The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1892-07-26
THE soUrHEN LEAoUE.
An Official Statement OF tho workings of
This Organization.

| $500
This Organization.
To THE EDITOR OF The TINES: The
papers OF this city have made mention
in their local items of the meeting
of the Southern League of Building and
Loan Associations here on the 21st
inst, yet it seems that an official ac-
count of that meeting should be pre-
scented, that the public may thoroughly
comprehend the design and scope of tho
league, as we'll as the mrgnitude OF the
business and the high character of the
men who are identified with its manage
ment Itisnot generally understood,
at least in the Southern States, that
this peculiar form of cooperation is
worthy of the most profound considera-
ton, and that Its successful management
challenges the employment of the
most conservative methods. Many re-
gard these associations as mere schemes,
and class them with enterprises that
bear fraud upon their faces. Nothing
could be forther from the truth, and
thoughtful minds that have investigated
them both in England and this country,
regard them as among tho best methods
OF cooperation that have at any time
been devised.
distinguished American jurist has
said that they should be promoted by
the State, "as through their workings
they are planting deeply the roots of
citizenship. The drifting, thriftless
classes are brought into a school of
economy, and the earnest and the eco
nomical classes are given an opportu-
nifty. Thore is then a formal ton OF
steady, energetic and accumulative citi.
zenS. The cares of the State are
lessened by decreasing pauperism, and
its prosperity is increased by growing
material wealth. We may clearly con.
ceive, then, that the intention of the
Legislature in the creation of building
associations is, first, to economic saw
ings; second, to secure homes for tho
savers"
These associations then being worthy
OF tho fostering care of the State, we
should not be surprised if we find in the
personnel of their management not
only the leading citizens of the State,
men who are conspicuous in the field Of
craftsmanship, but men who are marked
in the field of finance, and, above all,
men whose escutcheons are above the
faint of suspicion, and whose characters
as inanciers and men of integrity are
unquestioned and unquestionable.
In the North, Gen. Stevenson, who
has been honored by the Democratic
party as their candidate for the vice.
Presidency, is president of the Inter-
state Association at Bloomington. In
| the South, Generals John b. Gordon an
Fitzhugh Lee, the former Senator of
! the United States, the latter, ex.gover-
| nor OF his State, are both identified with
| these associations. In the field of
! finance, exUnited States Treasurer
Fairchild, Abram S. Hewitt. Gen. John
| B. Woodward, Isador Strauss, Jas. Still
man, in the North: Jules A. Blanc, S.
b. Luthell, R. M. Farrar, Robert Harde-
man, j. Taylor Ellyson, Peyten L.
| Terry and S. w. Jamison, in the South.
Such names are towers of strength and
responsibility in any business with
that these gentlemen are interested in
the management OF building-loan asso-
Citations is guarantee of the safety of
the funds invested in them.
The Southern League consists of sew.
enteen associations, located in the South.
ern States. Eleven of these were repre-.
sented at the recent meeting in this
city. The personnel of the convention
was as follows: John Hanson Kennard,
of New Orleans, president; w. D. Ellis,
Malcolm johnson, VIM. G. Hale, w. G.
Paschall and R. i. Sibley. of Atlanta;
w. II. Outen, of Memphis; John p Heap
and W. Boright, of Knoxville; VIM. e.
Jackson, J. b. Walker and Ii. Ii. Cum
ming, OF Augusta; Byrd M. Robinson
and NJ. p. Devault, of Bristol; J. Taylor
Ellyson and Carlton Mccarthy, OF Rich
mond John OFT and G. A. McHugh, OF
Roanoke.
The combined subscribed capital OF
the associations represented is $40, GU.
| 700. the combined assets, SO, 562, $3.50
loans in force, $4,000, les; number OF
subscribers, 55.720; number of local
boards or branches, 2,3O5. These figures
speak for themselves and demonstrate
that this is no insignificant business.
The purpose of the meeting was to
devise better methods of assuring the
safety OF the funds by securing certain
information as to the value of properties
offered as securities, by the prompt
placing Of insurance on buildings, by
correct methods of disbursing the
amounts loaned; second, to ascertain
the best plan of educating the people tc
a thorough understanding OF the nature
of the business and its great Importance
in showing how it improves citizenship
how it increases taxable values, how II
encourages thrift. how it taps anarchy
and socialism: third, to lay plans fol-
securing favorable legislation in the
various States, and to secure the repeal
Of such hostile legislation as may have
been enacted in ignorance or through
prejudice; fourth, to provide for the
harmonious working of tho entire guild
and the frequent interchange OF views
as to business methods.
1t has been stated that the meetings
were secret. This was an error through
misrepresentation. The meeting was
mere gathering Of gentlemen engaged