The Washington times., 1912-05-26

ington bankers The plan was ex-
plained at length and seemed to mako
a hit with the local people. 1t is in
operation in Norfolk, Atlanta, St
Louis and Cleveland.
The scheme is in no sense Of the word
banking proposition in that It is In
tended for that large class of bor-
rowers that have no place in the line
Of borrowers at the regular banks.
1t Is intended to meet the demands OF
workers, wage and salary earners, who
must have money now and then, and
II will come directly into competition
with the loan sharks, to their discom-
future
The philanthropy is evident because of
courteous treatment, fair interest, prac-
tical. aid to help borrowers from the
VOLTS long howl; assistance to better
living, to the solution of the problems of
making expenses meet income.
Profitable banking because 1t means
money invested; because II tends to en-
courage economy.
1t is proposed to lend money in sums
3 to until senS ps able sS sSs to gsS & o ssfs bo.s
able to pay back "a a week. $500 to those
able to pay back So a week. The pro-
posed rate Of interest is per cent.
though in reality because of the INSTALL
ment payments the interest will be very
much more than this-9 to 10 per cent.
Young men. old men, too, in financial
be received, their applications be given
careful consideration, their promptness
in paying obligations. their incomes, the
tenure Of their positions. character, ETC.,
| manner of living, and II the latter
should prove to be more expensive than
salary or income permits, efforts will be
made to bring about change. II the
r N he l.tfo 30 AhA
shark, all other matters being suitably
arranged. the corporation will go to the
hoor with the loan shark to exact a
compromise and square closure of ac-
count. II In debt to merchants, not as
the direct result of indifference to nay
but rather inability a compromise will
be effected. II possible, and In the re-
anthropy
IL the applicant answers all inquiries
satisfactorily, and the investigation con-
nrms the same. the applicant will be
asked to obtain the signatures as in
| dorsers Of two fellow-employes or good
| available.
1t Is proposed to organize such a bank
IN this city, the capital stock to be
, $l00, 600, to be known as common stock
Deposits will be received in sums Of
$loO or over, for which first preferred
stock will be issued, and on which 6
| per cent Is guaranteed, so that savings
| may be we'll invested here. and the bank
may have ample funds other than its
| capital
Deposits of 81 a week may be made,
In the aggregate $50 as a maximum,
upon which per cent will be guaran-
teed, and certificates of second pre-
| ferred stock issued against the same,
said certificates being payable on
thirty days notice. or may be used as
| collateral for a loan. Dividends are
payable semi-annual.
| All other net earnings are the property
Of the common shareholders.
An Atlanta financial man, interested
In the organization there, was present
at the meeting, and has since talked
with local financiers. and the indica-
tions are that such an institution will
I be organized.
1t is evident that this city is the
place for such bank" the town be-
Ing shark-rtdden, with 10000 Govern
Tins are annually cleanup, fiat broke,
wrecked on the rocks of interest on
interest-virtually crucihed by loan
sharks.
Seventh street will be cleaned as with
a fine-toothed comb for deposits. What
is the matter with Florida avenue and
Seventh street as a location? Plenty
OF money out that way-in small
| amounts.
What are the requisites of a thor
l
This question was put to one of the
leading cashiers OF Washington, and
here is his answer:
| This subject may be fully covered by
a general outline Of the qualifications
! OF a competent and thorough examiner
and by giving in detail the plan and
scope of his work. 1t is probably well
to state that the writer deals with the
subject from the standpoint of the ex-
animation being made by the Govern
| ment examiner and not by an auditor
In the employ of the institution, or by
an auditing committee from the board
| Of directors.
1.-The examiner: 1t is manifestly es-
sential that a bank examiner should
| possess sufficient technical knowledge
and experience In banking and ac-
counting methods to enable him to in
telligently conduct the work and to
grasp the many different problems con-
| stantly confronting him.
He must be thoroughly familiar with
| the provisions of the national bank act,
as well as the instructions OF the Comp
| tact and discretion are valuable TO
| every man, and when coupled with the
ability to analyze. they are of ines
timable value to the examiner or ac-
| countant.
Although not essential to the
thoroughness of an examination, there
are several things which contribute
largely to the success of the examiner
| SuCH as tHo 70 lihPdi lioi
| or unprejudiced In every act or ex-
preston and to refrain from talking
with any one concerning the inside af-
fairs of an institution.
| 2The examination: Experience has
| demonstrated that the best time to be-
gin an examination is at the place di
business, at which time the examiner
should enter the bank without having
given previous notice to any one, and
proceed, as soon as the tellers have
| settled, to verify the cash.
To facilitate the work the examiner
formulates a general plan of procedure
which. with but occasional exception,
should be about as follows:
Cash-Verify all gold, silver and
minor coins, and paper currency by an
actual count, with the following ex-
ception according to the Judgment OF
the examiner): notes of denominations
up to IS may be counted by packages,
i selecting one or more packages at ran
dom for actual count, and examining
ends of notes in other packages and
comparing the bulk of such packages
with others OF like amount and denom'
nation already counted.
Gold and silver coin in bags, may be
counted by weighing. or, II accurate
scales are not available, the gold should
be counted and all or part of the silver
counted, and the remainder, II any, tc
be determined by careful comparison oi
huik and WeiRht