Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-04-09
AMAZING INCREASE
IN SAVINGS SEEN
lnstaIIment Buying Never
viii Stop Thrift, Bankers
Are Told at Convention.
BY EDWARD c. STONE.

Declaring that installment buying
has many strong advantages, but
warning the public against overtaxa-
ton of the idea, Jesse f. Wood, vice
president of the State Planters Bank
& Trust Co. of Richmond, told the
savings convention at the Willard
Yesterday afternoon that thrift will
never become obsolete because of the
great wave of spending now sweep
ing the country. After discussing six
reasons in favor of installment buying,
he added
Now we come to the real menace
Of the installment game. the boys who
not only get enormous collection
charges, but tremendous profits as we'll.
They have no standing in a we'll reg
ulated form of distribution and appar.
emily there is very little justification
for their continuance. They sell sole.
ly for the lure of large profits with
out regard to the buyers ability to pay,
job and residence stability, income,
dependent on him, other obli-
cations and general business condi-
tions.
with high-powered craftsmanship
encouraging one to buy more expensive
articles than he can afford or entirely
useless ones, without any resale value,
special inducements of a very
small or no down payment, causing
them to obtain a judgment within a
comparatively short time after the
purchase is made, absolutely running
the possibilities of the purchaser, GER
tainly for a number of years. This
form of installment selling should be
stopped and restrictive legislation en-.
acted to protect the purchaser and
copies of the contract used in selling,
posted in the City Administration
Building.
Thrift Never to Be Obsolete.
why penalize pawn brokers, money
lenders and small loan companies with
restrictions" and regulations and turn
loose on the public the lustful, uneasy
payment collectors?
Nothing, however, can make thrift
obsolete in this, the richest country
in the world and hence the richest
in history. With a rcord of achieve.
ment greater than any nation in the
development of raw materials and
into everincreasing useful
ness, the highest productive power
and a large number of our people each
year graduating into the investors
class, | can see nothing but increased
wealth ahead with possibly an occa-
sional setback.
Hazardous installment selling is
unfair, unsound, uneconomiCal and is
doomed. Thrift will increase amaz-
ingly."
President Harry v. Haynes of the
Farmers & Mechanics National Bank,
led the discussion on this topic. The
next speaker was DIR. Heinz L.
10 al
journal, whose subject was 1.-THE Diff
ference in Functioning Between the
Mutual Savings Banks in the United
States and the Municipal Savings
Banks in Germany" He mentioned
many most interesting contrasts be-
tween conditions here and abroad.
Mortgage Notes Freely Discussed.
1.-The Desirability or Undesirability
Of Real Estate Mortgage Bonds as In
vestments for Savings" was the sub
ject assigned to Reyes Winter assist
ant Attorney General of New York
State. One of the best discussions of
the convention followed his address,
this being led by John Poole, presi-
dent of the Federal.American National
Bank of this city. 1t Is evident that
bankers have given a great deal of
thought to this matter and have been
oftimes on the fence as to what
course to pursue.
The closing address of the conference
was devoted to advertising problems,
the subject being handled by j. A.
Price, advertising manager Of the
Peoples Savings & Trust Co.. Pitts
burgh. The speaker took up what
he considered the strong points in
financial advertising and then the
weaknesses. He was severe in con-
demning the manner in which many
banks belittle the Importance of their
advertising as well as the way in
which they put it before the public.
Wilmer j. Waller, vice president
IF the Federal-American National
Bank, led what was intended to be
the afterdiscussion. 1t developed,
however, that Mr.. Price had covered
the ground so extensively that the
other bankers had no questions to
ask. THE best address on savings
bank advertising / ever heard" said
the only banker who answered Mr..
Walters call for questions.
Conference Brilliant Success.
The delegates considered the conven-
ton a complete success in every way.
Moran, as chairman Of the
general committee, expressed the
pleasure of the Washington bankers
in having the meeting here, thanked
the local committeeman for their
splendid cooperation and the clearing
house for the part it had taken in
bringing the conference to the Capital.
President w. r. Morehouse said his
only regret was that the time had
come to adjourn. He had thoroughly
enjoyed every one of the 16 addresses
and considered that a great many very
practical ideas had been advanced.
During the four regional conferences
over which he has presided, he has
heard 80 speeches.
mot a dry address during any of
the four sessions" declared a visiting
delegate after adjournment, who said
he had heard every one.