New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-01-24

lars, or, two and one-half times
the amount loaned. Money is
constantly being offered US for
paid up stock and Dayton stock,
but as our cash balance is now
over Fifty Thousand Dollars, we
are not issuing Paid Up stock
and are not pushing the sale of
Dayton stock. Our energies are
directed to the lending of the
money on hand. While there is
very little home building, real
estate is quite active and much
property is changing hands. This
has enabled us to dispose of the
greater part of the real estate
owned by your Association, much
of which has been held for several
years. You will note that our
statement of January LIST, 1919
shows real estate acquired by
foreclosure Fourteen Thousand,
Six Hundred and Eighty-four and
92-100 Dollars, while we now have
on hand. Five Thousand, Eight
Hundred and Eighty-three and
24-100 Dollars. In other words,
we have sold of the property
which the Association was com
PEELED to take over in settlement
of loans, property to the value Of
nearly Nine Thousand Dollars.
While deeds have been actually
passed for this amount, we have
contracts for the sale of other
properties on installment pay
ments, the title to which still re-
mains in the Association.
The law requires that each year
a proportion of profits be set
aside as a Contingent Fund and
that there be also created an Tn
divided Profits Account. Aside
from the compliance with this
provision, your Board knows from
past experience the value of a |
sufficient reserve and hence have
In the two accounts, combined
Seventeen Thousand, Nine Hun
dred and Fifty-eight and 14-100l
Dollars. The amount to the credit |
of the Contingent Fund is in ex-
cess of the legal requirements.
The Withdrawals of last year
appear exceedingly heavy. This
is due to the stock taken for Lib
ertv Loan issues. which stock was
withdrawn and used in payment |
for bonds as fast as the face of the |
stock represented the value of
the bonds. Despite the heavy
Withdrawals and liquidation of
loans, our assets show a decrease
of only about Seven Thousand
Five Hundred Dollars.
Your Directors take pleasure in
stating that every asset on our
books represents its actual value,
and in some eases less than its act
ual value. For instance, the lot
on which your Association pro-
poses to erect its office building
is carried at Four Thousand Nine
Hundred Dollars. while lots of
lesser dimensions in the same
block have sold for a price con-
siderably above that amount.
War Savings Stamps, bought dur
ing July 1913, are carried at their
purchase price of Eight Hundred
and Thirty six Dollars, whereas,
each month there is an added
value to these stamps. Every item
of your statement has been scaled
down to low value and we feel
that the Iberia Building Associa-
ton, if liquidated could pay one
hundred cents on the Dollar 70
it s stock holders.
The usual annual dividend OF
six per cent, being three per cent
compounded semi-annually has !
been credited on our stock.
/ am glad to close this report,
by saying that there is more
optimistic feeling in our commun-
ity and get together spirit |
among our citizens, a desire to
do things for the benefit of our
Home Town. We have an abiding
faith in the future of New iberia
and the Iberia Building Associa-
ton aims to be in the future, as in
the past, one of the main factors
in promoting it's growth. For
the thirty-three years Of its active
business career, this institution
has aided our citizens to build and
acquire homes, and to save a part
of their earnings. At present, we
have an ample fund for loaning-
If you contemplate building or
buying, or know anyone who In
tends so to do, you need have mol
hesitancy in recommending thel
Iberia Building Association. Al
liberal portion of the purchase