The weekly Iberian. (New Iberia, La.) 1894-1946, 1918-01-19

citation. Your Board endeavor'
10 keep the property habitablt
and from deterioratlDg by making
I, reasonable necessary repairs.
The receipts for rent during
1917 amount to Sl,2S5 60 az
against 1921 50 for 1916, an IN
crease of about S5G4.O0
Your Association ia now prao
tically operating exclusively on
the Dayton Plan as there are only
thirty nine serial shares in force,
These should be entirely paid out
by the end of 1918. The hquida'
tion OF the Gross plan part of the
Association has worked out very
satisfactorily as mapped out by
your Board before they suggested
to the members Of the Association
the changing from the Gross to
the Dayton plan.
This in part was due to the
Contingent Fund of approximately
$40. 600 90, accumulated by your
Association, while operating un.
der the Gross Plan. As the ad
vantage aud deslrability of Con
tingent Fund was thus practically
demonstrated, your Board has
been increasing the Contingent
Fuud each year, latterly by the
addition Of 81, 900 90 per annum
thereto, until today that fund
amounts tp s8, $50 Ga which is ma.
te,ially in excess of the minimum
contingent fund required by law.
The laws of our state also allow
Building Associations to set aside
u part Of their own earnings for q
Reserve Fund.
This provision Of the law has
been taken advantage Of and to
day Reserve or Undivided Profits
account amounts to *2,076 53,
hence, there Is surplus to the
credit Of your Association of H..
or II.
Another indication of the pros
perity Of our section and the lack
Of demand for money is shown BY
the tact that during 1917 your As
ISOLATION paid out on It's pass book
loans s2,910 90 as against $685..
474 90 during the preceding year.
his item of our assets now
amounts to s2e,U96 so.
The profits Of the Association IN
TO the assets OF the two
years are approximately the same.
After carrying the usual amount
TO Contingent Fund and substaD-
tally increasing the Undivided
Profits account, the rate of divl-
dend that has prevailed for the
last few years, that is 9 per cent
per aDnum being 3 per cent com.
pounded semi annually, was de.
Glazed aud credited on the Day ton
and Serial ouk.
The expense account shows a
decrese of about $3.50 90 for 1917.
Your Association carries as profits
only those items actually collected
from interest, fines, rents, etc. al
though under the law we are al
lowed to throw iuto this account
interest due and unpaid, fines due
and unpai0, rents due and unpaid,
aud items of profit shown by our
books to be due bat not yet col.
lected.
1t also includes among its assets
only the installments and the like
items actually collected and no,
those due aud unpaid as is done
by many Building Associations.
Each year it charges off a Ger
tain amount against it's Office Fur.
niture and Fixtures until this
item amounts to practically moth
ing aud I'D about eighteen months
will be entirely eliminated.
In examining this statement you
may therefore feel that every item
shown is carried on an actual cash
basis and that there is to be no
scaling OF those assets and profits.
Further that the Contingent Fund
aud Undivided Profits are sub.
stanual reserves adding TO the
OF your Association.
Hor the nrst time IN the more
than thirty yaars of the existence
Of your Association, your Presi
dent has been required under the
ruling of the State Banking De
partment to give bond. At con
ference of the legislative commit
Tee of the Louisiana League Of
Homestads and Building aud
Loan Associations with some OF
the officials Of the State Banking
Department, the representatives
of the Homesteads had understood
that only the Secretary and his AZ
sistants in the Office actually han
ding the funds and securities
would be bonded. After the pass
age 10 1916 Of the amendments TO
the Homestead law, the State
Banking Department insisted upon
the Presidents of the Building AZ
soclations being bonded. This,