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...decades ago by Arthur J. Morris, of Richmond, Va., and now handling a good half of the $360,000,000 a year business done by this division. Other big industrial banks are the National Wimsett System with a $50,000,000-per-year volume; the Citizens System, handling $13,000,000 a year; the $2,000,000-per-year Industrial Banking Corp. of America. A notable director of the latter is Mrs. A. Barton Hepburn, widow of the late president of Chase National Bank...
Credit Unions. Co-operative savings and loan societies run for the benefit of members who pool their savings by pur- chase of stock and by direct deposits are known as credit unions. About 1,020 of them in the U. S. do a $62,000,000-per-year business. Their great sponsors are Edward Albert Filene. Boston merchant, and his 20th Century Fund...
Remedial Loan Societies. Semi-eleemosynary, these societies sprang up in great numbers around 1915, backed by philanthropists who wished to combat usury. They have a $60,000,000-per-year volume. Leader is Provident Loan Society of New York, doing 66% of the business. Last week Provident reported it had made 530,000 loans involving $41,000,000 last year...
Axias. Somewhat like credit unions are the axias, formed mostly among foreign language groups in big eastern cities. They differ in most cases from credit unions in that their managers take profits. They do a $50,000,000-per-year business, most of it unregulated and at high rates...
Company Loans. Large and progressive companies have started to formulate definite policies regarding loans to em-ployes at low rates of interest. The business is thought to run at over $20,000,000- per-year and is an effective means to combat usurers and "salary-buyers...