On the twentieth anniversary of its organization, the Morris Plan Industrial Bank of New York, made a loan which brings the total up to 1,541,126 loans, it was announced yesterday. During this period, the bank issued $402,752,-054 in loans.
At the same time, the forty-seventh consecutive interest payment was made to depositors bringing the total of interest paid to the public to $12,800,000.
No single span of the nation’s history could have imposed such a severe strain on a new banking system than the one just past, Arthur J. Morris, president of the bank and founder of the nationwide method of banking bearing his name, declared in reviewing the history of the institution.
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