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Description: Leagued Together - Southern National Bldg & Loan
Date: September 13 1890Newspaper published in: Huntsville, AL
Source: Library
Page/Column: Page 3, Column 2
LEAGUED TOGETHER
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The Southern National Building and Loan Association
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Met at the Kimball Yesterday and Permanently Organized
Delegates Present—To Prevent Wild-Cat Companies
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Atlanta Constitution.
An important meeting was held in parlor 102 of the Kimball yesterday.
The League of Southern National Building and Loan Associations met for permanent organization. Morning and afternoon sessions were held and also a meeting in the evening.
Representatives from several cities and States were present, the gentlemen taking part in the meeting being business men of prominence.
The League of Southern National Building and Loan Associations comprises in its membership some of the foremost citizens and business men of the South. It is an organization that cannot fail to prove of great benefit to tis membership and of material aid to the financial condition of the South.
TO PERFECT ORGANIZATION
Yesterday’s meeting was for the permanent organization of the league.
It was held pursuant to a resolution adopted at a former preliminary meeting held in Huntsville, Ala., on the 20th of August last.
The Huntsville meeting was brought about through Messrs. Wm. C. Hale, of Atlanta, and E. H. Paramore, of Huntsville, who attended the Union National Building and Loan convention held in Chicago last June. These gentlemen went as delegates, and believing that a Southern organization would work better for Southern companies in a national association, called the meeting at Huntsville which met last month.
At the Huntsville meeting, a temporary organization was effected, and after the appointment of a committee on the constitution and by-laws, and the nomination of officers, the meeting adjourned to meet again in Atlanta yesterday.
YESTERDAY’S MEETING
At the meeting, which convened in room No. 102, Kimball House, at 10 o’clock, Dr. M. C. Baldridge presided and Mr. E. H. Paramore acted as secretary.
The following delegates were present, represented the companies mentioned:
M. G. Paschall, H. H. Cabaniss, of the Southern Home, Atlanta.
Wm. C. Hale, H. L. Atwater, A. J. Orme, Southern Mutual, Atlanta.
Malcomb Johnson, E. C. Atkins, J. H. Johnson, Atlanta National.
W. H. Raymond, Farmers’ Building Loan Society, Nashville.
John Hanson Kennard, New South, New Orleans.
O. C. Cole, New South National, Cumberland Gap, Tenn.
E. H. Paramore and M. C. Baldridge, Southern, Huntsville, Ala.
Besides these, the remaining companies holding membership in the league, tub not represented yesterday, are the Iron Belt, of Roanoke, Va.; the Interstate, of Columbus, Ga.; the Southern, of Knoxville, and several others whose applications have been tendered.
The states comprised in the league are Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Tennessee, Kentucky, Louisiana, Texas, and Arkansas.
OFFICERS OF THE LEAGUE
The officers of the association elected for the ensuing year are:
General Fitzhugh Lee, of Virginia, president.
M. C. Baldridge, of Alabama, first vice president; Hon. Lewis T. Baxter, of Tennessee, second vice president; Hon. G. G. Jordan, of Georgia, third vice president.
Hon. R. U. Hardeman, of Georgia, treasurer.
E. H. Paramore, of Alabama, secretary.
The executive committee appointed is composed of Messrs. E. H. Paramore, Huntsville; William C. Hale, Atlanta; O. C. Cole, Cumberland Gap, Tenn.; John Hanson Kennard, New Orleans; W. H. Raymond, Nashville; S. M. Johnson, Knoxville; General C. M. Shelley, Birmingham; W. G. Paschall and G. C. Atkins, Atlanta.
The next meeting of the executive committee will be held in New Orleans on the third Wednesday in January next.
WHAT THE LEAGUE IS FOR
In the constitution which as adopted, the object of the league is given as follows:
“The object of this league shall be to promote correct business methods, and to secure united and prompt action in matters of common interest to all its members.”
In speaking of the cause which brought about the movement toward organization among the National Building and Loan Associations, Mr. Paramore said to a Constitutional reporter.
“The business of the different associations from the beginning proved so successful that soon bogus and irresponsible companies began to spring up all over the country. These wild-cat concerns, of course, used very questionable business methods, and, naturally any mis-management by these would cast odium on the responsible associations. It was to keep the public posted on these wild-cat companies, and to protect ourselves as well, that suggested organization. Before a company can get into our association it must show up exemplary business methods, and it must continue the same or its membership will be forfeited upon discovery of any crookedness.”
During the afternoon the visitors were driven over the city by the Atlanta representatives of the National association.