The Birmingham age-herald., 1916-06-06
Phenomenal Success of h. stitution Shown by Re-
 ports of Officers
NEW COMPANY TO BE
 LAUNCHED TODAY
Dinner Held Last Night at the Tut wiIer Was Eliminating Feature or Meeting of Officers and Elm
 ployes of the Company

| The trustees system of lndustrial oahN- I ing. which has scored such a remarkapls success in Birmingham during the past | two years, is to enter a oroaoer ana practically unlimited field, the plans TOT which were made public at dinner at l the Tutwiler last night attended py the officers, directors and employees or the ne" company. The Industrial Loan ana Guar antv company which was recently moor porated with an authorized capital stock | of s1 OOo.O0o. begins business today, fol- | lowing in the footsteps of the Trustees Loan and Guaranty company the parent organization. The same officers ana oi- rectors who have made the phenomehai success of the trustees company are III | control of the Industrial Loan and Guar anty company,
 The dinner last night was the culmln- ating feature of a meeting of all the | officers, directors and employees or the 1 trustees company, which has been III progress for the past week here. It was 1 a kind of celebration of the success or | inc company. which last week completed the sale of it's entire authorized capital stock of S250 900 after being orgamzed only two years The success or the trustees system was made apparent py l the reports at the meeting last night, which showed that in addition 10 the | fact that the company had paid pronta- 1 ble dividends. had piled up good sur nus had it's entire capitalization intact l it had made enough additional profit to purchase a valuable piece of city business property for its new home and as the home of the new company, the Industrial Loan and Guaranty company.
 LOUGHRAN PRESIDES l. Frank Loughran, Jr., vice president or l the trustees company, presided at the dinner, and introduced the speakers. D. E. McLendon, George D. Britain and D. | w. Edmundson, members of the board or directors, told of the success which had attended the efforts of the company dur l ing the two years of it's life, and each paid high tribute to the loyalty of the salesmen and the other employees which l had made it possible for the institution | to grow so rapidly and to become pay ing proposition the first year. They predicted an even greater success for the l Industrial Loan and Guaranty company, on account of the fact that the trustees company which was controlled by the same officers as the new organization, had dealt so satisfactorily with the pub lie and had resulted so successfully for l it's stockholders.
 John Sparrow, advertising manager for | the two companies, told of the work which | the trustees system had done for the | industrial workers of the Birmingham dis trict This institution has been a great ! help to the people of Birmingham" said | Mir. Sparrow. 'It is not charitable or l ganization, but it has made men of countless employees who were in the clutches of loan sharks and who were ready to give up the fight. It has loaned money to everyone at per cent and at | the same time, it has encouraged the worlxingmen of the district to save their | money and become independent. It is destined to be an important factor in 1 the growth of Birmingham and in the upbuilding of our citizenship. The new
 company will meet with the same success l in the broader field where it will ex- | tend its operations.
 l John c. Henley paid high tribute to | the president of the company, J. C.. Cor coran. 'I have been intimately acquaint- l ed with the officers of the trustees com pany and with the operations of the in- | stitution during the two years it has | been in existence. When MT. Corcoran | outlined his plans to me, did not believe l he would succeed. Industrial banking , was something new to me. I did not see how he could lend money to men without l 1 make money. But the success of the in- l stitution has been phenomenal It has
 even exceeded the claims of the men who l started it. That the Industrial Loan and ] Guaranty company will be a success un- l der the management of the same officers, | and using the same system, is to me an assured fact''
 | Arthur Barton, vice president of the | company, spoke briefly of the work of the | of 10 r,lo for fLo future.
 BENEFITS OF SYSTEM l J. G. Born secretary, told of the work l ings of the company, and recited many in- l stances of how the trustees system had | been of great help to working men and | people of small means Our system has raised many men from the clutches of the sharks, up to the point where they are out of debt have money on deposit l with us and own stock which is drawing dividends. They are now in position where l they never hoped to attain until they | come in touch with the industrial bank Iing plans.'
 number of splendid talks were made py the members of the sales force of the
 company which has grown from one man to 28 in two years.
 1 Among those who spoke were R R. Jibb, leader of the team which won the
 trophy in the recent contest, S. P Bragg,
 B, M. Law and w. w. McLane. E. B. Hanahan, treasurer of the company,
 made brief talk. '"The people of Bir-
 mingham are just beginning to realize the importance and the benefits to be derived from industrial banking" de- clared Mr. Hanahan. For many years
 was connected with commercial bank ing institution, and at that time I knew
 little or nothing about industrial bank
 ing methods did not know that it was possible to lend money to salaried men and working men without property at
 the regular banking rates and make money at It. But our success has shown
 that 1t is remarkably profitable proposi-
 tion."
 J. C. Corcoran. president of the rrus- tees Loan and Guaranty company, who is
 also to head the Industrial Loan and Guaranty company, outlined the plans for the new organization and told of
 the success of the trustees system.
 The trustees company was started July IT, 1914, said MT. Corcoran ."The
 ] growth of the institution has been re-
 markable. We have charged only the
 legal rate of interest, eight per cent, but
 we have paid good dividends, have our
 entire capital stock of quarter of a
 million dollars unimpaired have never
 lost dollar we don't owe a cent, we
 have good surplus, our stock is worth
 two for one and is selling at that fig
 ure, and in addition. we have been able
 out of our earnings to purchase fine
 piece of city business property for our
 new home. F-
 l SUCCESS OF COMPANY