The Washington times., 1912-09-22


In Washington. as nowhere else, this
is fact and not fiction. In this city
a discounted note is not discounted at
all. In this city courtesy and credit
il frequently extended to an account
Saat Is not even entitled to considera-
tion.
This is one of the matters that have
been much considered and frequently
discussed in this column.
Where other cities make charges for
collection of items, local bankers pay
cut the cash, during transfer, make the
collection, frequently paying charges
against items and give the depositor
full face credit for checks deposited
against accounts in other cities, States
and countries.
In like manner they give to other
banks in Southern and other States
more consideration than Is accorded to
them by bankers elsewhere. Frequent
ly they are out large sums of money,
on which they have not made a cent,
during transit. In other words. they
are used by other banks and bankers
in other cities as a convenience, just
AS they are by the small depositors,
who really employ the banks as their
bookkeepers, sans salary or opportunity
to make even small sums from inter-
est on deposits.
1t is a public service to so manipulate
surplus funds that they may be avail
able in centers where credit needs are
| large and insistent.
1t IL a public service to be able to
| care for the needs of the merchant or
manufacturer In the credit line when
| necessary.
II Is a public service to lend aid to
public financing; to secure deposits Of
| idle money from the people to aid in
lines of activity and energy.
1t Is a public service to make money
for the people while they sleep by pay
ing interest on funds that would other
wise be boarded in out-of-the-way
places and rendered as useless as the
| buried talent.
1t is a public service to lend the
honest man the necessary difference be-
| tween his small savings and the cost
of home. where, in time. he may live
| in his own home, unincumbered, con-
tributing to the upbuilding of a com
munity. And in Washington this is
more easily accomplished than in any
other city in the United States, for here
| we have the bond loan, or monthly pay
| ment system by which the home buyer
may pay off his loan in small monthly
|
home buying. to the easy accumulation
! of a competency.
| 1t is. indeed. a public service to con-
serve the estate of the widow and the
ment and safety.
| 1t is a public service to take the
money of depositors over the counter.
care for It, assume the responsibility
| against loss, etc, and to return 1t on de-
mand. The depositor may not think
| of II as favor-many of them do,
however
1t is a public service to be a wide
| awake, clean, able bank official, walk
ing straig ght day in and day out. be-
fore ones fellow-men. handling that
which is In your keeping with wisdom
carefully. judiciously, keeping to the
in the confidence Of the people. and OF
ones own self 1t Is a public service.
1t is something that gives personal
There are two or three interests to
be considered in the banking business.
First, the interest of the depositor and
the safety of his money.
Second: the. interest OF the share,
holder, the safety of his investment and
| a fair return thereon.
| Third, the interest of the business
men and OF the community at large.
| He who serves the public well, cleanly
| benefactor, even though pecuniary gain
is resultant from that service.
| Washington representatives to the
| American Bankers Association conven-
| ton at Detroit a fortnight ago. speak
| in a most cheerful manner of the hos
| pitality and courtesies shown them by
| Col. owen T. Reeves. late bank eX-
| aminer for the District.
| Colonel Reeves Is not only bank ex.
| aminer for Chicago, but for st. Paul
Minneapolis, Milwaukee. and Detroit
At the latter city he was tireless dur
| ing the convention, and paid particular
| attention to the Washington delegation
| His automobile was at their service al
| Of the time, and Mrs. Reeves did much
to make the visit enjoyable to the ladies
of the local party.
a position as head Of big bank-ht
has something much better, thank you
At least one financial institution II
Washington proposes to get down L
brass tacks with the advent OF the new
year, now less than ninety shopping
days away.
It Is the intention Of the bank referred
TO to change the form of its notes oil
and after January l. 1913, so that g
note discounted will actually be dis
off from the face OF the note wher
the money is borrowed. after the custom
general in the cities of the nation.
II will make a great difference in th'
net profits and will work no great hard
ship on the borrowers. in that they viii
| simply have no interest to paw a
maturity. having paid II when the not
II would be a good thing for othel
| honks IN follow this lead 1t is the ONLY