The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-07-27
NEW HOME OF
MORRIS PLAN
BANK OPENS
Handsome Appearance OF H
Street Quarters Cause
Much Comment
By RICHARD HATTON

Dy AOAN
Moving today from it's former
quarters at the corner of Thirteenth
and I streets to the handsomely
rernodelled building at 140S H street
northwest. the Morris Plan Bank
joins the many financial institu-
tons Of the city clustering about
the great money center Of the
world, the United States Treasury.
Executive Vice President Bertram
Chesterman, of the Morris Plan
Bank. when seen at the new bank
ing offices this morning, expressed
great satisfaction with the arrange
Sment Of the building, which was
formerly occupied by j. Maury
Dove and which has been under
going extensive Encouragement to
provide every convenience for a
modern banking business.
The institution was the recipient
of many congratulations upon the
handsome appearance of its new
home, which occupies 5000 square
feet on the ground floor, and offers
to the Washington banking public
a commodious. adequate and up
to-date banking room. The en-
larged quarters are a concrete
proof of the great strides recently
made by the Morris Plan Bank
in this city. Mr.. ChestermaA states
that the business OF his institution
has grown so rapidly in the past
few months that it was absolutely
necessary to occupy larger quarters.
In addition to the 8 200 square feet
in the new banking rooms, the in
stitution has secured an option of
2 900 additional feet in the same
building, and it is the belief of the
officers Of the institution that be-
fore man months, it will be neces-
sary to exercise its option on this
additional space.
The Morris Plan Bank is a
specialist in the banking field and
particularly appeals to that por-
ton Of the public which has not
established itself with other bank
ing connections. Someone has said
that so per cent of the population
of this country do not have bank
accounts, and It is especially to
this field that the Morris Plan,
Bank appeals.
Aside from the unusual feature
which the Morris plan offers the
public of lending money repayabie
in monthly or semi-monthly install
ments, one, OF the most important
features OF Morris plan operations
is the encouragement of thrift, and
the development Of the savings de-
partment forms a large part of tne
activities of the institution.
There are over 100 Norris Plan
Banks located in the principal
cities of the country. The first of
these Institutions was incorporated
in Norfolk, Va, with a paid III
capital stock Of $4,000. The Nor.
ris plan idea was founded by At
thur j. Norris, formerly of Norfolk
but now of New York The 100
Norris Plan Banks since 1910 have
made aggregate loans Of over
'$640, 100000 to over 10000 per-
SONS. During 1924 the aggregate
loans made by Morris Plan Banks
in the United States were in ex-
cess Of $121, 000,0 600 and loans were
made to SOC, 900. persons. In 1870
deposits in all Morris Plan Banks
were $11 900, 900. In 1924 they
were $42,000,000, showing an i'm.
crease in four years of nearly 400
per cent In deposits The savings
deposits in the local institution in
the last four months have in
creased 90 per cent. The aggregate
resources Of all Morris Plan Banks
amount to more than 800, 900 900.
wallace D. Mclean, vice presi.
cent OF the New York Morris Plan
20 is acting as president of the
washington Institution. Mr. Mo
lean is one Of the founders of the
University Club and one of the az
ganizers of the Sons of the Ansr,-
can revolution in Washington.