 vas 81
3s%.05, or about one and two.tsntt
per cent on the amount Of busines
transacted. which aggregated tou
Of about S5s0.O0o during the pai
year.
Al Of the directors ssd ofGicers'
association were reelected for q
easaine pear. - follows: fran
ftaney. &. A. Beesbohn. x. Phiiiip
Z. u. Buckley. r. e. coltmas. Jam
McNeea. e. Jamsysoa. E. W. Pissc
n. y. Miller. directors.
The saockholdess meeting The beai
Of dlrectoss met snd ossanlsed q
The easuins year ~ electins oefiee
o. follows: Prssideat. Fraak n
ney: vice Drssidsat, James McNeM
secretary. q. Phiillps: assistant =
sptaFy. Clara -. Nostea: tsoasuss
Nv. 4. Hart: attorney. q. 4. kllooe
au1ltess. Celeea1e Savings asl IN
ComDaay: sscuslslss committee.
". plores. James lleleeeo. G. 1a0e
go. Ths eefleess dsslsFe1 . ~ !,
assual dlvl1ssl q tArss ~ eeot
shs serial aal pail - sooek. 8
sneuae pal1 oct h dlvl1so1o -
ysas u besweea oSS.eee go 49,