The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-09-07
NEWEST FINANCIAL
INSTITUTION WILL
OPEN ON SEPT. 70
Is Home Concern, With Home
Capital, With Local Bust
ness Men as Officers
and Directors
BY RICHARD F. JOHNSTON

BY RICHARD Re JO1ANS - Wv
Birmtngham's newest industry the
Mercantile Finance corporation, cap
ital stock $4,000. will open for bus
iress September 20 on the ground
floor of the new business block next
to the Title Guarantee building on
Twenty-first street, between Third
and Fourth avenues.
1t is a home concern, the capital
is home capital. the officers and, d.
rectors are successful business and
PROFESSIONAL men Of Birmingham and
its operations are to be local.
1t is intended to keep at home a
considerable proportion of the Slo'-
600 900 of good negotiable paper that
goes out of the state every year
paying interest in the east instead of
in Alabama.
The officers are as roIlows: e. B.
Irwin. president; Hugh Locke, vice
| president; Prescott V. Kelly, vice
|. president; ]. B. Gammill, secretary
! f. S. Dunlap, treasurer; w. w. Gay
| ton, manager. The directors. be-
| sides these, are A. A. jones' l. y.
| lTTlneS, LIT. w. IA. O1dA bAAt 80
Meyer. c. E. Osment. DR.. G. w. Snrop-
| shire, DR.. d. L. Wilkinson.
The president Is credit manager OF
the department store of Caheen Bros.
! The manager is manager OF the
! credit department of the birmingham
/ Trust and Savings company, an IN
/ stitution which he has served 2S
| years, beginning his banking life IN
i Birmingham as stenographer TO W.
| z. G. Harding, governor OF the red
! eral reserve board, when Mr.. Har-
ding was president of the FIRST Ma
tional bank, this city. The other Of
Ulcers and directors are well known
| business and professional men.
Many in Indiana
| There are 43 of these institutions
| in indianapolis, where the system
originated, and other Indiana cities.
| They have been a uniform success
| financially and grown in popularity
| among their customers very much as
! building and loan associations have
done. They are being organized IN
Michigan and other western states
| through the assistance of the Wells
mere Dennison corporation of Indian
apolis, founders of the system. The
Corporation is lending its good Of
| fees in organizing the Birmingham
concern and will stay on the job I'M
| til the Birmingham company is on
it's feet, systematized and in apple
pie operating order. Its connection
then ceases, all the local concerns,
az in the case of Birmingham, being
locally financed and operated.
| lis Not Bank
/ The Mercantile Finance corporation
will not receive deposits and it Is not
a building and loan association,
neither is it mortgage dealer, bu.
| stands midway between these con-
Germs and helps househoulders and
small manufacturing interests where
| established institutions cannot. 1t
does such things as there;
"A" wants his house rooted at a
cost of s20o. He cannot pay for the
job except by the month. He goes
to a man who will furnish the roof
ing and do the job and gets this man
! in touch with the Mercantile FL
| nance corporation. Arrangements are
| made by which the corporation takes
notes of the householder indosed by
| the contractor. discounts the bill,
pays the contractor in full and col
lects monthly from the householder.
The money collected monthly is
turned over and over again the same
as a bank or building and loan as
| ISOLATION does.
In the same manner a householder
| may have his plumbing done with
| arrangements to pay by the month.
| In the same manner he may acquire
a washing machine or furniture for
his home His home may be cleo
trically equipped under this plan. A
| vacuum cleaner may be purchased
and plumbing installed through the
same method.
| Finance Homes
These corporations have helped fl
| nance homes by lending an amodnt
of money over and above what the
| building and loan association will
advance and the capital of the house
builder Several hundred such homes
have been financed in Indiana
through corporations of this char
acter.
| Small manufacturers are helped in
| this way: man has invented and
| makes an article finding favor in
! general use as far as it has been pre-
| sented owing to limited capital. The
! Mercantile Finance corporation will
| discount this mans bills receivable,
| take over their collection and the
| manufacturer is thus provided with
| capital to make greater production.
Otherwise he would stand stalled be-
! cause he could not manufacture more