Bisbee daily review., 1914-07-16
HONEST LOANS FOR HONEST woR<MEN

The majority of the people this country are without credit except for little trust" with the grocer and butcher. A wralthy man can borrow money at will paying five or six per cent small business man of good standing borrow on fair terms often without securitg professional man can probably get out of tight place by giving his unsecured personal note There remains, however class greater than any of these. and just deserving. with no such recourse
 Credit as J. P. Morgan once remarked to congress. sional committee. depends on character But it has never been possible for the American workingman to borrow on his character Though he subject to sudden and urgent financial need greater than that of any other class and his average character is as high as any, he can seldom obtain loan except on chatte mortgage. and usually has to pay loan shark any where from 20 to 400 per cent interest Recently the loan shark has been driven out of business in many cities and staes-with the result that the poor man cannot borrow from anybody.
 An nsttuuon recently organized and incorporated in Richmond Wa is intendzd to remedy this social in injury and supply defect in ovr banking system It is called the Industrial Finance Corporation It has cap ital of sIooOooo officers directors and subscribers are men of high standing in the world Of finance and philanthropy. it expects to extend its operations eventually to cities an over the United States and Canada
 This bank is unique in America though there are sim liar institutions in Europe Its purpose is to help the honest poor out of tight places Through it, for the frs, time in America without collateral may borrow money equal terms with the rich And one of the finest things about this enterprise is that it is not charity but business institution It expects make a modest profit out of $50 and $500 loans by specializing and mnistrug efficiently to great social need
 1T any man. even unsilled laborer working by thc day all he do is to give assurance of his integrity back by getting two fellow worsmen Of good ndorse note He is then entitled to credit based his earning capacity He neither pawns securities furnishes chattol mortgages For his loan he usually pays per cent deducted in advance If the S1oO he gets S94 cash and pays h back al Che rate of s2 a for fifty weeks. This weekly pay fig of the most admirable phases of the plan; loan shark custom has always been to refuse payment of anything but the whole principle and inter est thus dragging the loan indefinitely multiplying the debt and endangering foreclosure
 The doing business with tlls new type of baul encouraged to save his money by purchasing on tho nstaent certificates easily convertible into cash ana paying per cent interest
 The system is based on the socallod Morris plan worked out by Arthur J. Morris, vice president and general counsel for the corporation who is deep stud ont of credit systems and has tried his method on small scale in half dozen cities. The president is Clark Williams late superintendent of banks in New York state Associated with them many successful bank CTS and other business men throughout the country.
 The possibilities for social benefit and also for n- creased business in this great untappad field credit arc ncalculable Bishop Greer Of New York calls the most interesting that has been started in this city"