Last May (TIME, May 14, 1928) National City Bank announced a small loan policy of loans on salaries and without other security than friends' endorsements of borrowers' notes. Last week National City proclaimed the results of its first small loan year—some 50,000 loans averaging $320 each. Meanwhile Marine Trust Co., of Buffalo, whose similar small loan policy was announced one day after National City's, has made some 19,000 loans.
The Buffalo bank bought out the Buffalo Morris Plan organization, and conducts its small loan business through the Morris Plan subsidiary.
Banks Frozen
Five small Florida banks, all in Polk County, all units in...
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