The weekly Iberian. (New Iberia, La.) 1894-1946, 1918-01-19
3Ist ANNUAL MEETING
IBERIA BUILDING
ASSOCIATION.
A Successful Year and Good
Dividends.
All The Members OF The
Board OF Directors Re-
elected For This Year.

ana new issues nave confronted Ns
The Association for the third
time in it's existence ia now operat
ing under war conditions. Conse
quently. greater income ia needed
by the Nation to provide for which
war revenue act has been
adopted
Despite the fact that. special
taxes have been imposed upon al.
most everything for revenue pur
pOses, on account of the enormous
amounts needed to carry on the
war, Building Associations are
again exempted from the wal
stamp taxes.
This is an especial mark of the
esteem in which these institutions
are held by the government be.
cause our country is III dire need
of funds aud the present emergen-
cy demands unusual measures.
Approaching the fact that
Building Associations are peculiar
ly installmept institutions in close
touch with the mass of the people.
and especially with those who
save III small periodic payments,
the National Government called
upon the United States leagne of
Local Building and Loan Associa
tioDs to assist in disposing of the
second Liberty loan issue. A
resolution was passed by that body
appointing a committee to handle
this matter in conjunction with
the Treasury Department aud sub.
sequentiy committee chairman
was appointed Tor each Federal
Reserve District. The Associa.
tion took up the work with great
eafnestness and energy, the result
being that many millions Of these
bonds were sold by Building Asso
Citations
Your Board of Directors bought
for the Association in the first
Liberty Bond issue So, 900 90 of
bonds at 81 per cent. In the sec
oud issue, $4,000 90 additional of
bonds were bought by it aud in
addition thereto, the Iberia Build.
ing Association sold on install.
ments 81, 10000 of bonds TO sub
scribers on the installmeDt plan
and other wise. These subscribers
are meeting their lDstallmeDts
promptly and showing an earnest
determination to pay for their
bonds.
subsequently, your board trans
ferred the first 30, 100000 of 81 per
cent Bonds into per cent bonds
as per the option given by the
One of the most serious prob.
lens now confronting your Board
is in making loans. There is no
whatever In obtaining
funds; on the contrary, we are
refusing money on paid
up stock at 8 per cent interest
and have been compelled to de.
cline payments in advance Of one
year on Dayton stock. The Day
ton loans in force on the first day
Of January, 1917, amounted to
S267 $1,000. The Dayton loans
in force on the first day of Janua
ry, 1918, aggregated s231,27O. 100,
a decrease of s36, 900 90 in Dayton
loans. While Dayton loans for
1917 aggregated SO, $50 90, the
Of such loans repaid was
S4S, $50 90. .
While this speaks well for the
prosperity and general condition
of our section it shows that mOrs
loans are being repaid than are
being contracted. We under.
stand that the same condition
largely prevails with our other
financial institutions. More loans
might have been made but proper.
ty values are SO low that your
Board is largely making their
loans on the basis of 30 per cent
upon a conservative estimate by
their appraisement committee amt
expert. This rule is not iuvaria-
BILE because in Building Assocla.
ton matters each loan stands upon
its own merits as to locality. de
STABILITY and the state of i'm
provement of the property and as
to the ability and character of the
applicant.
Although the real estate market
is not active, you will note that
the amount Of property owned by
the Association Is practically iden.
tical in the statements Of January
Ist, 1917 aud January LIST, 1918.
This does not mean that we have
acquired no property and foreclos
ed on mortgages. On the contra.
ry, we have been compelled to ex.
ecute on several loans and mort
cages and to buy in several prop.
critics but we have disposed OF
about an equal amount Of proper
ty as that purchased.
We are also fortunate IN having
very few vacant properties. While
an adequate rent proportlonate tt