San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-03-15
| NEW BANK
IS ORGANIZED
IN THIS CITY
Investment Bank
Will Loan Money to Nom
propertied People.
IN INDUSTRIAL BANK
) Selling Stock and Oper-
ates Similar to Nor
ris Plan.
IN INDUSTRIAL BANK
BY j. G. ROYLE.

4pyright, by me san Antonio Light.
New York, March ia direct
lallcnge to the financial powers of
all street was what business circles
IRE saw today in the announcement
California of W. {. Durant, auto
'sss manufactures, that he shortly
ould organize n national bank here
it'll 100000 stockholders. This view
as emphatically sustained by A. l..
Harrington, treasurer OF the Durant
terprises in California.
The plan, according 10 Warming
n, ais a move to avoid the holdup
etbods of Wall street.
They do not put on masks and
&c guns there" he added. But they
| t it just the same"
| Durant, who now is on his way
asst, made the announcement that
e bank would be started in New
|ork within four months with a capt.
of S30,00O,000. He gave no de-
lis of the plan except that no in
vidual would be allowed to subscribe
r more than ono share Of stock. that
e officers of the institution would
rye without compensation and that
terest charged for loans would not
{ceed @ per cent.
New Enterprises Announced.
according to Warrington there arc
10000 stockholders i'll Durant enter
fises, and the plan is TO induce these
vestors 10 take one share each Of
c bank stock. No fee, commission
bonus, either in money. merchan-
Sc or stock would be exacted in con-
|'ction with loans negotiated. Loans
Bill be made TO other lines of indus
Is, he said. ION the merits TO appi-
| nts in conformity with reasonable
|ethods."
Durant also announced on the Pa
tic coast that the Hayes-Hunt Body
bmpany would erect a new plant at
bkland Immediately and that another
|ltomobile. TO sell at Sj2J at eastern
|ints, would be added to the Durant
hid Star ears. He also predicted that
new factory for Oakland. which will
bid the Flint six. would be in opcr
ion within a year.
Durant issues on the curb exchange
i've been the subject Of vigorous at
lexis in recent weeks and investors
Ld brokers here today declared that
|e bank announcement undoubtedly
|as part Of a plan toward making
d Dprant financing independent Of
|cNew YorkEfinsncal district and
|step along the trail opened by Henry
prd. who. some time back, asserted
Is complete independence of Wall
reefs financial assistance.
Farmers Seeking Labor.
Farmers in various sections are bid
Ing against each other for labor, of
ring $40 to $50 month with board
nd room included for experienced
hnds. In the West and Northwest
uch of the farm labor has gone mot
G lumber nils Of Michigan. Oregon
hd Washington. In the latter states
ILLS are paying 1915 and $3.50 day
r unskilled labor. =,
The railroads. pressed TO the limit
/ the volume of freight offered. have
bt ceased preparing for new equip
ent. The Western Pacific is ex-
scted to be in the market for over
!, O00,00O worth in the near future
Id the Southern Railway has placed
'ders for cars and locomotives to
'st $17, 100000.
Prices named by Hart Schaffner
nd Marx. large Chicago clothing man.
lecturers. for their fall and winter
mes furnished considerable surprise
that they showed only moderate
ice advances as compared with lists
lmed n year ago. In many cases no
ianges were made. 1t is believed
at the volume Of production has ena-
ed the company to overcome the han
cap of high material prices TO a
rye extent.