The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1917-01-09
INVITATIONS ARE SENT OUT 10
DINNER THURSDAY Wilt
DISCUSS PROJECT.
Institution Would Be Operated onoe'
Morris Plan of Industrial Loans
and investments

A movement to estabilSh ne"
bank in Wheeling was starteo seslei
day when invitations signed oE Poul,
inent bankers and business men %ele
sent out for dinner 70 be helo on
Thursday evening at $50 O'CLOCK at
the Fort Henry club.
The proposed bank would be oper'
ated under the Morris plan OK lnauS'
trial loans and investments. which
system is now in successful operation
in more than sixty cities in TINS coun.
1ry At a meeting of number OF
business men yesterday morning Tue
project was enthusiastically accepted
and in order that this system OF ln.
dustrial banking may be tnorousnts
discussed it was decided 10 give
Thursday evenings dinner. mr.. Jas;
S: Utley, representing the Industrial
finance corporation OF New York. Will
be ptesent and explain in detail the
operation of the Norris plan.
Invitations to the dinner are signed
BY G. o. Maggie as chairman, I. A.
Bowers. Nelson C. Hubbard. W. B.
Irvine, Robert Dalzell, B. ". Peter
son and VIM. Z. Stone.
I'VE believe the invitation READS,
that there is a real need IN this COM
munity of a dignified institution where
deserving wage earnaIs and people OF
moderate means may secure loans 10
meet their economic needs IN Clean
business.hke way, and at a reasonable
rate Of interest"
The system was started IN me uut.eu
States in Norfolk. Va. in 1910, pS
practical application Of tho tried inous-
trial banking principles IN vogue IN con
tinental Europe for half a century as
adapted, to American re ecoT ronitS has
been phenomenal. Ave companies naFlnS
been organized in the first two years
eight in 1913. and in 1914 national Or
ganization to enlarge me sop COP ottem.
ton Of leading hnanciers. ,manu1actNX,
ers and merchants. so that only taree
local companies wore oEganIzeo IN 90 ,
In the ensuing year, . hoTe sHJ n VS." ISIS
thirty-tve companies were FORMED maA-
ing a total Of SO in operation at tne
close Of last month.
Loans to date have aEgregatea NOR
than $4,000. 1000. 20 over 1S5.ueV DOT
rowers. the average loan being approx.
matcly s129. y remarkable feature OF
this vast volume OF business IS the la
that the losses averaged less than one,
loaned while in New York City. where
it was contendsd that the Morris plan
could not be operated successfully, liz
losses have averaged less than 1--s OF
one per teIlN.
The Morris plan ut Industrial loans
and Investments has been in operators
since March. 1910. and is today eNecul-
ing its anti-lnar shark mission IN many
American cities" said Mr.. Utley. .Who
was in the city. Its plan OF operation
is q very simple one.
~ man needs 4 small sum or money
to tide MIN over some urgent tnanclaI
difficulty Being unknown at the com
mercial banks and having no securities
he can borrow on. he has to rely on
the generosity of 4 friend. trust hlmseil
TO the tender mercies OF a loanShSfK
or seek relief at the counter Of MCc:lS
Plan company. Here. if his application
is granted, he pays small charge To-
ward the cost of investigation. and
gives 4 promiSsory note signed oy MN
self and two friends or co-rnekers who
are willing to voucn for his honesty alo
earning capacity. ,,
This note is discounted at the legal
rate Of interest. and for each $50 or his
indebtedness the borrower agrees TO pay
ST week toward the purchase OF Ger
tittcate OF lnves tment equaling the
amount of his loan. AZ the END OF MY
weeks he has paid for his certihcate IN
fun. and two weeks later he may cash
il at the companys office and pay OF
his note. which is then due. Many q
man who begins as a borrower enSs by
becoming an investor in interest-oear-