Evening star., 1924-02-13
BANK PROTECTION
PLAN IS SUCCESS
Many "WorthIess Accounts"
Are Braced Up-Busy Day
on Local Exchange.

Success Of the District Bankers As
sociation's protective plan, which was
put into operation several weeks ago
has exceeded the fondest hopes Of it
sponsors, a canvass Of local bank
shows.
NOT only is it proving of financia
benefit to member institutions of TIL.
association, but more important, is
creating a spirit of cooperation ana
erasing petty jealousies, in the pas.
siaring drawbacks in Washington
banking circles.
cooperation Is, of course, the key
note OF the plan. and without 1t the
movement would result in dismal fail
ure. Brs quite the opposite is CON
splcuously the case. Banks are said
10 be Unusually prompt in advising
the assistant secretary of tho .ssoc,a.
tion Of the operations Of swindJers
iorsers, etc, and losses via. this me-
diu1n are thus reduced to the mini
mum.
But of more Importance is til.
building up of the so-called .worth
Iess accounts in which work the
plan shows its true worth, In far,
,ocal institutions were somewhat re-
luctant In bringing pressure TO bear
on hoiders Of insufficient bank ac-
er resulting In transfer of the
amount to some other institution
Holders of these "worthIess sc
counts are now well aware thai
;netr business If undesirable 10 one
institution is undesirable to ali. anG
subsequently exert the necessary ef-
iort TO maintain a favorable balance
one bank cites the instance of twelvn
heretofore insufficient accounts.which
have been converted into ave..
balances of $500 under the nrotectts.a
plan.
Harry V. Haynes. president of the
District Bankers Association. who
inaugurated the movement drawn wv
W .harIes j. Bell, AYERS it is th,.
most constructive procedure VET nu+
INTO operation in the local banking
nelo; The proposition, which is now
developing. Is working very smoothly
ne says; 1t is bringing unconsciousiv
from the banks a conmendabIe c.
operation. heretofore denied. becaus4
on the grasp of banks have taken
on IT. Even greater results will h.
attained when We broaden the scou.
OF the plan, using the same machir
cry, he concluded
Banquet Tonstmaster Named.
James b. Reynolds, vice presiden:
or the Commercial National Bank
iit nc todstHdster at the twentieth
annual banquet of the Washington
Cnapter, American Institute of Bank
ing, on February 30, III. w. Burnside
committee chairman. announced this
Mr.. Reynolds is a finished mirth pro-
voker. He is remembered as n forne-
assistant secretary of the Treasury. sec
retary Of the republican national com
mittee from 1912 to 1920, and a for
mer member of the Tariff Board.
Bankers Favor White Sulphur.
White Sulphur Springs. W. Va.
June IL TO IA, has been tentatively
chosen as the scene and date of this
years convention of the District
Bankers Association. The proposal
will be submitted to the council of
administration within the next few
days. but its adoption is already as
sured.
White Sulphur was chosen in 1921
by the local bankers, and a canvass
or the banks shows an overwhelming
desire to return to this popular re
sort. Under the tentative plan, dele
gates will leave WASHINGTON on th,.
night of June IL, returning SATURDAY.
night. June Il.
The association will again conduct
an essay contest to be participated
in by local students of the American
institute OF Banking. authors Of the
three winning essays being privi-
legged to attend the convention, the
guests of the association The es-
say subjec< selected is Service versus
Service
All papers must be submitted by
May 1.
Trading on Local Exchange.
Well diversified trade of Il minimum,
amount, without important price
changes, ruled the Washington stock
market this morning. Railway com
; mon sold off slightly to 707s on sales
of fifty-five shares, as did Lanston to
i54l3 on sales of twenty-five shares.
Traction was unchanged at 951h and
i 9iA. and Merchants Bank and Trus,
Company was pegged at 129. Rail-
way preferred brought rs.
Bond trading was confined TO utility
| issues at prevailing prices.