Evening star. [volume] (Washington, D.C.) 1854-1972, 1934-07-19
MORE HUMANITY
IN BANKS URGED
Jennings Plea for Closer
Relations With Loan Ap-
pIicants Stressed.
BY EDWARD c. STONE.

BY EDWARD G. STONE.
This months Bankers Magazine is
broadeaaiing the idea presented ut The
annual convention Of the District Of
Columbia Bankers Association at
White Sulphur Springs. w Va, b.
Robert v Fleming when he urged
more humanity in banking
Az The June convention the presi-
dent Of Riggs National Bank urged
his fellow bankers TO make every pos
sibie effort 10 make loans 20 CUSTOM
ers. and In cases where such loans
must be refused 10 explain In detail
Why the requests had to be turned
down. Thr part Of Mr. Jennings ad-
dress at White Sulphur which the
Bankers Magazine quotes. follows:
II believe that bankers should care
fully scrutinize every application for
loan 10 see II Il Is bankAble and, II
Il Ia not I'm bankable form. then make
further examination 10 see If the loan
can be made a banksble one. In order
that the uses Of credit may be stimu-
lated. We must not expect our Gus
toners to be bankers and understand
all the factors which We must con-
alder before granting a loan, and II
we find that the loan is not a bank
able one and cannot be made bank
able. then think We should take
pains 70 explain 10 the applicant the
reasons why the loan cannot be
granted"
Scores Higher Price Efforts.
su.xA a. a1u,nst ,ty,fvsnrsaI t,ror,a .
ganda fayoring general rise In prices
il may not be without instruction TO
record some opinions presenting the
other side Of the picture, says the
Bankers magazine. From an article
on Imitation and Revolution" by
Robert Hunter, published In the In
diana University Alumni Quarterly
for July. the following extract bearing
on this question is taken:
AT a time when incomes are at a
high level. world trade is booming and
the workers fully employed, a rise in
the cost Of living arouses no resent
fnent. But when the incomes OF all
classes have been reduced to the low
est level by long period of defiation,
Il is evident from history that 1t is
nothing short OF madness to increase
the debt load or to add to the cost of
living. Even when the cost of living
increases after a normal depression,
and even when the currency Is based
upon gold. there have often been
nenacing social disturbances.
so great an industrialist as Henry
Ford has recently expressed the view
that the effect of an artificial price,
raising policy is TO delay the progress
of recovery-something precisely con-
trary to what the proponents of this
policy are seeking to bring about
Delmar Reports Business Rise.
Directors OF the Lincoln Service
Corporation have declared the reg
ular semi-annual dividend of 3l2 per
cent on the preferred stock, payable
August to stockholders of record
June 80.
H. Rozier Dulany, jr., was elected
to the Executive Committee of the
corporation at the meeting held yes
terday.
The auditors report for the first
six months of this year, as submit
mitted to the directors showed an
increase in income of the corporation
of 226 per cent over the first six
months of 1898 and SO per cent over
the last six months of 1888.
Charles Delmar is president of the
concern, which has head Offices in
the Woodward Building. The firm is
engaged in industrial banking.
New Exchange Control Head.
Chairman Kennedy of the Secur-
tiles and Exchange Commission an
nounced the appointment of David
Saperstein of Union City, N. j., to
head the stock market trading divi-
sion of the commission. Mr.. Saper-
stein was chief associate counsel to
Ferdinand Pecora in the Senate
Banking and Currency Committee IN
vestigation. The stock market trad
ing division will handle the provisions
of the law relating to the use Of
Inanipulative devices and other pro-
hibited measures in trading.
The new Control Commission is still
the subject of a good deal of CONVEX
sation in the local brokerage houses.
The matter of margins required does
not have to be settled until october /
so there is no worry along this line
at present. The commission plans to
make all registration requirements as
simple as possible and at the same
time as economical as possible.
It was said in the Washington
financial district today that the out
look for business is having more effect
on the present dull market than any
alarm over the way the new commits
sion may administer the control act
Traders appear to be waiting for some
definite business trend before becom-
Ing active In the market. The Pacific
Coast strike has also had its effect all
over the country on account OF the
magnitude of its proportions and the
vast dock tie-up.
Corby Presides at Luncheon.
Kari w Corby, second vice presi-
dent of the District Bankers Associa.
ticn. presided at the financierS' week.
~ luncheon at the Willard Hotel yes
terday noon in the absence of the
two senior officers now on vacations
Considerable interest is manifested
here In the Baltimore a. Ohio Rail.
roads offering at 100 and interest
subject 10 the approval of the Inter
state Commerce Commission OF $780,
900, 900 five-yesr Al per cent secured
notes of the railroad company, due
August /. 1899.
Store executives are openly pleased
with the public response to Summer
offerings, for retail trade is generally
we'll ahead of a year ago, says Stand
ard Statistics today. A Fall buying
movement of substantial proportion.
is indicated which viii assist retailer;
in continuing favorable comparisons
with year ago
The Bureau of Labor Statistics an.
nounces that retail food prices ad,
vanced = TO / per cent during tht
two weeks ended July 8. the SECOND