Evening star., 1936-09-23

only of stocks and
bonds, life insurance and thrift, he
asserted:
Now all this went too far, the
pendulum swung to an extreme and
finally the whole thing became absurd,
In what was known as the new era,
when a very large number of men
and women, perhaps several million,
although I have always considered
that the number was exaggerated,
seemed to go crazy, and tried to lift
themselves by their own mental boot
straps in the stock market.
Now whether life insurance itself
was carried too far, whether too much
life insurance was purchased, I am
not competent to speak. But I do
know that it has come through the
Repression less Scathed than anything
else mundane which we can think Of,
end no man with sane, balanced
mind can deny the enormous ad
vantages to society and to the state
In a system by which millions of in
dividuals voluntarily and by their own
efforts provide for their fanatics and
for their own old age.
Such system of individual
economic responsibility must always
be both sound and essential in any
society which is not completely col
lectivized. Manifestly we have swung
too far away from the whole idea of
savings, of self protection and of care
full investment.
To-day We hear practically nothing
Of individual opportunities, of achieve
nent, of the possibilities of thrift, Of
the number of home owners and bond
holders and stockholders. On the con-
trary all these things have been soft
peddled and belittled; We hear only
of our economic defeat" he said.
Mr.. Atwood concluded that while
the country seems to have drifted
away from sound thrift and economic
moorings, it will work back painfully
but surely, the growth in life insur-
ance being one indication Of this
trend. He looks to individual effort
to bring this about.
Fleming Made Indian Chief"
Word from San Francisco, states
that Chief Black Hawk Is the new
title of Robert v. Fleming, who re-
tires as president of the American
Bankers Association tomorrow. after
a very strenuous years work. 1t seems
that while on the way to the San
Francisco convention he was in
Quoted into the mysteries of the
Spokane Indians and came out with
new title.
Presenting the new title, which he
first thought joke, turned out to be
q serious affair. The Spokane In
0ians went through with one of their
ancient ceremonies. after which the
head of the A. 3. A. took part in one
CT their special dances. The reward
and the insignia of the new degree
consist of pair of gloves, which the
Washington banker highly cherishes.
The presentation was most unexpected
and greatly enjoyed by all the bankers
present.
How to find new fields for the money
banks are anxious to invest was one
of the most interesting topics taken up
yesterday at the A. B. A. convention.
More loans in the automobile field and
greater extension of personal credit
were two ways especially stressed. The
bankers also gave special attention to
q pension system for bank employees
Election Of officers made todays gen.
eral session of great interest to the
delegates.
More Credit Advocated.
Addressing the Morris Plan Bankers
Convention at Hot Spring, Va, yester-
day, Luther A. Harr, secretary of
banking in Pennsylvania, urged ex-
tention Of consumer credit. Eighty
i've per cent Of the people cannot get
credit, he said. The credit system has
enabled the business man or corpora
tion TO borrow at per cent or less,
whereas an employe of corporation
pays a very much higher rate, with
loans limited to $500.
Another speaker, Claude L. Benner,
life insurance executive, urged that
the national budget be balanced and
elso discussed bank credit. The asso-
citation is electing officers today.
Banks to Give Interest. Data.
All banks in the Richmond Federal
Reserve district have been asked to
I'LL out questionnaire showing the
rate of interest the banks pay on saw
lngs and time deposits and the interest
rates charged on various classes of
loans.
The survey is being conducted at the
request Of the Federal Reserve Board
and covers all IL reserve districts. The
information is requested as of Oc-
I A ay11H ci, ;Ior 1o4
being obtained from certain selected
cities and published in the Federal
Reserve Bulletin.
The new information Reserve Board
officials say, is for use in connection
with the boards duties relative to
regulation Of interest on deposits.
Gas Hearing Dates Arranged.
The Public Utilities Commission will
hear the plea of the Washington Gas
Co. for authority to buy the Hyattsviile
and Alexandria Gas Cos. on Monday,
September 28, and the Securities Ex-
change Commission will conduct q
hearing on the same matter on Sep
tember 80.
The Washington Gas Co. proposes
20 pay $l,37o,UUO Tor the TWO concerns,
which are already under the Washing
ton management, but it is claimed
further savings will result from the
consolidation. The proposed purchase
price covers all stock, bonds, notes and
advances, together with interest up
to the time of the acquisition, the
6. E. c. statement says.
II iS further claimed that oneration
Of all the gas units in the metropoi-
tan area under single head will be
beneficial to consumers.
Today's Trading on Exchange.
Trading on the Washington Stock
Exchange today was led by Anacostia
& Potomac r. r. SIS, three $1,000
transfers being made at 10. Railway
& Electric preferred sold at 110h
and Ill and 140 shares Of Real Estate
a