Business: New Morris Plan

Twenty-three years ago a young Norfolk lawyer received a letter from a member of the Virginia Corporation Commission : "I have carefully considered your application for a charter for your hybrid and mongrel banking institution. Frankly, I don't know what it is. It isn't a savings bank; it isn't a state or national bank; it isn't a charity. It isn't anything I ever heard of before. Its principles seem sound, however, and its purposes admirable. But the reason that I am going to grant a charter is because I believe in you."

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