Evening star., 1937-03-26


the present Is
unquestionably lone of the most i'm
portant periods in the history Of
American banking
"It should be emphasized that the
Government did not force itself into
the banking business" he continued,
according to news dispatches. LAS the
crisis grew acute. there arose a greater
and greater demand from private
business that the Federal Government
throw its immense credit resources
into the break, and the Government
did so only in response to this de-
mand."
He declared that investment Of sur
plus funds Is the major problem Of
the banks. The A. B. A. chief stated
that under the social security act.
approximately per cent Of the
Nations pay roll this year will be
diverted into the reserve fund, which
must be invested in Government
bonds.
In other words, unless modified, this
act will operate to remove increasing
amounts of Government securities
from the investment portfolios Of the
banks. At the present time the banks
hold over so per cent OF the Govern
ment debt, and in spite Of that fact
we are complaining Of having too
much idle cash. What will we do,
he asked In conclusion, 1T We have
to exchange some Of our present in
Nestments for still more cash?"
Fleming Also Among Speakers.
Robert v. Fleming, president Of the
Riggs National Bank, was also on the
program addressing the bankers on
Public Relations" He gave the his
tory of the public relations program
planned and carried out by Riggs,
stating every employe in the bank
attends monthly meetings which are
addressed by banking experts who
point out and explain the vital
methods and operations in banking.
In this way the employees have be-
come familiar with the work of all
departments of the bank and have
become of much more value in their
contacts with the public.
While the tellers come in far more
contact with the public than any one
else in a bank, all employees in their
own social spheres come in contact
with bank depositors and are con-
sidered representatives Of the banks
in which they work, Mr.. Fleming ex-
planned.
The Washington banker h found
that in many other ways the pro-
gram now being carried out at Riggs
has proved Of great benefit both in
side and outside of the bank. Such
speakers as Harold Stonier, Frank M
lotion and the banks officers have
given the employees great deal OF
information Of more than ordinary
Importance, he asserted.
Insurance Contest Planned.
At the monthly meeting of the Dis
trict of Columbia Life Underwriters
Association at the Willard Hotel yes
terday announcement was made Of
a national letter. writing contest for
high school students with appropriate
prizes for local and national winning
letters, to be submitted during life
insurance week, from May II to %.
In speaking Of this contest, Harold
D. Kraft, chairman for the District
of Columbia, said that a recent sur
vey by the American College Of Life
Underwriters reveals that 143 Ameri-
can colleges and universities are now
Offering 1872 courses OF instruction in
insurance. In the high schools, how
ever, no provision for the study OF
p insurance appears to exist. The rules
for the District contest and the
names of the judges will be an
nounced shortly.
There were 174 underwriters at the
luncheon Presiden. Laurence A.
Rigges reported on the success OF
the Chartered Life Underwriters din
ner; Miss Alma McCrum, women's
section chairman, spoke of the re-
cent luncheon, which drew many
women from Baltimore. Three new
members were introduced. The fea-
ture of the program was a motion
picture which showed insurance men
: how to sell new policies to every
prospect.
Payment Of Bills Compared.
. OF receivables due Washington de-
partment stores at the beginning o1
February, 255 per cent were .paic
during the month, the Federal Re.
serve Bank of Richmond reported
today. The average for the fifth dis
trict was 27 per cent, for Baltimore
% per cent and for a group of othel
cities 80 per cent.
! Stocks on hand in Washington de.
! partment stores at the end of Febru.
ary were II per cent higher than al
. the same time last year. They wer<
: IA per cent higher than at the enc
of January this year.