Evening star., 1938-08-11

ana Tor the last
II years they .l... -.
have been an un- arthur D. MOTIFS
failing barometer of general business
conditions" he said "A decline in
them always has forshadowed depres-
sion and their climb has proven to be
a harbinger of recovery.
Since 1910, when I founded the plan
with a capital of $4,000, the banks
have loaned $4,000 100000 to approx
imately 25,000,000 persons"
Sees Obstacles to Thrift.
Asked whether he thought thrift
habits Of the Nation had changed in
the last few years. Mr. Morris said he
did not believe people themselves have
changed but that the average person
earning between S25 and $50 a month
has about all he can do to meet the
necessary costs of living, including
taxes, let alone to save anything.
The wages-cost of living ratio does
not permit many people to save" he
said. Strikes and other interferences
with the normal course of business
have added materially to this burden
of costs. It is regrettable that labor
has had to resort to methods which
can't help but have harmful effects
on the working man.
What the Nation needs is less re-
form and more permanent recovery
We have had five years of experiment
tation and that should be enough. We
need to concentrate on steps toward
sound prosperity"
Regarding holding company legisla-
ton insofar as it relates to banks and
banking, Mr.. Morris declared, 1T is
important that this administration
reaches no determined policy on hold
ing companies affecting banks and
banking, until it has taken thorough
inventory of the possible effects of such
legislation. want to point out the
outstanding accomplishments of the
administration in improving the bank
ing situation with such steps as the
Glass-Steagall' Act, the F. D. I. c. and
better administration of the Federal
Reserve Board. It is important that
the Government should avoid doing
anything that might impair the pres
ent efficiency of the banking system,
for which it is responsible
Praises Examinations Step.
Mr. Morris praised the Govern
ment's program for coordination of
bank examinations. Such a plan
had to come he said, because it
is practical necessity. The evils OF
conflicting authorities and policies are
so obvious that I cannot see how the
question could possibly be debatable."
The banker declared he favors wage
hour minimums. except where they
interfere with State rights or are used
to create a system of control over
private industry. He declined to COM
ment on the present wage-hour law.
Mr.. Morris left the practice of law
In 1910 to establish the first Morris
Plan Bank at Norfolk, Va. There now
are 127 such institutions, maintaining
their separate corporate entities, and
scattered from New York to California
and from Maine to Texas. Mr.. Morris
also was the first to set up the present
system of automobile installment
financing. The first contract of this
kind was drafted in 1915, and Morris
Plan Banks still do large business
in this field.
Marsh Heads Agency.
A. L. Dern, vice president and di-
rector of agencies of the Lincoln Ma
tional Life Insurance Co., today an
nounced the appointment of John D.
Marsh as general agent for the Dis
trict of Columbia agency. Mr.. Marsh
has been engaged in managerial work
in the insurance business in Wash
ington for several years.
The Lincoln National. with an ex-
cess of S979,000,000 of business in
force throughout the United States,
has operated in the District of Co.
lumbia for the last nine years.
Mr.. Marshs has had a varied ex-
perience, including the direction OF
three general agencies. Prior to join
Ing the Lincoln National he was as
sistant agency manager for the Equl-
table Life Assurance Society of the
United States in Washington.
Mr.. Marsh, who is a graduate of the
Managers School of the Life 1nsur-
ance Research Bureau of Hartford,
attended George Washington Univer-
sity and is member of the Washing
ton Golf and Country Club. He is 81
years of age and is married.
Meem to Visit West Coast.
Harry G. Meem, president of the
Washington Loan e. Trust Co.. left
yesterday for an extended trip to the
West Coast, which will include visit
with his recently married daughter,
Mrs Edward Beale Mclean, jr., whose
home is now in Denver. Mr.. Meem
expects to return by way of the
Panama Canal early in September.
He is accompanied by Mrs. Meem and
their daughter Eleanor Eastbourne.
Albert S. Galley, executive vice
president of the Lincoln National
Bank, will leave next Tuesday for
boat trip from Baltimore to Miami
He expects to be gone about three
weeks.
Kenneth Birgfeld of the American
Security e. Trust Co. will leave to-
morrow for a vacation at Virginia
Beach. He plans to return September l.