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Show DESCRIBES OPERATION OF POOR MAN'S BANK SALT LAKE, April 1. A "poor mans bank" Is to be established in Salt Lake. Through this bank the wage-earner who has no land, stocks 01 other security may borrow small sums of money at a rate of 8 per cent, (according to W. C. Thomas, originator I of the chain of banks under the name Industrial Loan & Investment company, com-pany, which are now in operation in a number of large cities in the United States. Mr. Thomas spoke last night to 100 representative business men of Salt Lake after a banquet at the New-house New-house hotel. He described the plans of the company and extended an offer to the Salt Lake business men to become stockholders. The methods of the loan shark, who secures many times his principal by bis system of long-time payments, were scored vigorously by Mr. Thorn-a: Thorn-a: . w ho related examples of usurious charges which are being madex for small sums of borrowed money. Under be system of the new bank, he suit- rd, the man -who is now almost hopo-lefi hopo-lefi lly in Mt can be placed ou bis feet, lie related incidents to prove that hio concern waa continually rehabilitating , I the financial condition of debt-ridden I v i ge-earners. His concern, be stated, I does no' interfere with the operation I of the federal banks, as they do not serve the class of people who need small loans. |