La Junta tribune., 1917-02-03
LOCAL BUILDING AND LOAN
Loca! Organization Has Never Beer,
In u More Flourishing Condition
Little Demand for Loans


Las, Monday evening the twenty
sixth annual meeting of the Otero
Loan and Building Association was
held ut Harmony Hall. The attend
ance was not as large as usual, al
though the number OF shares repre-
sented at the meeting. either in per-
son or by proxy, was l.6li in excess
of the number required for quorum
The meeting was called to order by
DR.. Frank Finney, president of the
association. who was elected to pre-
side over the deliberations of this an
nual meeting with X. Phillips as sec
retary, just as they have been for
so many previous years that the
memory OF the old-time member
could not recall when it was other
wise.
The first thing on the program
was the reading OF the annual report
by Secretary Phillips. The report
shows that the affairs of the associa-
tion have never been in a more flour
ishing condition. Notwithstanding tn.
fact that there has been very little
demand for loans. In fact, the num-
ber of loans made last year was the
smallest in the history of the asso-
citation for period OF fifteen years.
Not as many new loans are being
made at the present time as there are
old loans being paid. The report
shows that the association has more
cash on hand right now than It ever
had before. the amount being $780,
646.s4. The forcing out OF paid-up
stock is the safety-valye by which
this pressure is relieved, and to. this
end the directors have issued an or
der for the cancellation OF $4,000
worth OF paid-up stock. This will
stock that has been forced out dur
ing the past year. an order for the
forcing out OF $30.000 worth of
paid-up stock having been issued
last July.
The fact that the association has
more money than II can use. or
knows what to do with, brought up
a rather interesting discussion as to
the policy that should be pursued In
such an emergency-whetEer IL
would be best to enlarge its field OF
usefulness and look for new worlds
to conquer. or conflne the business
OF making loans exclusively to Otero
county as has been done In the past.
DIR. Finney asked for an expression
of opinion from the members on this
question, and the response was al
most unanimously In favor OF contin-
uing the present conservative policy
OF the association, and utilizing the
safety valve OF forcing out paid-up
stock to relieve the burden OF an
oversupply OF cash on hand. Primar-
ily the association was organized for
the benefit OF people who desire to
build homes and not for plutocrats
who have more money than they
know what to do with and are look
ing for safe investments at good
rate OF interest. There is no end to
the demand for paid-c: stock. and
the association will have no trouble
In getting all the cash II needs when
ever there is q demand for loans.
During the past year the associa-
tion has had decrease In business
10 the amount OF about $4,000. the
resources OF ss&3.601 In the annual
report for this year showing a de-
crease OF that amount over that OF
n year ago. The amount Of author
lied capital is 100000. and the
association Is the third largest In
the state In size and volume OF bust
ness. the two associations whose vol
ume OF business II larger both be-
ing located In Denver. The number
OF psid-up and serial shares OF stock
in force at the present time have a
value Of sI.+65.ooo. which shows
that the Otcro Loan and Building
Association is the largest financial
Institution in the Arkansas Valley.
and equal In financial prestige to
any two banks In this section Of Col
ofado.
Tho number OF shares Of paid-up
stock sold during the six months
ending December 81. 1916. was ~.
and tho number withdrawn. trans
ferred or cancelled was 1913. the val
TIC Of each share being 800. The
number OF paid-up shares OF stock
In force at the present time is :.262.
and the number Of serial shares II
1e.3ss. The number Of loans made
during the last six months Of 1915
was s?. and the number OF loans
paid off during that period was 10.
me- sus,1 N.ae ~ 1na M In f0Fr0 nt tho