New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-17
COMPANY FORMED :) TO
FIGHT LOAN SHARKS
,,dustrial Finance Corpo-
1at;ons Will Free Victims
on Easy Terms,
COMMENT FOLK
IN THE VENTURE
.,,overs Will Pay Only Legal
y - Of Interest and Mrst Save
Two Per Cent a Week.

Two Per Cent d "eeA'
o~onincnt mon and women
or tnc Industrial Finance Cor
RI .so newest plan 20 prevent va7e
F's'" ....-c into tho clutches Of tho
..-,s Tho corporation. which vas
~ .-oo,h Of the Morris plan. ia
y o, so,vo tho problem OF providing
- nc vorknemau needs in times o.
,,1.st-ial Finance Corporation
$50 Morris. was organized 10
~ w., he.rc Morris plan institutions
N' che country. which vii DO IN
,ba, ITALY has done With peo-
.pe what Gcrmsuy he's done WIN
snl loan institutions and W."'l
-.-v ought 20 have done many
$50 Tho operations VIII be on q
- f.s.rcss basis. that their nnane'"'
~ fncr sociological success me|
....-.. v..- the money come from i'
,.- ,,e.o hanks" Nj Morris was
~. Industrial Finance Cooperation
a.. Furnish part OF the capital ana
... orsanizauon department I'll
-,,..o in each city 20 put up the bal
IN no capital required 20 organize
-.ruuon .n each city. which VIII oe
...- local management
wat in,crcs, viii be charged borrow
asf
PA. f.-al rate of interest in each state
~. ,s. Morris plan institution oper-
he dcduccd IN advance. md each
90 viU hc required al the time tns
800 granted him 10 purchase saw
=, certificate that viii require MIN 10
-, ,ecsly per cent of his loan.
.v.r, wears ago. in Virginia. came
.,.sr, with tEe fact that there Vas
,sy to accommodate the small Hor-
Az first effort was 20 complete
-, t-d ~ financial institution that
"a resemble Cd department store in
49,. and that would take care Of the
III, fellow After my plans we're tried
!, Norfolk Va. nearly four years
i, b became apparent that the sue
,..f.i opcration OF tho Morris plan was
u. or,, practical remedy for tho loan
alk evil
q then took tho matter 10 Atlanta.
vt,-, met W. Woods White. WHO hal
80, arhting tire loan shark for twenty
ears Nr. White and ] organized the At
b.s conpany about three years ago 10"
n, express purpose o. fighting the loan
marks IN that city. The success OF me
,-.af-,ion in Atlanta for that purpose
can ses be appreciated when IT IS I'M
s,-,,oss that the Atlanta institution took
Liza bo--overs out OF the hands of the
'o.a sharks in thc first year OF its OK
kt,r,s ard saved the borrowers in
,z.e y.ar - 40. These results led TO
ne segeopnent In other cities. until now
fnstn Institutions are successfully op-
rating he Morris plan.
Al q luncheon held at the Lawyers
10, 10 New York in December Frank
t-sht one OF the leading attorneys
Washington. used the following lsn-
gsrs In speaking OF the success OF The
Norris plan institution in Washington
,sevn as the Fidelity Savings Com
nry
-lu the eighteen months existence OF
ne Morris plsn" in Washington we have
i3 tie hungry We nave housed the
Entess We have healed the SICK. ana
a. have helped nearly foIr Thousand
leolle
II a Young man comes 10 this insttu-
Tor and saws no cannot set any one 10
nlorse his note. the cashier OF the local
lsnk V.ll require him TO state for what
lulose he desires 90 use the money. Inc
asher vii then communicate with the
klsol 70 whom the money Is going 10
raid and the fairness Of the plan ana
e'snent Of the loan will be explained
me person TO whom the money IS 10
paid and ne will be requested to 20
g ihe Young mans note. In that wa
nur thousands have been helped VINO
ne beginning thought II was hopeless
sei Endorsements The one or more
ceaiiofs that 90 On the note are taking
fss Tor they set the money direct
ien the bank. They are merely usns
. machinery OF the bank with which
Reoleci their debts
7 man who has been enmeshed by
y loan sharks s compelled TO 30 into
t'kruricy 20 save his family and him.
!" Ar Morris was asked, will such
Institution as this help?
ere o. the FIRST things q Morris plan
Mauiion desires 90 do he replied. rs
} ave man from going into bank
"FQ and sacrificing his name by such
feaeongs. II he SIS cutangied by the
~ sharks and viii 80 70 Morris Plan
sslisuon and make a clean. open and