The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1917-01-12
STICK 0F MORRIS PLAN BANK !.
QF WHEELING UNDERWATER
NEW FINANCIAL STlTUTlON
FOR THE CITY FORMING
WITH A RUSH.
Thousands of Dollars Worth Of Stock
Subscribed at Dinnermeeting
at Fort Henry Club.

Every dollar of the 100000 capital
stock of the Wheeling Morris Plan
bank had been underwritten before
the organization meeting held at the
Forty Henry Club assembly room last
evening had adjourned. Twenty-Five
thousand dollars worth of the stock
OF the local bank was subscribed by
the Industrial Finance Corporation OF
New York, through James A. Utley,
who Is In the city organizing the new
financial institution, and like sum
had already been underwritten to
local people before the dinner and
meeting last night. One or the out
standing features Of the meeting last
night was the fact that subscriptions
for stock were so heavy that 1t will
be necessary to appoint committee
to apportion the stock to the subscrlh-
ers, and it was found advisable to
request that permission be secured to
increase the capital stock at once.
Mr.. Utley stated that the Industrial
Finance corporation will be glad to
share in the stock subscription on the
same basis as in the first 100000.
Shares Of stock are sold at sllO, the
extra ten dollars being used for in
vestigation and operation.
The committee on organization OF
the Wheeling Morris bank. which Was
chosen Monday, composed Of G. O..
Maggie, chairman; C. A. Bowers, Robt.
C. Dalzell, Nelson c. Hubbard, ". b.
Irvine, B. ". Peterson and ". E.
Stone, was increased last evening
with the addition to the committee Of
Roy 3. Naylor, f. 3. klieves, Bernard
Klieves, George Baird. J. A. Blum, C..
Burgess Taylor, II. NJ. Taylor 4. S.
Hare, A c. Whitaker, Jesse 4. Bloch
and W. II. Abbott. This committee
will have complete charge Of the
organization of the Morris plan insti-
tuition in this city, and the organiza-
ton will be completed as rapidly as
West Virginia and charter will be
Is completed.
Many Present at Organization.
Twenty-Five prominent business men
iof Wheeling and vicinity were pres
ent at the organization meeting and
dinner last evening. After the guests
had partaken of a bountful feed
served in the assembly room Of the
Fort Henry club, James A. Utley, who
came to Wheeling the first OF the
week with the Morris Plan of Indus
called upon for an address and enter
tanned the men present for an hour
with a highly intelligent discussion of
the merits of this institution.
Using illustrations or the operation
Of the Morris plan banks in other
cities where they have proven success
full in providing opportunity for per
sons Of moderate means 10 secure
loans Of money at reasonable rates OF
interest, six per cent, with an addi-
tional two per cent. for investigation,
repayable under conditions acceptable
to the borrower and safe and remuner-
alive to the lender, as we'll as oppor-
tun1ty for persons of moderate means
TO secure safe and profitable invest
ments in denominations Of $40, or mul:
tiples of that amount, Mr.. Utley eX-
plained at length how these loans are
made. how dividends are paid. how the
Morris plan, synopsis OF which was
carried in The Intelligencer on Mon
day. encourages thrift, and how full
paid investment certificates and in
stallment investment certificates are
secured. He answered numerous ques-
lions regarding details Of the Morris
plan banks operation, citing instances
from the organization of the first bank
down to the first of the present month,
when G. of these banks were in oper-
alton, with an aggregate capital Of
more than S7,600.000. and more than
$4,000 borrowers assisted up to that
time with loans aggregating over $685.
100000.
Caters to a Large Clc-'s.
A feature of the Morris plan, Mr..