While economists with harsh voices declaimed last season against and for installment purchase of merchandise, Lawyer Morgan Joseph O'Brien of Manhattan, 74, father of smart Kenneth O'Brien* and eight other children, studied the selling credits of 34 industries and found them good risk. The result is the $31,000,000 American Rediscount Corn., which was to start business in Manhattan last week, after the method of the Federal Reserve banks. Lawyer O'Brien is chairman of the company's advisory committee; Comptroller Lawrence H. Hendricks of the Federal Reserve Bank of New York is the president.
The plan of financing is this:
A man buys an...
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