Evening star., 1924-06-22
Bankers Hunt Gilt-Edged Loans
As Ruling Rates Are Slashed
Profits for Diuidends Makes Search Most
VitaI-Cheering Business Signs.
Another Luncheon.

men have always failed when follow
ing that course. We must again
acknowledge that progress comes
only through toll, economy and
thrift. That-and that alone-is the
enduring structure-the result Of
painstaking building-systema
placing one stone upon another.
To Correct Wrong Thinking.
The efforts of the bankers of the
country to remedy the lack of public
information on economic subjects
were revealed by Frank W. Sim
monds. deputy manager of the Ameri-
can Bankers Association, in an ad-
dress before the Idaho Bankers Asso-
cia tion last week.
"There never was a time when
wrong economic thinking was more
prevalent than it is today. or When
right thinking was more needed" Mr.
Simmonds said.
I'VE are again experiencing a wave
of mob psychology led by selfish
blocs. political charlatans and eco
nomic fakirs, the core OF whose prop
aganda is a confusion OF the mean
ing of money, credit and capital
More than half Of our radical prop
Uganda would bbe spiked if there
we're general understanding tha'
capital has far broader meaning
than mere money. Capital consists
OF factories. farms. Ia III oduS' 'uiit
ings. machinery, tools and brains, and
everything that is used to produce
things.
The demagogue ignores the fact
, that the real capitalists of America
are the hundreds of thousands of fru-
gal, thrifty people throughout the
length and breadth of our land, own
ing their own homes, holding small
units OF stocks and bonds in railroads
industries and public utilities anc
representing 30.000,000 savings ac-
counts.
when people understand that rad
ical attacks are attacks upon their
own interests and property. they VIII
eliminate the services of the politlca
charlatan who breaches belief that
business is bad because it is big
when, as a matter of fact, business
usually grows big because it is rem
dering a needed public service anc
is being conducted along fair lines.
Economic Education Needed.
Economic education has been neg
lected and has fallen twenty-five
years behind our industrial develop
mcnt and this today constitutes {
peril unless corrected. The need fol
better public understanding, through
economic education, is a ringing chal-
lenEe for active leadership and CO.
operation in cultiVating a sound. in
telligent public opinion regarding
| business and governmental processes
With this goal in view. the American
Bankers Association has mapped out
and is conducting effective educa-
tional programs through the Ameri-
can Institute of Banking. the public
relations commission and the public
education commission.
The educational arm of the Ameri,
can Bankers Association, the Ameri-
can Institute of Banking. has deVel.
oped until it now has 100 chapters
! with an enrolment of over 5000
members and with $4,000 junior bank
officers and clerks as students. The
course provides practical educa tioT
combined with a scientific study oi
economies, banking and finance, anC
affords training in public speaking
so that the students are well pre-.
pared successfully to challenge anC
combat in the public forum, wher
necessary, the economic fallaCieS ot
the demagogue and the political char.
latan. The institute in reality is Z
university with an enrolment greater
| than that of Harvard, Yale, Princeton
! Cornell, West Point and Annapoli!
! combined"