Newark leader. ([Newark, Ohio]) 1917-1946, 1922-12-15
BANKS SHOULD
AID INVESTOR
Millions Lost Annually in Fake
or Worthless Stocks
DIRECTOR pH|pPS AIRS VIEWS

Be Purchased In Small Oenomina-
ton Columbus Bank Acts on
Phipps' Suggestion and Announces
Special Savings Certificates In Con-
venient Denominations.
Columbus, O. (Special) - "The
best protection and assistance that
banking institutions can give to the
small investors of the state is thai
of furnishing an absolutely safe in
vestment that may be purchased in
small denominations, declared w. II.
Phipps, director of commerce Of the
state OF Ohio, in an address before
the Columbus Chamber Of Commerce
at the Chittenden hotel. This will
offset the work of the glib-tongued
salesman who promises fabulous or
unusual profit in a risky or worthless
institution and beguiles the investor.
The time to act is now, because there
are from $1OO,O00,0O0 to $500, 100000
worth of maturing Victory notes and
War Savings Certificates to be paid in
Ohio during the next month"
First Bank to Act.
The first bank to act on the sugges
ton of Mr.. Phipps, who has charge Oh
the blue sky securities division OF
the state government, is the Citizens
Trust and Savings bank OF Columbus
which announces it's Special Savings
Certificates in denominations OF 500,
$500 and $1,000, which may be pun
chased at a discount under a plan
similar to that of the Savings Certih>
Gates, guaranteed by the bank
and may be cashed at any time at al.
ever increasing value during their life
which is five years. A special cam
paign is being conducted by the banh
throughout central Ohio, urging pee
pie to either reinvest their funds IL
the government certificates or bonds
or if they would prefer slightly
higher cashable value, to reinvest Ill
the Citizens Special Savings Certih
Gates.
Tremendous Loss In Stocks.
Director Phipps declared the esh
mate of loss in fake or worthless
stocks sold in Ohio has been placed
too mildly and that instead of approx
imately 100000, 600 loss to the people
of Ohio during the past three or fou
wears, it has been I.earer $500, 100000
This loss is due largely to ignorance
on the part of investors, who should
consult their banker or financial agen,
or attorney before placing any money
in an enterprise OF any kind. The
banker is done a great injustice when
il is claimed that he will not endOrS,
the placing of money in worthy ell
terprise," declared Director Phipps
The banker loans money daily to
worthy enterprise and no one is be.
ter fitted to Judge nor more likely t.
suggest investment in something good
The stock salesman always maintains
that the banker will discourage III
vestment just to keep depositors
money in the bank, but | have nevel
should consult his banker before in
vesting.'
Every Glass of Good Investment.
Commenting upon Mr.. Phipps' ad
vice, r. H. Shryver, president OF the
Citizens Trust and Savings Bank OF
Columbus, declared that banks are
jealous of their depositors' money and
maintain departments at great eX,
pense in order to furnish the kind OF
information which will make for safe
ty in the investment of funds by de-
positors. Banks are daily investors
of large sums OF money and they
know what is good and what is bad,
said Mr.. Schryver. I'VE and other
banking institutions maintain bond
and investment departments, invest
ing ourselves in the highest credit OBJ
tainable in the country, usually in the
form of bonds rather than stocks.
Bonds are generally a mortgage and
must be paid, but stock is form Of
partnership and stockholders are paid
only if the company earns money. The
bond holder is protected by lien OH
the property
Meets Requirements of the Law.
The Citizens Trust and Savings
Bank in putting out its Special Saw
ings Certificates spent many months
in devising the plan in order that it
might meet with the best banking
practice, and also conform to the reg
ulations governing banks, both by the
federal and state government. Re
serve of interest is set up to meet
the constantly increasing value of the
Special Savings Certificates, which
are an innovation in the banking
world. Bankers throughout the state
and all over the country have evinceo
an interest in the Citizens Speciai
Savings Certificates and many expect
to follow the plan in some form TO,
the benefit of the snail investor, who
must have protection of principal and
vet the highest rate of interest OBJ
tainable. The Certificates sell for