New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-05
Trustees of Big Industrial
Concern Will Open
Offices July |.
NOT DISMAYED WHEN
CAPITALISTS QUIT
Say Many Will Be Helped De-
spite Loss Of AstOr and Car
negie-Officers Elected.

The big 100000 Industrial Finance
Corporation. which aims TO put the loan
sharks out OF business by lending small
sums on notes OF hand at legal interest,
got under way at a meeting Of trustees
at the offices OF tho Guaranty Trust yes
terday. Offices are to be opened at 81
William st. by July l.:
None Of those at the meeting were much
concerned. apparently. by the withdrawal
OF some OF the wealthist and most promi-
nent men in the country, who quit on DR..
f. r. L. Goulds reslgnng the chairman
ship Among these were Vincent Astor,
Andrew Carnegie, Oscar S. Straus, Theo-
dore p. Shonts, Edwin s. Marston, l.. 8.
Fuller. ". D. Sloane, Or. Nicholas Muir
ray Butler and Julius Rosenwald. and
also Mrs. J. Borden Hartman.
Mr. Carnegie had put UP 10000, and
several of the others large sums. One ef-
feet of the withdrawal Of these big stock
holders was that the total paid-in capital
had to be put down as 81 10000, instead
Of twice that sum. Optimism. ruled. how
ever, and the proposed chain OF banks
will be begun by one in the financial dis
trict for the relief OF clerks, city employees
and others who have figured among the
principal victims Of the loan sharks.
Clark Williams. former State Superin-
tendent OF Banks, was elected president
Arthur j. Morris. lawyer, Of Norfolk. Va
originator Of the Morris plan" on which
the loans are to be made. was elected
yice-president and general counsel.
The following were added TO the board
which consists OF ffty-four members:
Henry r. Towne, John Markle, Arthur
Turnbull, Edwin o. Hotter, Louis X.
Cheney. William II. Workman. 1r., Cor
don Jones and General Julian 5. carr.
Named as the executive committee were
Charles H. Sabin, chairman; Raymond
Du Puy. Arthur Hagen. William X. Craig
Arthur J. Morris, Willard d. Straight
rohn Msrkle. Edwin S. Hotter and Clark
Williams.
After the meeting President Williams,
al the temporary Offices at % Broad ST.
said:
THE minimum amount Of capital STOCK
has been subscribed and the company VIII
proceed at once to the organization ana
supervision of Morris plan loan and saw
ing banks In this city and elsewhere
Such institutions are already In operation
in Norfolk, Va: Atlanta, Baltimore
Washington, Richmond. Va; st. LOUIS
Memphis, Charleston, s. c.: Columbia D
c.: Springfield, Mass; Denver, Philadei-
phia, and Lynchburg, Va.
Those institutions are now serving
more than 10000 customers and the ma
tional corporation has acquired a STOCK
interest in all Of the banks. These INDUS
trial banks lend reputable workmen ana
laborers sums Of from $50 up on per
cent interest basis. the borrower giving
his note Endorsed by two friends, ana pay
Ing small weekly sums to clear on MS
debts These banks will put small busi-
ness men on a footing with the bigger
ones who can obtain credit from the ordi-
nary banks.
DR.. Gould denied last night that ne hao
resigned because Of dispute over the
amount OF salary TO be paid him as chair-
man. He said he wanted to see the cor
poration on a philanthropic basis