The Birmingham age-herald., 1916-03-12

A new institution has been formed by local business men to enable the wage earner. and salaried man to obtain loans at the legal rate of interest without any asset other than his earning capacity and his reputation for honesty.
 It is intended to alleviate the loan shark and other evils and to enable the man of moderate means to borrow money on equal terms with the man of wealth. The plan is based on the Morris sys- tenn, which has been put in successful operation in many of the larger cities of the country.
 The new company is the Citizens Loan and Savings company and is capitalized at $25O, 900. The personnel of the direc- torate consists of w. N. Malone, pres1- dent, president of w. N. Malone & Co.,; John E. Shelby vice president and treas urer. president of able-Shelby- Burton Piano company; Charles E. Rice, general counsel, connected with Tillman, Bradley & Morrow; H. L. Chisolm, secretary formerly assistant cashier of the Mer- chants and Mechanics bank; Gen. F.. w. Fucker coal operator and director or the Sloss- Sheffield company; Solon Ja- cobs, president Birmingham Slag com pany and Capital Park Motor company; Fl M Urban general superintendent or by-product plant of Tennessee Coal Iron and Railroad company: Ira c. Dalrymple assistant general superintendent of the Woodward Iron company's properties; pr. C. w. Shropshire, physician; Harry R. Wheelock architect; Charles W. Iutz, general superintendent of the American Steel and Wire company; Tom Stobert. formerly with the Alabama Packing company, also an experienced banker.
 '"The new company is in no sense charitable institution" said Vice Presl- dent Shelby. "On the contrary these in- sttutions have been phenomenal sue cess in all cities where they are located in the United States, and one need have no hestitancy nor sacrifice any self respect in applying to them for loan
 They differ from the commercial. ana national banks in that they have no checking accounts and that all loans are made on the basis of repayment by the month in convenient sums
 MT. Malone. president of the new in stitution, is probably one of the best known men in this district. A resident of Birmingham for over 3o years, he has been identified with it's every movement that had for it's aim the civic, indus trial. social and moral uplift of the com murity. He organized the first Cham Der of Commerce Of the city and Tor IA years was chairman of the new indus tries committee of that body. During this time, largely through the efforts of MT. Malone and his committee, some of the largest and most substantial plants or the Birmingham district were located. He has given freely of his time and means to promote the material and social well
 hal hoe. haa, xrort successful in his own business affairs and is one of the largest property holders of the city.
 John E. Shelby, vice president and trea sl,rer of the new concern, is equally well known, and accounted as one Of Bir- minghams most successful and enter prising business men. Twice elected pres ident of the Board of Trade member of many important committees of the Chamber of Commerce, the organizer of the Birmingham Rotary club. an active member of the leading fraternal organi- ga ations and deacon of the First Meth od,st church, MT. Shelby has given much of his time and means to the uplift of the community in every particular. Like MT. Malone, he has been successful in his business affairs, and is president of the Cables -Shelby-Bu Piano company one of the strongest firms of it's kind in the south.
 In speaking of the new institution Pres ident Malone said:
 If anyone wants to borrow money it is an easy matter if he has money al ready. All you have to do is to go to the lender, deposit your bond or your security and there you are, The more you reed money the harder it is to get. Tc remedy this condition a plan has been devised whereby the industrial man can capitalize his earning capacity and hon , esty, which as rule are his only as- sets.
 "It is a deplorab,e fact that the salaried
 man without property has had no credit