Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-18
FINANC|ERS HERE GREET
NEW MORRIS PLAN BANK
Luncheon rendered by OFF,
cials on Roof Garden Of
Westmoreland Club.
McADAMs EXTENDS WELCOME
Preaidcnt of American Hnnkers' An
hocistion Expresses Friendship for
Enterprise Here-Others Oncr Their
Congratulations. To the Newcomers

Bankers, railroad officials and other
business men were guests yesterday
at l:30 o'clock at a luncheon given
by the officials OF the new Morris
Plan Bank, on the roof garden Of tho
"estmore!and Club. r c. Boushail,
president OF the new institution,
acted as POSTMASTER and introduced
the speakers. Colonel Thomas B. NC
Adams, president OF the America n
Bankers Association. and nrst vice
president OF the Merchants National
Bank was the frst speaker He said
ne was convcrsant with the rules and
purposes Of the Morris Plan Banks.
and he welcomed the new institution
and It's officers 10 the city
We're Brown. vice-presidcnt and
general manager OF the Industrial
FINANCE Corporation, the parent COM
pany' said that over period OF years
me losses to Morris Plan Banks had
been less than onc-fourth of pcr
cent, and that the earnings of tho
banks had averaged from 5 10 10 per
cent after only few years opera
ton. He said one OF the banks
earned 40 per cent on a capital Of
100000. despite the fact that Il was
charsing less interest than other
banks.
Bnnk Hns hest start.
ar Brown said the Richmond bank
was getting on on better Start than
any other bank in the system started
ana he predicted great success for
the new bank
Herbert W. Jackson, president OF
me virginia Trust Company. con-
kra1ulated Mr.. Morris In CONVEYING
the idea and putting It over OF auord.
ing financial relief to people cut or
ny 'he ordinary banking rules, and
ne extended greetings TO tho o,n-
GERS OF the new institution No cnn
saturated them in selecting Rich.
mona as the home for tho ars,
IeSionai Morris Plan Bank. and said
nc high moral atmosphere here was
such that 1t insured the success -,
me hanK which bases its operatio,.
on character. luis
Afthur j. Morris. who originated
me pian and opened the frs, Morris
i"n BANK in Norfolk. told OF h,s
.onS years OF study in proyinr :,
pahk winch would meet the ordinary
Oh people who were unable
set accomm odations a, OBJ
banks. He said that industriat 80.
success in Europc, and for
,na' reason the average person g.,
europe had better know,oa,
~ e'"ous or banking and saving tb,n
me majority OF tho hctter od,,,
Peop!e in this country. Hc said ,h
educational work OF acouoiptirm ~
with the Morris Plan Eo,L
tu !he financing of the bank, n.
W oo'ems that had been SOLVED ~,
Ia. organization had not b.cn ~.
as eh'ircty. but was in n fair w..
70 aolulion Mr.. Morris rnvc
.o,y OF the Morris Plan Ranks on,,
niue story In which no Y.a.
,sheu by Henry Ford 10 descrjh. ~
nor'is Plan Bank in one .e,,s
nc said his reply was 1T Is thn -,
''0'oF company in Banking"
hhnk nj Regional seats.
MI Morris said it was Tho
pi"h TO put Morris plan NJ.
scat OF each Federal po.ar
n,. hank. the regional Not.
n""k TO act as the ''mo,hnr" 90
norris Plan Banks I'm ,hn AZ,
ne said the Morris pl,n
we're moi competitive. do no, "nH"
u,nSrS checking business. and , Or
,uohes TO, and secure snvirr. 'o""
hena,,. ION, class Of people which
OF their mcagcr s,,,';
n."hoine. rarely dark.p ,ho "''c'ai
ordinary commercial t,i, OF
RI. OUT tina, The Morris pi,'
49,. neNeioned savings dcnos,,o ,".'
ana 'He end became dcpo,itors
'"' patrons Of the conmero,.;