Word: bankes
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Dates: during 1930-1939
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Other people believed in Arthur Joseph Morris and the "hybrid and mongrel" notion of banking became the Morris Plan banks in 150 U. S. cities. Founded on a desire to provide the laboring man with a better source of credit than the fleecing loan shark, the Morris Plan is today dignified by the name "industrial banking." Morris Plan Banks ("companies" in some states where only an orthodox bank may use the word) make loans of $50 to $5,000 largely on character, earning power and two indorsements - a type of business which many commercial banks find un profitable. Some...
...that the Government promptly organize "First Industrial National Bank of the U. S." with capital of $1,000,000,000 and branches scattered the length & breadth of the land...
...that this bank "extend credit to every person, firm or corporation requiring money with which to purchase necessities or to employ men to aid in that purpose...
...Depression has been one indirect method or another of easing credit to producers. The Governor of Georgia urged that Army planes scatter greenbacks over the land but no serious effort has ever been made to bolster buying power by direct consumer credit. To prove that his new government bank would be no sinkhole of public funds, Planner Morris cited the record of his oldest banks. In 23 years the Morris Plan system has loaned $3,000,000,000 to 15,000,000 individual borrowers. Only 2% of indorsers or co-makers were ever called upon to make good, and losses...
...next April (TIME, Oct. 23) had been offered in exchange for the new 4¼-3¼-10-12 year bonds of the issue announced in October, but public enthusiasm for the new bonds waned somewhat last week due to the Administration's experiments with a rubberized dollar. Banks and bond dealers who had bid heavily in the cash subscription of the new issue were surprised by getting bigger allotments than they expected. Sales of unwanted bonds in the market forced the price of the new issue, dubbed "converts." down almost a point below the subscription price. Base-Stealing...