The weekly Iberian. (New Iberia, La.) 1894-1946, 1917-01-20
3Oth annual MEETING
IBERIA BUILDING ASSOCIATION
Was held Tuesday Evening-Statement Issued
to the Stockholders for 1910 Observation-Disclosures
Elected for 1917.

On Tuesday evening last, at the
o lice of the Iberia Building. not
withstanding the inclement wealth
er was held the 30th annual meet
ing of the stockholders, for the
purpose of receiving and discuss
ing the reports of it's officers Gov
ering the past years business, and
for the purpose of elecung q
board OF directors for the ensuing
year. Mr.. j. A. Fagot, The vice
president, in the absence Of the
presidence, called the meeting to
order at the usual hour, and after
the reading of the minutes of the
previous annual meeting, he pre-
sented tho annual statement of
last years business, after which
he read the following address,
prepared for this meeting:
In March of the cnrrent year
the Iberia Building Association
will complete thirty years of sue
cessful operation. Some Of those
who Witnessed and participated in
its or ganization are, am glad to
say, still officers and members of
the institution. 1t has passed
through panics and periods of
financial stress without being
shaken and today is more tirmly
established than at any time dur.
ing its history. This condition is
largely due to the confidence of
our people in the Association
which has in every way been jus
tfed, and to the fact that every
form of fictitious profit, such as
unearned premium. profit on with.
drawals and the like, has been eli
m mated and your Association is
now operating on cash basis, ev
cry item of profit being cash when
declared and not contingent Oh
premiums yet to be earned.
You will note q decrease IN as
sets due not to any losses, heavy
Withdrawals, or the like, but to
the fact that the Association, be
ing unable to lend It's funds salts
factorily, on January 10Th, of
1916, discontinued the issuance of
paid up stock and has not been &C.
tive in pushing the sale of Dayton
Sock. Many and frequent appli
G atoms have been made for Pald
Up Stock in both small and large
amounts, but we are carrying a
larger bank balance than is neces
sary or desirable and as few loans
were made, your Association
could not use the funds derived
theIetrOm.
There was paid out on Dayton
loans during 1916 just about half
the amount disbursed for the
same purpoes in 1915. Many more
for loans have been
filed than were granted; the ma
jority were reduced and but few
received the full amount applied
for.
One encouraging feature is that,
while the assets are less now than
a year ago, the profits of 1916 ex
ceed those of 1916 by Eleven Hun
dred and Fifty nine and Al 100 Dol
lars (sl159 Az, as you will see
from a comparison of the state
the 1915 profit being
Twenty eight Thousand, Nine
Hundred and Seventy.seven and
"A 100 Dollars (S2S,97744) as
against Twenty seven Thousand,
Eight Hundred and Eighteen and
3.1OO Dollars 1927, SIS O3) shown
by the statement for the preceding
year. This proves the correctness
Of the belief of your officers who
b we always stated that with the
final liquidation of the old Serial
stock and when all OF our loans
are made on an eight per cent ba
sic, the earnings of the Assocla-
tion will be proportionately in.
creased.
Again, the expense for 1916 is
Five Hundred and Ninety eight
Dollars less than in 1915, that
item for the last mentioned year
having been Six Thousand, -Four
Hundred and Thirty nine and 13-
100 Dollars (6, 439 13), while for
the following year it was Five
Thousand, Eight Hundred and
Forty.one and Ii 100 Dollars
(S5,s411D. This difference is
largely due to repairs to property
owned by the Association, your
Directors deeming 1t the part OF
wisdom not to allow property to
deteriorate, feeling that it is bet
ter to spend. il necessary, all the
money derived from rent rather
than have it's houses unoccupled
and rapidly going to wreck. Dur
ing the past year, while most OF
the properties owned by the Asso.
citation were rented, our bill for
repairs was small, only Twenty
six and 73-10O Dollars (s26 73) as
against Four Hundred and Fifty
three and ST 100 Dollars (S453 SD
far the preceding year.