The Washington times., 1921-12-24

Europe. 1t isn't unusual for foreign
banks to have many hundreds OF
branches, Just as the leading Cana
dian banks have. AS larger units
become fashionable in industry,
larger banks are developed to cope
with their financial needs. In
sense, branch banking. because OF
restrictive laws in the past, In only
in It's infancy in this country.
Within the space OF five days this
week the National City Company ar.
ranged and put out no fewer than
three important new issues OF securf-
ties. namely, the Danish government
$50. 900 900 bonds, the Canadian Pa
cific railway $25.000.000 bonds. and
the American Sugar Refining Com.
pany's S30.000.000 bonds. total OF
Ss5, zoo, 900. The rapidly OF the at
sorption of these securities astounded
the bankers.
One notable feature, learn, was
the rush of New England investors to
participate, particularly in the Amer
lean Sugar issue. All through the
boom in bonds New England has not
been notably hungry for new offer
ings, but for some reason or other
they swooped down this week and
bought eagerly. Certain oldestablish-
ed Boston investment firms could not
get enough TO supply the demand
which poured in upon them.
1t was the extraordinary success ne
achieved in building up the National
City Company that led to the selection
of it's president, Charles e. Mitchell.
as president Of the National City
Bank. Mr.. Mitchell Is more than
maintaining his record in his new and
larger job. He still actively presides
over the National City Company.
dropped in to see an executive OF
a large financial institution one day
this week. Whatever is on your
mind, shootr' he said. I'm five min
utes / have to go into one of the most
important executive meetings OF the
whole year. We will go over the
salary Of every man in our organiza-
ton, take up his record for the year
and decide whether he is entitled to
an increase. We do this job most
thoroughly and conscientiously. Every
man gets his day in court, whether
he knows 1t or not"
/ laughingly told him to go and
get busy right away and not to hurry
through the job!
Time was when salaries were hardly
ever increased except when requests
for raise" were made or when
man received overtures from some
other concern. Today most employ
ers are little influenced by such re-
quests Careful consideration is
given all salaries either once or twice
every year and action taken volun-
tarily. BY this method the modest
employee is not at a disadvantage as
compared with the immodest employee.
Have you always looked upon saw
ings banks as useful but fossilized
institutions? They have always
struck me as about the poorest hus-
tiers for business in the whole coun-
try. About all you ever hear or see
IL the puny stereotyped advertisement
twice a year stating the interest rate
paid depositors. / don't know that
! ever in my life received an invita-
ton from any savings bank to do
without question this chronic lack
of enterprise and aggressivensss by
our savings banks has been in a meas
ure responsible for the loss OF hun
dreds of millions every year through
Investment" in worthless securities
by persons of small or moderate
means. There IL no dearth of invita-
tons to use money for such purposes.
1t was refreshing to pick up yes
terday's newspapers and find a really
attractive, sinessinspiring adver-
tisement by leading New York
savings bank, The East River Savings
Institution. This advertisement, en-
bllished by an impressive picture Of
the Banks building, announced prom
inently that 1t had declared the regu-
lar semi-annual dividend at the rate OF
4 per cent per annum and an extra
dividend at the rate Of " Of one per
cent per annum. 1t also made the
impressive statement that 1t has paid
dividends to It's depositors regularly
for seyenty-three years. Also, that
the institution accommodates deposit
tors by making loans to them.
II I didn't like my work so much
that I wouldn't give IL up for any
thing else in the world I don't know
any lob 1 would rather have than the
presidency Of a savings bank. 1t has
always seemed to me that the infusion
OF up-to-date, progressive, Intelligent,
usiness-getting activities could not
only double but multiply many times
the accounts and the deposits carried.
One would have the feeling, too, that
this was work very well worth while
doing. since Il would confer genuine
benefit upon every person induced to
open q savings account.
1t In to be hoped other savings in
situations all over the country will
inaugurate policies and plans calcu-
lated to drum up more business.
L CepyrinGht, 1871. by b. Cs-Iorbea