Evening star., 1935-10-15
RIGGS LAUNCHES
/ EDUCATION WORK
Members of Banks Staff to
Take Part in Six Months
Program.
BY EDWARD C. STONE.


rated a Fall and Winter educational
program for the banks personnel at
a meeting of the entire organization
held at the Willard Hotel last evening.
The program will cover six months
period and is the first Of the kind to
be established on such an extensive
scale by any Washington bank. Presi-
dent Robert " Fleming outlined the
general purposes of the plan, stating
that the success of any financial insti-
tuition depends upon constant i'm
provement.
An institution moves forward only
as the individual members improve, he
asserted, adding that a great many
members of the banks staff in the
stitute of Banking. the local colleges
and universities and in other schools,
but they have found that that should
not stop at the completion Of their
high school or college courses. Con-
tinuing, Mr.. Fleming said:
I'm inaugurating this program we
are going to approach the problem OF
education and training from an angle
which is different than that found in
any other type of educational course
The plans will be developed according
to our own particular needs and poll
cies. Accordingly the benefits will
reach everyone connected with the
bank.
THE basic purpose of the training
will be directed toward constantly
improved service to customers and the
public generally. Each of the services
of the bank will be studied not only
from the standpoint of banking, but
from the customers point of view as
well. Progress in banking depends
not alone upon the service which an
institution renders. but also upon the
ability of the members of the organ
ization properly to interpret the vari-
GUS phases of that service to the public
which it serves"
Mr.. Fleming announced the en-
gagement of Granville B. Jacobs of
New York to direct this course of
study in customer relations. Mr..
Jacobs outlined the general plan
and Dr.. william Mcclellan, president
OF the Potomac Electric Power Co.
and Riggs director. addressed the
meeting on the Importance of i'm
proving the public understanding of
the services banks render to the COM
munity and the principles which un-
derlie good bank management.
About 325 employees of the bank
were present, and the meeting was
followed by buffet supper.
Birdzell Sees Stronger Banks.
Indicating that the Federal Deposit
Insurance Corp. expected to use its
extensive powers to bring about con-
solldations, increase capitalization and
generally strengthen the country's
banking situation, L. E. BirdZell, gen.
erall counsel of the corporation, out
lined the probable procedure before
the Virginia Bankers Association,
group 8, which met at Luray.
Judge Birdzell said under present
law, deposit insurance promised sue
cessful operation since Congress made
1t possible to contribute most sub
stantially to promote sound banking"
Moreover. to the extent that danger
Gus practices are eliminated and sound
operations encouraged, the cost of
the insurance would tend downward,
he declared.
Virginia bankers were told that
during recent years, the Reconstruc-
ton Finance Corp. in cooperation
with the F. D. I. c. had Joined in
an effort to repair the capital struc-
ture of banks which had suffered so
greatly by reason of the extraordinary
shrinkage in the value of their as
sets" With the aid of stockholders
in taking up the gap. "the banks as
n whole are in healthier capital
position today than they have been
for many years." Judge Birdzell de-
clared.
The financiers were reminded that
"the banking act of 1885 lays down
q test for eligibility for membership in
the Insurance Corp. by new or un-
insured banks which is more rigid
than the test contained in the bank
ing act of 1888.
Life Insurance Sales Gain.
There is every indication that new
life insurance written in Washington
in September will reveal sharp gains
over last year. the report being due
shortly. In the meantime, the ma
tional report covering AZ of the lead
ing companies shows gain cf per
cent over the same month last year.
For the first nine months of 1885,
total new business amounted to S.
COS, $4,000, compared with $685.
1000 in the corresponding period
last year, an increase of 3.3 per cent.
Some 10000 stockholders in Wash
ington in the Bell System received the
regular quarterly dividend of s225
per share today. With the letters
containing the checks was a f1nan-
cial statement showing the telephone
system earned $4.28 per share in the
first eight months of this year, COM
pared with $685. in the same period
last year.
Holders of $566 100000 of fourth
Liberty 4A per cent bonds called for
payment October Is have rendered
their securities for conversion into the
"a per cent 10-12-year bond issue
offered by the Treasury in exchange,
Acting Secretary of the Treasury
Coolidge announced today.
Hume Joins Brokerage Staff.
Thomas L. Hume, jr., has Joined
the investment department of Mac
kubin, Legg & Co.. New York Stock
Exchange firm with Offices in the
Woodward Building, Ralph M. Wolfe.
manager of the Washington Office, an
nounced today. Mr.. Hume has been
active In the financial district here