Bisbee daily review., 1914-02-15

[ t-dh NdS iduhNhtd dubhA loui AtdiS ago at Norfolk.
 The man wB- needs money but lacks such collateral as is required by existing financial institutions has hitherto been forced to seek loans from ether the pawn.broker or the mortgage man. These lenders are of two classes. the benehcient and the rapacious. the latter class being generally known as loan sharks.
 Organizations such as the Provi- deNt Loan Society icf New York and the chattel mortgage societies have dcne considerable good to individ- uals of this unfortunate sort. todays announcement sets forth, but their operations requiring a pledge or mortgage cf chattels does not touch the still larger field where the evil of sury continues to thrive.
 The Morris Plan" means the ex- tension of honorable borrowing fac .lities and instructive savings facil. ities to the masses: it means that hereafter the wage-earner. or other small borrower of sound character. in it means that hereafter the honest money on terms convenient and fair time of need will 1e able Go obtain individual. will hn1 a premium placed |. upon his habits of thrift that will |. become for him a basis for credit he has never before enjoyed.
 D The project is not a charity ard , the patrons of the local institutions . will in no sense be objects of char. , ity. The purpose is 10 conduct all the operations on strictly business , hlsis SO as to afford such a fair re l turn on the capital employed as | would be expected from a financial | institution operated under N cpnser yative management Dividends of , each of the f-cal institutions. how f ever. will be limited to six per cent B on the book value of the capital stock \ lr order ttat they may maintain s f satisfactory and jgrowlng surplus. |" The plan is in successful opera .- ton in Ncrfolk. Va. Atlanta. Ga. n Baltimore. Md, Washington, D. C. e Memphis, Ttenn-, Richmond, Va Charleston, s. C., Columbia. s. C. % Springfield, Mass, St. li-uis, Mo B. Denver. Colo. Lynchburg. Va. an !. Philadelphia. Pa. A similar company with a capital of Sl.0OO,OOO Is read. s to begin operations tn New Yorl il City under supervision of the Ney if York State Banking Department, am 70 similar companies are already unde 70 way in Nashville, Knoxville. Jack . son and Chattanooea, Tenn, Durham
 N. C.. Chicaec, H., Pittsburgh, Pa
 New orleans La, and in other lu
 portant cities throughout the cour
 try.
 In every instance where local con
 panies have teen organized to opel
 the announcement, men of distin'
 tion in their several walks of If
 in the respective communities hay
 invariably become the directors an
 deeply interested in the work of th
 company.
 The actual result in savings to tn
 borrowers In one city alone, Atlanti
 Ca, amounted to s75.000 in a singl
 year.
 The fundamental principles Of tn
 Morris Plan" have not only stoo
 the test of experience in this coui
 try, but the experience of Eurcpea
 countries is further confirmation c
 it's value. According to the statemen
 given out today. It is an a-aptatlo
 Of the principles of the Schultz-D'
 litzsch industrial banks that reyol
 tionized the finaRcial and sociologici lcorditions in Germany and Austri
 ever fifty years ago. and of the Luza
 ti modification of this plan that ha
 been in successful operation in ltal
 for half century. The adoption La
 been scientifically fitted to America
 conditions and laws, based upon th
 principles to be found in ethe expe
 fence of American banking.
 The organization committee of th
 Industrial nance Corp-ration is con
 posed Of Dr. F, R. Gould, New forl
 Chairman. Fergus Reid and Arthl Morris. Norfolk, W! R. Craig. samu'
 l.. Fuller and Charles II Sabin' New Ycrh Among uiose in Ne
 York City whd have co-operated wit f the organization committee are D 2 Nicholas Murray Butler w. | Sloane, Eugent II Outerbrldge' Al |, drew Carnegie, Mrs F. H. harrima |, Vincent Astor, Ayerell Hartman, J , seph s. Auerbach Theodore shonts, Newcomb Carlton, s, A. Lev ischn, Willard Straight. Edwin /. Marston. Frank C. Lttleton, Geore a c. Ward, Arthur Curtiss Jame !. James Mclean, Seth Low, w,
 Hawk, oscar s. Strauss, Herbert