The Detroit times., 1914-11-12

THE earnings Of the 1n11
are derived from the intoru11 c|&1
ed 10 borrowers on their )1I
These earnings have proves 900
tory, wherever the systom hog ~
tried. because Of the eyDtom - o.
ioaning each week, the borYUvo1
weekly payments, and the inc1@
on the loan. which 10 always oeo11
ed In advance. These earnings Co.,
pare very favorably with thoee
most national banks. Our banks 60
not accept deposits
snow as TO our method Of masiu<
loans: take, a. an illustration. Ioez'
of $50.
"The borrower gives his note Tor
$50. Que In 81 weeks from date, ana
pays per cent interest. or ~. IN al
vance. He then subscribes 70 whq&
IL known as installment certincofo
C for $50. which he agrees % pu!.
chase al the rate of ii week for %:
weeks. This certificate Is then st.
tached 10 the borrow's note rs coIlet-'
eral for his loan. Al the end Of -
weeks this installment certfncate BE-
comes fully paid up, and. therefore,
/.
weeks later his note falls due. He
certificate, pay his note and close the
plan that he can n ne wishes, liquid
ate his note and retain hin class C..
certificate as an investment.
"AIl that Is required OF the mo~
humble borrower II that he produc
two CT his fellow workers Of goo
character and satisfactory earning
capacity 10 indorse his note. Should
! the maker OF the note default. through
death or otherwise. there are left two,
men who can divide the loan and pay.
or the note In such small weekly pay
ments as to cause no inconvenience-
"Any one who desires 70 do % may
purchase, In instsIlments Of 81 ~
week. one of the class Co certificates
and. after paying for II. borrow 20 the
extent of It's face value Of $50 without
security.
Under this plan subscribers Of
stock are guaranteed satisfactory
and reasonable return on their invest
/ ment and, at the same time, the boys
rover Is assured OF means Of OBJ
tanning money at legal rate Of IN
terest without being harsssed. BLACK
mailed and bounded as Il n the cuo<
tom OF the so.called loan shark
Since the first Morris plan hank
was established FIVE years ago. l0a0o
have been made to $1,000 pers0no<
who have taken total OF 35,T61. Oo0.
an average of s123 to each borrower,
Losses have averaged less than one
quarter OF one per cent.
/ In the first pear OF existence OF
our bank In Atlanta. Ca. 1901 loans
were made. or this number 1,f66
were TO persons who negotiated the
loan TO escape from the clutches q
the loal sharks. A direct saving. 81
rates OF interest 10 the borrowers, of
$4,000 was effected.
I'm our bank In Washington. ID. O..
out of 5000 loans, but one loan %
$50 was lost.
The cashier OF our bank In Atlanta
declared that two persons c0nfeUoo0
to him that. had they not obtained
loans from US In order to curb the
harrassing tactics Of loan sharks, they
would have committed suicide.
1 One women who obtained loan
tainted from very Joy.
The basis OF our leasing syStom
IL characted instead Of realty for
other security. The Morris plan'
banks are q business proposition and
not are not charity In any sense %
the world. We expect to make. and
DO make. q return on our investments.
We expect loans to be repaid, yet W
propose to safeguard our clients
. against usurious rates OF interest au(
against the blackmailing tactics pur,
sued by the loan sharks.
Among the prominent financial and
business men who attended the lunch
con at which Messers Williams and
Morris explained that their werd
Frank w. Blair. president Of the Union
Trust Co. Emory w. Clark. presideni
Of the First and Old Detroit banks:
Il. II. Doyle, state banking commits
sioner; j. K. manager OF the Provi
dent Loan association: A. +. Knob
ZACH, general manager OF the North
way Motor Co.: Bernard Ginsberr. a
rector OF the Provident Loan associn,
ton. ID. G. Delamater. president ~
the Detroit Savings bank: ID. M. Ferry
Jr., vice-president OF the Provideri
Loan association; George r. Russell,
president of the Peoples State bank
w. e. Moss. president OF the Ameff.
can State bank: III. Il. Bodman. direct.
Tor OF the Provident Loan association:
r. J. Hecker, director OF the Provi.
dent Loan association: John Ballan.
tyne, president of the Merchants Na.
ltional bank; James ID. Stanish. Of the
Hammond.Standish Co.; Clarence H,
Booth, Charles Jasnowski. assistant
prosecuting attorney OF Wayne cCun.
Ity; Charles B. Warren. president OF
the Detroit Board Of Commerce, and
Byres II. Gitchell. secretary OF the
latter institution.