The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-02-16
Industrial Finance Cor
poration to Ask for
Charter To-Day.
TO HAVE CAPITAL
OF SIX MILLION
Will Operate Chain of Morris
Plan" Banks, Designed to Fur
nish Wage-Earners and
Small Borrowers With
Loans at Low In
tercst Rate.

with tho purpose OF correcting the
loan shark evil throughout the country
by making it possible for deserving
persons of small means TO borrow
money at reasonable rates, and withoue
collateral there viii be Incorporated In
Richmond to-day a company known a as
tho Industrial Finance Corporation TO
accomplish it's end the new company
which is to be Incorporated unucr au-
thority of tho Virginia state corpora
tjon Commission. with capital oil 10
ono 900 will facilitate and assist finan-
cially tho organization throughout the
country OF local Institutions which VIII
afford Industrious and necuy wage
carriers and all other small borrowers
the opportunity for borrowing small
sums of money on Just and fair terms.
and ut the same time promote savings
among it's patrons.
Help Small borrowers.
As formally expressed In tho charter
tho object of tho company is TO en-
courage and xssist in the organization
of local Institutions In every city OF
susicient sizs throughout the country
that will
FIRST. Prdvide for the worthy wage
Garner and oifter small borrower. wherc
tho need OF the loan Is apparent op
portunity for borrowing small SUMS oi
money wiLho tE the necessity or SUP
mit,ing to It'd eStortion OF money
lenders. but atsrRtcs which arc reason
able 10 the bSNTower and yet IniriS
rcnlunerativs t,yScapital. 10 enable the
small borrower TO secure such moneys
largely upon theHaith of Endorsements
and guarantees. Eand without require
Inent OF pledge of chattels as COL
lateral security for repayinenti nn1 for
second. To prtsSide opportunity ior
the systematic Investment, OF snaii
savings. bearing higher rate OF III
terest than is nowf feasible. and siiora.
ing u bnsis for the securing OIL
and thus to encourage thrii.,
According TO tformat -shlounse' :. . =
made yesterdnyS tho corporation nas
acquired all the assets of the fiaei'ey
T.ornoratton OF America. which has
heretofore had the sole right 10 .ns
,nd loans cycrI expression and every
far,n ~ ,,bicb III covered by copyrights.
.I,he nlnn wns originated by Arthur J.
Morris and his Iaw frm. Messrs. Morris,
t:arnett q C,ot,Fen of Norfolk. and the
ara, ,pstitu,ic;$ TO operate under tho
plan was launichcd about four years
ago at Norfolk. Y
Hits Lioan Sharks.
The mau who n1eeds money pu. taen
such collateral ais is required by eS-
istinu gnunciui IL 2stitutions has hitherto
been forced TO .M,eek loans from either
the pawnbroke,s or tile chattel mort
rare man Tb,lese lenders are OF TWO
classes. the be beLnehcent and the rapa-
cious. the la,teatr class being generaliy
known as loan ;naharks
orpanizat,ons Is! such as the Provident
Loan Sociefy ,inll New York. and the
,hattel mortr,ork-s societies have done
roznt,S 10 Individuals OF tins
Infortunatc : fiIrra the announcement
OTIS forth. bu,!sOuts cir operations requir-
ur n nledpe y. H. mortgage of chattels
10 not touchHll.S, II LILY still larger field
Where the ey.. ,lf usury continues 10
hrive mali
The "MorriR asSs n" means the exten-
lon OF honon borrowing facilities
nd INSTRUCTIVE kings facilities TO tho
asses. IL mi. that hereafter tue
age-earner. e,man Sther small borrower
r sound charainS Cir. In time of need.
'nvenient and tty cLfair: 1t means ina, ;,,
sreafter the hone st Individual WIN
,d a premium plael9Eed upon his i,n, HABITS :
Joyed .NtY
-, Not = chnri,. .GM orsanisstion. I,s,. ., 80
irons OF the Aocal institutions VIII
no sense be ckksgHpjects of charity. The
rpose is to cc.Ssnduct all the operations
"a strictly lT business basis, SO as 10
ord such n fEpaifaiI return on the capital
pioyed as her would be expected from
financial the gnstitution operated under
conseryalner6liv i've management. Divi-
ids OF et nervth OF ,the local institutions,
vever, ,sis sui be limited to per cent
tho boctsts !vaiue OF the capital stock,
order nd partial they may maintain n
reg an6 growing surplus.
he pla.nses tns is In successful operation
Norfol IalssI, IjallstIh, ntAtlanta. Ga; Bdltimore,
shing ..,sS ynsu ~ III Memphis. Charleston. S. c.;
imbia Su o'nY' C.: Springfield. Mass; st.
Is. Dssvn,, -r;ft;r. I.ynchburg and Phila-
taI fle at all n';a 'inr na
ationS,r Ride N1 New York City, under
rvisioiyhook fgfoc the New York State
<ins Des-Ssartment, and similar com
es are .a @ready under way in Nash
knoNysa @iile, Jackson and Chatta-
a, Tenn.8 "a Durham, N c.; Chicago.
ourSh. N# ~ ew Orleans, and in other
rtant cit..( k1ica throughout the coun-
Prob ismincnt Men Help.
every 81 II Sinstance where local COM
y n;tVt<-f ", been organized TO operate
'tan, fSgto quote further from the
incenI .e,,. IIsWent, men Of distinction in
scY 80 Hal walks of life In the re-
Net = EljM M)mmunitios have invariably
lc AEE#e directors and deeply in
IZM the work OF the company.
TkzSaHance, In Philadelphia. the
EsTE Thomas Newhall w. l.
Thomas G. Ashton, Frank
A-londs. Samuel NJ; Curwen.
E,bel, Thomas Martindale,
re r b Montgomery, j. r. Meal
UsohJert McKenty, Charles j.
NlCilneph NJ: steele, w; Plunkett
I'll Charlton Yarnall
xr,Eore the>director, are Henry
LUNt5ruco Cotton, Hooper Coyne
c...Eafald. SOLOMON Frank. c. L.
SdSuMohn J. Kelly. Jr., William
IN c. Wilbur Miller. Stuart
, W0Odw64ey Pierce Jr., Redmond c.
Bkins S. Whedbee and John
!, E,ys tI,o dfrectors oro poul