Evening star., 1936-09-16

pies reserves, he
said.
Employing the vernacular of the
manufacturing field, he stated that
bankers have confused their ma
chinery and their product. Depositors
are the machinery of banking. he
said, and deposits the product. Bank
ers pay first attention to the product,
deposits, he added, and neglect the
machinery, which consists of the de-
positors. Bankers will be better bank
ers," he argued, when they pay more
attention to their machinery"
America has reason to be proud
of her banking system, Mr.. Sparks
declared. 1.-The part banking has
played in the progress Of our Ma
ton is a contribution which has had
Ats light kept under bushel too
long" he said. Banking can do no
greater service to the Nation, to the
public and to banking itself, than
to remove the bushel. Comparatively
little has been done to inform the
people of the romantic and funda-
mental help banking has given
American progress" he added.
Newspaper Advertising Urged.
Newspapers were indorsed as the
best medium for bank advertising.
,Towner Phelan, st. Louis banker. who
said the bulk Of his institutions ad-
vertising goes into the newspapers,
although only small per cent Of
newspaper readers are actual prospects
for trust service. He declared that ad-
Eertising should have as its goal the
cultivation of favorable public opinion,
regardless of the amount Of new
business it produces.
Newspaper advertising was further
Endorsed by another speaker, Miss
Betty Sutton, advertising manager Of
1he American National Bank, Kala-
mazoo, Mich. Her bank believes in
advertising in the local papers, pre-
senting a terse message, the copy be-
ing written by the banks officers so
It will have behind 1t the personality
of the management. Comments show
the advertising is well read and has
brought new business to the bank,
she stated.
A new and careful study Of what
the patrons expect of their banks was
suggested by another speaker. Mo-
ton pictures were also put forward
as a telling method of presenting
banking service to the public.
Overland Stock Offered Here.
Election of David r. Wilson as head
Of Willys-O Overland Motors, Inc, COM
pletes reorganization of an automobile
concern in which there is considerable
Washington interest because of the
fact that there are 800 stockholders
IN the old company here. It appears
that they must exercise their rights
by October 2 or lose their interest in
the company entirely.
Stockholders in the old company
sre being given rights to subscribe to
the new stock, each holder of the old
preferred being entitled to subscribe
for one unit of their new stock. Each
holder of II shares Of the old COM
raon is entitled to subscribe to one
Unit of new stock. The units consist
of one share of per cent cumulative
convertible preferred, $40 par value,
end 81 par-value common. The sub
scription price is $40.
The stock has been underwritten
by a banking group headed by e. H.
Rollins & Co. A Washington invest
msnt firm, D. H. McKnew g. Co., is
smong the underwriting houses and
several New York firms which have
offices here are also in the syndicate.
These firms call attention to the
fact that any action by local stock
holders with their old holdings must
be taken soon. The new company Is
planning to resume the production of
automobiles on large scale, the re-
organization report states. Years ago
the old company was very active and
the stock was widely held all over the
country.
Many Subjects Suggested.
The Independent Bankers Associa-
ton, which has concluded its annual
convention, wants the American Bank
ers' Association to fight for lower post
Al savings rates at the coming con-
vention in San Francisco. These banks
want the rate cut from 212 per cent to
AZ per cent.
Decentralization of Federal Deposit
Insurance Corp. supervision is also de-
manded by the independent bankers,
appointment of an advisory committee
of three members in each State being
advocated.
Opposition to compulsory member
ship in the Federal Reserve System
for banks in the Federal Deposit In
surance Corp. with more than 81 ,000.-
900 deposits was also voiced in special
resolutions.
Opposition to what the association
termed discrimination by the Federal
Deposit Insurance Corp. against State
banks with small capital was also ex-
pressed in the same resolutions. The
independent bankers met at st. Paul
and voted to send delegation to the
A. 3. A. sessions to present their views.
Heard in Financial District.
The Washington office of Fenner &
Beane announced today that James F.
Shaw, for IL years partner Of Alb
bott. Proctor g. Paine, has joined the
firm a. a general partner, with head
quarters in the New York Office.
Willard G. Barker, president Of the
Morris Plan Bank of Washington, will
attend the annual convention of the
Morris Plan Bankers Association at
Hot Springs, Va, later this month.
Arthur j. Morris, founder Of the
system, and Frank M. Totten Of the
Chase National, New York, will be
Dong the speakers.