The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-03-27

ings Bank. Speaking of the COM
munity bank today, Mr.. Gould said:
1T. am q great believer in COM
munity banks. The main office OF
the washington Mechanics Savings
Bank, at Eighth and G streets
southeast, was opened for business
in 1905. It was the first outlying
community bank established In the
city OF Washington. and bankers
and the public at large at that
time were very fearful as to its
success; but l believed then as |
do now, that all outlying sections
Of the city should have up-to-date
banking facilities tust as they have
grocery stores, meat markets. etc.
/ feel that this idea has been proven
by the number Of banks OF this
type, which have proven to be so
wonderfully successful in Washing
ton.
in the southeast section. when
we started. within q radius OF
three blocks there were ten old
time barrooms, or saloons, as they
were then called. The people In
this community were very slow in
realizing that it was just as easy
to deposit their money in our bank
as it was to spend their hard-earned
nickels for beer; and as we grew
month by month, / was frequently
| told by the owners Of these saloons
that we were hurting their bust
ness. It was quite apparent that
we were, from the number OF small
Sovings accounts that we were
opening monthly, and from the
gradual increase in deposits.
'The properly run community
bank has every facility for serving
the public that the large banks IN
the center Of city have-the only
difference that / can see being in
the volume OF business. The one
takes in snah deposits and cashes
small checks, and the other, as a
rule. takes In large deposits and
cashes large checks. If there were
none OF these banks established in
the various sections Of the city what
would be thu consequence? A per-
son living. we will say, on Georgia
avenue, III the northwest section Of
the city, would have to do down
town to do bis banking business. 1t
would meansa great loss Of time, ad-
ditional expense, either In carfare or
In automobile upkeep, and 1t would
add greatly to the congestion in the
center Of the city. 1900 .s
There. Ii another great, feature,
to my mind, about community bank
ing, and that IL when you put this
convenience within the reach of the
people they are more likely to avail
themselves of banking possibilities
| than whsn these possibilities become
inconconvenient.
Encourage Home Buying.
| 81 have seen so many cases where
people have started their accounts
L wxyfkf L. =
very short space Of time they have
accumulated enough to make the
first payment on their homes. Why
have the outlying sections Of Wash.
ington grown so rapidly? From cav
ings accountsi We have tried TO
keep q tabulation Of the number of
houses that have been purchased by
our depositors and invariably when
a large account is closed or a sub
stanttal amount withdrawn from a
savings account, we find that this
money Is. used for the purchase Of
q home.
"one Of the greatest services that
these community banks are giving
today is advice to those who are
desirous Of investing their funds.
We all know the ability Of stock
statesmen and Of the wildcat pro.
moter, and it is mot an unusual
thing for people whom we have
never seen to come TO us for ad.
vice, 1t was only last week that
q man came in my office who had
fully decided to buy an issue of
some wildcat company, and he told
me frankly that he had made I'D
his mind to buy this stock. but
that he had read an advertisement
that is very generally known-"Con-
suit your banker before investing
and he thought he should do this
before going further: and as our
bank was only around the corner
from his home he made up his mind
to avail himself Of this opportunity.
It was q very fortunate decision for
him, as otherwise he would have
had q piece Of paper of no value
in exchange for his money. I cite
this case as one Of many in my
eighteen years OF banking expert
ence; and upon consulting with the
officers of our bank find that
they have many similar experiences
II for no other reason than this,
the community bank renders an in.
1 II Il ~