The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-02-17
SIMMONS ST|RS
| CITY BANKERS
By RICHARD HATTON

More than usual interest il being
manifested in Washington, not only
in financial and banking circles but
BY the investing public generally,
1n the address to be delivered this
evening by Il. III. H, simmons,
president Of the New York stool;
Exchange, on ssThe Myth Of Ameri.
can Financial Imperialism.
The outstanding position of the
speaker In the financial world and
his grasp Of the subject Of world
finances renders his talk of particu.
lar significance at this time.
Mr.. Simmons comes to Washing
ton under the auspices Of the local
board Of trade and largely through
the influence OF George Bowie Chip
man. resident partner of Hartman
Y Co., members Of the New York
Stock Exchange.
So great has been the interest
manifested in the address of Presi-
dent Simmons that President =. c.
Graham Of the Board Of Trade has
arranged for the use Of the audi.
torium Of the United States Cham.
UeF OF COmmeree.
While specific invitations have
been sent to all local bankers and
financiers, 1t was stated today that
general interest in the subject to
be discussed by Mr.. Simmons Is so
great that the public will be adj
United to the address. 1t Is ex.
pected that the auditorium Of the
Chamber of Commerce OF the
United States will be filled when
Mr. Simmons begins his address at
9 o'clock this evening.
Field organizations of the Metro.
politan Life Insurance Company
covering Washington, Alexandria,
Cumberland Hagerstown. Annapo-
lis. Haxre de Grace, Dover and
Wilmington were in convention at
the Willard Hotel today. More
than 500 managers, assistant man
ayers, agents. medical examiners
and nurses attended the session
which was arranged by John Dolph.
manager of the washington dis
trict. Among the prominent com.
pany officials present were:
Lee *. Frankel and A. f. C.
Fiske, vice presidents. DIR. Frankel
is in charge of the welfare work of
the Metropolitan and Mr.. Fiske is
1t the head of the company's Can.
Rdian office at Ottawa. Other mem.
bers Of the convention party were
DR.. George L. Megargee, assistant
medical director; A. w. Trethewey.
superintendent of agencies and Mrs.
Helen G. LaMalle superintendent Of
nursing.
The banks place in the com.
munity'' IN tersely set forth in a
pamphlet issued by the District Of
Columbia Bankers Association which
states that many people realize
the place banks fill in the COM
munity while others do not" In
setting forth the information re-
garding financial institutions. the
pamphlet says: Suppose there are
thousand people who have mora
money than they need for the
months requirements. They want
It to be safe and If it is a size.
able sum. to be productive. But
they don't know where to lend it.
So each must start out to find a
borrower who needs just the amount
he has to lend.
Surely the lenders would have to
give up their jobs and devote their
entire time to finding responsible
borrowers. This would not be prac.
ticaE On the other hand, suppose
there are borrowers, merchants who
need temporary funds to carry over
seasonal stocks. manufacturers who
need money to buy raw material,
farmers who must harvest their
crops. Just as the lenders dom
know who they are neither do they
know who the lenders are so they
must start out on ridiculous
search for people who are willing
to let them have money.
Now comes bright man who
gets some moneyed people together
and starts q bank. The institution
Is subjected to State or national
laws, and is a safe and convenient
place for each of the thousand
lenders to keep his money. Fur
thermore, it is an easy place for
the merchant, the manufacturer, and
the farmer to go when they need
funds. But they can get money
only IL they deserve it. And the
banker. having made study Of
credits, can form quick and accu.
rate decisions,