New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-01-24
IBERIA BUILDING ASSOCIA
TON TO ERECT ELEGANT
BUILDING.

L
number Of the stockholders me
with the board of directors of tina
cooperative Association las
Tuesday, January 10th to hea
the report of the working of tina
institution, which has enabled
hundreds Of our citizens to secur,
homes and business houses on tn,
weekly installment basis. In tn,
absence of Mr.. E. F. Willard whit
has been confined to his home for
several years, Mr.. Lazard King
the vice=president read the annua
address to the stockholders.
This cooperative bank, at it i
familarly termed in the Eastern
States has been in charge of Mr.
w. G. Weeks almost since it was
founded is to-day considered
one Of the most successful of its
kind in the United States. Hud.
dreds Of citizens have awaited
themselves of the opportunity tc
secure financial aid in order t.
build for themselves dwellings
and as a consequence have mate
rally bettered themselves.
Some years since the director
ship thought to popularize the in
stitution by changing from the
old method of deducting the in
terest when a loan was perfected
to the Dayton plan which makes
it strictly an eight per cent prop
osition. and now when a loan is
granted, the full amount is at
once given the borrower.
This Association has an author
lied capital of $5,000,000.00 and
at the close of the fiscal year, has,
as undivided profits $10,950.64
a contingent fund of $7,007 80.
On December 31st there was III
possession of stockholders 1886
shares. Those borrowed upon
amount to ,406.
The same dictatorship and Off
GERS were reelected which is as
follows: E. f. Millard, presi-
dent; Lazard King, vice presi-
dent; w. G. Weeks, secretary; A.
HI. Trotter, v. J. Erath, Lazard
King, w. J. Bernard. Max Levy,
A. Daigre and f. F. Willard.
Some months ago fire destroyed
the office of the Association which
was located in the Cage building,
and since they have been conduc-
ting business in the building cor
ner of Main and Julia Streets. At
the meeting on Tuesday it was
fully decided to erect a banking
structure ON their site which adj
joins the Cage building. From
$15,000.O0 to probably $20,000.00'
will be expended in the erection
of home in which not only the
stockholders will feel proud, but it
will be an advertisement to a CO.
operative bank of that nature and
as consequence our Main thor
oughfare will be embellished.
This is the correct attitude to take
and we ale certain the citizens of
New Iberia will show their APP
probation by giving the Associa-
ton their active as well as their
moral support. Architects are
now. busily engaped making the
plans and in a few weeks it is
more than probable work will be
started on the two-story structure.
Following is copy of the Thir-
ty-third Annual report as read by
Mr.. King:
'sOn the night of August ninth
1919, the, very central and COM
modious Office, occupied by your
Association was destroyed by fire.
While it has caused us much in
convenience. am glad to report
that there was no material loss of
any kind. the fixtures and furni-
ture being practically covered by
insurance, while the books and
papers were preserved in the vault
and safe. The wisdom Of building
a vault of ample dimensions was
thus demonstrated. In the near
future, if it meets your approval,
the construction will be begun Of a
Home for your Association, that
will be credit to one of the old
est and most successful financial
institutions Of this section, as well
as to the community. Your Board
has taken up with Mr.. Churchill,
an architect of New Orleans. the
drawing of plans and preparing
the specifications with a view to
erec ting a two story building at a.
cost of approximately Fifteen
Thousand Dollars. This matter
is before the meeting and your
Board desires full, free and
frank discussion thereof and an