The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-31
MORRIS PLAN BANK
OPENS HERE TO-DAY
Provides Way to Keep Out Of
the Clutches of the
Loan Sharks.
WORKS WELL ELSEWHERE

The Morris Plan Company Of New York
" u open for business to-day in the Kuhn,
Loeb < Co Building at % William street
|, will have an initial capital cation Of
100000. which will be- increased il nee
,ssary. The final papers Of Incorporation
were filed yesterday at Albany.
The purpose of the Morris plan is to
furnish financial assistance to deserving
men Of moderate means, vino when in
need of money might through not being
able to borrow at regular banking in
stitution become the prey Of loan sharks.
The plan provides that man whose char
acter is shown to be good. who is getting
a salary and is Vouched for by two re-
sponsible persons. may borrow 500 or
more without giving security. lie must
make payments on the debt In install
nents of So a week until 1t is cancelled.
the loan bearing per cent. interest. The
plan also provides a way for him to make
an investment which will yield him "a rea-
sonable return. He may buy either Glass
or Glass e certificates of the bank, the
former for 500 and the latter for $50.
lie may buy the former by making pay
ments OF SO per week and the latter in
payments Of 81 per week until the certh-
cate is paid for The certificates will
bear interest at the rate of per cent
per annum and can be redeemed in cash
at the offices of tho Morris Plan Company
on thirty days notice. This latter clause
IN the certificate agreement. according to
officers OF the company. makes the plan
run proof"
The variations of the Morris plan rem
der It applicable to almost all conditions
Collections may be made through II as
an agency, the creditors becoming indoors
ers in effecting the payment OF debt
which could not otherwise he met. Ii is
act forth that large corporations Will hnd
Il OF economic value TO employees whc
have become burdened by debt and whose
efficiency through inability TO pay that
deb, has been impaired. IL will enabl.
insurance premiums taxes and other fixed
requirements to be met with ease 1t VII
be relief to commercial banks, whicf
are enabled to refer the needs Of worth!
applicants for small loans to an institu
ton which makes a specially OF this bust
ness and further. the projectors OF th'
plan believe that II will do much towarc
satisfying a disconnected element whicf
cannot see why II should not be able tC
get loans at an ordinary banking inst
tuition
That the institution here promises L
meet a long felt need IL shown by tn
applications for loans which have beer
coming in for the last few days. TIE,
have averaged between so and loo Pc
dav this weeh.
There are fifteen companies in various
parts OF the United states now operatin;
the Morris plan. These companies ha'
made 49,5OO loans up to October 81. 1914
which aggregated s6,l00,0o0 and average
sis2 In the case Of eight of the com
ranics which contributed to this tota
eC 500 loans amounting to s3.200.000 TIL
losses resulting from bad credits were les
than oue-tenth of ! per cent. The ne
rrofits Of the companies operating durini
The first eight months of the current yea
were "A, the rate of rs per cent. on tn
capital employed.
The officers OF the Morris Plan Compan,
Of New York are Henry II. Towne OF tn
Vale 4 Towno Lock Company. president
Herbert l.. Satterlee of Satterlee. Canfiel
& stone, attorneys. vice-president CLAIR
Williams. former state Superintendent o
Ranks, vice-president Charles II. Sabir
viNc-president Of the Guaranty Trust Com
pany. treasurer: Wallace II. Mclean, for
merly of the United States Express Com
rany. general manager. The directors ar
Frederic W. Allen. William u. Baldwin
George +. Garfield. Thomas Cochran, Ray
mond pu Puy. Lewis b. Gawtry. Thoma
H. Gillespie, Richard T. H. Halsey, Edwi
o Hotter. sam \. Lewisohn. John II. Mac
Arthur, John Markle, Arthur J. Morris
Jason a. Nelson, James T.. Russell
Charles II. Sabin, Theodore p. Shonts
Willard Straight. Lionel Sutro. Henry Il
ToNno, Guy f.. Trip. William Turnbul
Malcolm -, Whitman. Arthur William.
Clark Williams and Charles I. Wills.