Excerpt from The World Book, Vol. 7 of 10: Organized Knowledge in Story and Picture Consult Noyes' William Morris; Cary's Wil liam Morris, Poet, Craftsman and Socialist. Morris plan banks. A new type Of bank has recently appeared in the United States, and is rapidly achieving importance. Its purpose is to lend money to the small man, who, no matter how good his character, has previously been unable to borrow in times Of need except from loan-sharks, charitable organizations or friends. In Germany there are over banks Of ...
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Excerpt from The World Book, Vol. 7 of 10: Organized Knowledge in Story and Picture Consult Noyes' William Morris; Cary's Wil liam Morris, Poet, Craftsman and Socialist. Morris plan banks. A new type Of bank has recently appeared in the United States, and is rapidly achieving importance. Its purpose is to lend money to the small man, who, no matter how good his character, has previously been unable to borrow in times Of need except from loan-sharks, charitable organizations or friends. In Germany there are over banks Of similar purpose, in Italy nearly and the greatest banks in France will lend sums even smaller than ten dollars. But, until Mr. Arthur J. Morris of Norfolk, Va., founded the first bank in 1900, there was probably no such institution in America. At first the Morris Plan spread Slowly; at the end Of October, 1914, there were only fifteen banks. But at the close Of 1916 there were sixty banks in operation or being organized, and in August, 1916, loans passed the mark Of a year. The average borrower Of this type Of bank has an income Of $25 a week. Sometimes he wishes to repay other debts, and if he has been a victim Of a loan-shark the bank will prose cute the usurer for him. At other times the borrower needs money for emergency expenses, or Wishes to expand a small business. Usually he borrows about $100 this he pays back at the rate Of $2 a week, with bank interest. His note is indorsed by two men Of his own station in life, who are notified as soon as he fails to make a weekly payment. Less than one dollar is lost in every thousand loaned under the Morris Plan, and only about twenty dollars in every thousand are paid by indorsers. Among the Officers Of the first New York bank are a former state bank controller, a former assistant secre tary Of the navy, two railroad presidents, the president of a large trust company and the heads Of some of the best-known manufacturing companies in the country. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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