The Washington times., 1926-06-17
Editor Tells Bankers
How Goo
Y Really Are
Merle Th0rpo Puts En- Right
at Opening Of Hot Springs
a. Convention
By RICHARD HATTON

k$y H61CAAk6D 1AtAI1U1N
nor SPRINGS. Va, June II.
d Merle Thorpe, editor Of Nations
q BiDinShs. delivered the principal ad.
dress 1T the morning session Of the
District Of Columbia Bankers Az
ossociation In eouveMticn here today.
q ar. Thorpe'a speech followed the
report 0f President Francis G. Add
eason, Of the association. Banker, :
said Mr.. Thorpe, rs the most OUT
isMtandihg man Ii his community.
So The public coaception Ct the
Il banker q that he Is Old Money
the world and IL very Etingy about
S sharing II with others. He Is the
ii man with the glass eye--a story
which / win venture you have
heard 90 times, the very currency
aa0f the story lending veri-similitpde
10 the case. ~ one eye IL CLASSY,
ksthA other is flshy cold, hard.boiied.
on tias other hand, he's skeptical
land cynical.
s'F1e q the bane Of the promoter
who would make . million dollars
year out OF waste SaWdnst IL the
banker would only lend him S100, 900
% ret d start. All our fondest
dreams Ia business development
must pasA under his shrewd
arutiny.
Heads Subscription Lists
70 q an anomaly that while we
regard the local baker as Q dread.
fuI hippOsriff ready to devour, that
he ii the first man we 60 to with
Subscription paper. T am wonders
ing u. after all, we do not want to.
Set the banker at the top Of the
bblre others with the soundness Of
ne scheme, whatever It Il. It has
ased the bankers Judgment.
gBat the thing wish to speak
about this morning - the growing
aeSs information. Twenty years ago
! VesregaFded the banker a. the source.
0e 81 economic knowledge. IL that
were true. then what q pests raduate
titution Ne must be today, what
! With the tremendous compl textiles Of
modern business, made more and
bore complex by the modern idea
81 asking Governments tate, Fed
SEal and aUnlctp ls+Ato take q hand
- the regulation az economic law.
The bankers clientele Includes
the butcher. the baker, the candle
iiclIsinak kr. He counsels, as well.
The lumber dealer, the rattan dry.
s beds merchant, and the shoe dealer.
. Consider what 81 universal field
a knowledge his must include.
"A lumber dealer calls on him.
ne has troubles not necessarily
3 1liancias troubles but problems IA
tibVtion, collections, sell Ia =,
labor. The banker must know the
new economic tendencies which are
49,
EafR shoes, and poriIcfOps and hair
sc6tnpe ItioM, Tor example, which
taces The lumber bIeiness man To-
New C0nnpeisiOn
few years ago, the lumber
mans competitor was the retailer or
wholesaler On the same street, but It
10 wise man today who knows his
cBndpetltor. The lumber mans most
y active competitor today Is not the
E0ther lumber man across the street,
but 81 kinds OF wood substitute
]. hEiclk stone, Portland cement. tile.
! hlate. treated wood shingles, asphalt
Gonapogitl0n, asbestos, copper, zinc.
The banker may be the first TO
ten him that associations Of wood
substitutes are spending $50, 900, 900
this year to set the lumbermall'S
share OF the consumers dollart
This situation; and Thousands of
similar ones, applies to the normal
: bkb and flow OF economic tides. But
those Of Us IN washington appfe.
rtato economic currents that ara.
turned aside from their natural
course because Of legislation. There
a hardly q phase Of commerce or
Industry which IL not touched at
B0nne point or other by Government
regulation. Much Of thisregulatIon
10 fAr.reachtng-7it passes on
legislators had In mind, and touches
score OF others.
You know as well as the far
reaching influence Of the hundred
odd Bureaus and commissions oper-
ating In Washington today, ranging
from finance through distribution,
insurance. foreign commerce, manu-
featuring, natural resources and
kEansportation-seyen kinds Of it.
Multiplicity Of Laws
''Then we have the State laws.
IS brands Of tiiem-all to be ad.
| iusted with Federal law, until q
business man today needs not only
the advice Of his, banker, but that
Of 40 Philadelphia lawyers.
The knid OF counsel, advice and
/ Information which the banker gives
out IL most important In these try
] H1g times. II 1t il unintelligent or
66Skd on hearsay and prejudice, It.
may only stimulate distrlist in our
Industrial system.
The greatest contribution the
/ banking fraternity has given the
american nation is, to my way Of
thinking, its credit structure. Con-
yfder, for a moment, where we
would be II the 80 per cent Of