The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1890-05-14
NATIONAL vs. LOCAL BUILDING
AND LOAN ASS0CIA-
TIONS.
BY J. T. ARrAIL, PRESIDENT ALEXANDRIA
BRANCH OF SOUTHERN HOME
BUILDING AND loan AS
ISOLATION.


BUILDING AND loan AS
ISOLATION.
Mr.. EDITOR
1t is with great trepidation that at
tempt to reply to the advertising article
of the Alexandria and Pineville Building
and Loan Association, which appeared in
the To,ra Talk of the Sd inst, in which its
President vigorously attacked National
Building and Loan Associations, partieu-
larry the one which represent, painting
in brightest colors the advantages and
blessings of the organization which honor
ed him with its highest Office, aud pre-
senting in darkest colors picture OF our
diabolical, robbing association; yet duty
demands that his onset should be noticed.
1t is, in his mind, impossible and impertl-
nent. probably, for any of us to try to
combat his arguments, because only lmbe-
Giles, the "gullible." are members OF our
fraudulent National clique. Such asser-
lions, however, were advanced by our
friend that fear, and think can show,
that his enthusiasm, zeal and, "last but
not least" philanthrophy overcame his
acute sense of justice and fair play. tie
seems to think so little of Il fellow beings
character as to make an uncalled for as
sault upon that of the gentleman who Or
ganized orr association.
He apparently forgets that the agent
whom he attacks came into our midst at
the solicitation of Some of our prominent
business men, and it has escaped his MEM
ory that our organizer came here with a
LONG and firmly established business char
acter. Character is not so tritiing and
, worthless. I think, as TO be subject to at
tack without the strongest proof. Again.
then, did his facile pen slide too rapidly
: over paper and do, l am sure, an uninten-
tional injustice to oar agent. Mr.. Hill
several times referred to authorities to
: substantiate his position, but after a care
( full perusal Of his article, l failed to dis
cover the residences, or names OF any OF
4 his experts.
Doubtless he considered himself the best
> and standard authority and deemed il
useless to cucumber his article with the
names of experts who were not so vel
r yersed in this matter as himself. The
gentleman is sadly mistaken i'll his state
" ment that all our officers at headquarters
u Atlanta, Ca, receive salaries. If he vii
n permit shall correct him by copying from
e a letter Of May 4th, received from Mr. Z
d. H. Power, General Agent for Louisiana
It Missouri, Arkansas, West Mississippi ant
J Kansas, in reply to questions asked by III
in letter of April 18TH Mr. P. writes:-
"Your favor of 18th awaited my arriva
lie from tour i'll which | was detained be
yond expectation. The so cents shar
: premium required of borrower goes to
ii wards reducing his loan and the expense
- for Secretary and Treasurer, who are tn
~ ORly salaried officers in the association
IA These salaries are regulated by the officer
5. and Board of Directors at headquarters
10 Ten cents out of sixty cents assessment
II set aside for defraying those expenses an
- all other expenditures appertaining there
IL to, and all balances at the expiration {
| the year go into the general fund"
a The President Of the local association
ia also III the dark when he and his gres
~ unknown, mysterious experts say that til
&c balance remaining from the salaries
OF pocketed by the head officers ut Atlant;
:! as our Association has been in existent
1t only eight months and is firmly establish
ed on the solid rock of reason, as l wi
presently try to show. Further, sever
w. OF our officers in Georgia, and probab
more, are strong business and represent
ny tive men Of their Stale. Yet they are q
iu thieves
He is rather premature in making sut
~. assertions about our organization, as tt
e's figures for the first year of our associate
re, are yet unknown, and when they are Y
ell will send him copy of our report, shoy
, y ing the deficit caused by our abscondii
,ft officials.
II. He seems to think it inexplicable al
ef, criminal that any Of our chief officers I
ceive salaries, while he, through pu
-, philanthrophy, fulGlls the duties of |
: office without remuneration. Our organ
40 cation has innumcrable branches throug
nj out fourteen States, and it is, of cours
on necessary for our Secretary and Treasur
m at Atlanta, Ga, to receive a considerable
=, for tue constant labor and attention til
must give to the amount of busine
NV that passes through their hands. Won
ed the gentleman, were he to permit us
De honor ourselves By electing him Secreta
DID, or Treasurer, have his philanthroric hes
III developed to such abnormal proportio
lh- as to labor continually for the benefit
" humanity for thanks!
'o' Some OF the advantages of our assoc
ih' ton ana defects of local associations {
e'' shown in the following extract from t
eh' prospectus of the Southern Home" Bui
Id ing and Loan Association:
:, ''There are only two defscts that ha
III. caused any embarrassment to local Bui
ing and Loan Associations, but these
mo- serious ones and almost universal One
a. that at first i'll local organization thu
1--WE are great many borrowers and but lit
be- money to lend. The consequence is IL
ITn a great many borrowers are neccssar
the disappointed. AS time rolls on, these b
ion. rowers. after repeated disappointment