Evening star., 1938-05-18


cen'l'"er " The bank across
the street may not be the chief rival.
There have been established many
governmental lending agencies which
have become competitors.
The farmer, home owner. business
nan-all may today obtain money
through one Of these organizations.
Headway has been made because the
banks were not equipped to handle the
business or were unduly afraid of what
might happen to the country as q
whole. he said.
Duty Of Banks Stressed.
Service to depQsitors and service to
borrowers are so closely related that
in discussing one we also talk about
the other. II your duty as bankers
is to safeguard depositors' funds, then
you are fulfilling that duty when you
use care and good judgment in the
matter of investment securities, and
when you make loans that are proper
" secured and safe as to eventual re-
payment.
We have complaints from big busi-
ness, from little business. that the
banks are not cooperating. II this
Is true, the gravest responsibility the
bankers have today Is the meeting Of
this need; otherwise the banks are not
meeting their second obligation-that
TO. the borrowers. 4
The management Of each bank, the
controller said, knows its customers
and knows the ones who have been
honest in their dealings. even though
unable to meet their obligations
Nspmptly through condition. ever
which they have nc control. ant IN
Ter circumstances with which he
banker Is thoroughly 70 .niliar 1y
N your applicants for loans no 'lbt
cannot submit to you q satisf. y
financial statement whicl. ~
Justify granting an extension 4
However. you will surely NJ. sc !
ia these times to say mo" ano si a.
Decline the application may no. al,
eases be enough.
Credit Should De Granted
When you give these matters carr,
thought you win further agree thai
5l1e bankers should give these honest
Ind industrious applicants the benefit
y your judgment and experience and
ehould put forth your best efforts In q
Sympathetic endeavor TO get the ioan
placed in such sound and bankable
condition by way. Of security or tn
Gorsemeut that such extension Of
fredit could be granted. Mr.. Digs
Added. q
The time has come for the closest
cooperation on the part Of every one
"a the recovery movement It Is not
my intention to dictate the loan
policies Of banks, but We must bear
IN mind the existent demand for q
Kind Of credit previously unknown to
us. This Is the credit required by the
small business man. the merchant.
1ndustrialist, stockman or farmer-the
man who wants to carry on. but lacks
The means Of operating his business.
s. E. C. Registration Flied.
Bankers Credit d Acceptance Corp.
Warrington, d. c., has filed q regis
ration statement with the 8. Z. c..
covering 10000 shares $40 par value
per cent cumulative preferred stock
4nd 10000 shares no par value COM
mon stock. The shares VIII be offered
n units Of one share OF the preferred
and one share of common 1t q price OF
s2o q unit. Proceeds viii be used for
working capital Bankers' Securities
Co, Inc- will be underwriters.
New High In Registrstisns.
Bolstered by the 500. .000, 900 United
states Steel Corp. and $4,000 900
Commonwealth Edison Co. financing
Programs. Securities Act registrations
% far this month already have set q
nigh for the year. At the close Of
business here yesterday, the secur-
1ties and Exchange Commission had
received filings during May totaling In
the neighborhood Of $500. 900 900.
The previous monthly high this year
vas in March, when new filings ag-
tregated $l57.5sl, ,s07. In January.
registrations amounted to 4l37 800 ga
They dropped to $50 POI, $50 In Febru-
Ary, jumped TO . new high In March.
and fell Oh to Sel .256, ,6s6 in April
virginian Votes Dividend.
! Directors Of the virginian Railway
have declared the regular quarterly
dividend Of - per share, payable June
45 to stock of record June II. VIII
ham White has been elected vice
president In addition to his duties as
general manager.
/ New life insurance for April was
IS per cent below the amount for
April last year and the total for the
1irst fourth months 81 per cent lower
than last year. the Association OF Life
Insurance Presidents reports. The
Washington figures, due shortly, are
not likely to reveal such . severe drop
Washington delegates to the Ma
tonal Safe Deposit Convention In
Philadelphia report q most interesting
session. G. Delano Ames Of the Mary
land Trust Co. urged more safe deposit
advertising Of . cooperative nature
and aimed especially at those who
really need safe deposit boxes.
Prices Firm On Exchange.
On the WoSnIngton StOck ExcnanGe
today Potomac Electric Power agair
Sold at l13h and Washington Ga
Is, 1858. moved at l06. LAnstor
Monotype Is now being quoted ex'
dividend, the usual 81 quarterly diyt.
dend being due in few days.
The Wall Street Journal says tha,
the first investment bankers to re-
turn from the spring meeting at Whit<
Sulphur Springs report that thu
weather was bad for golf.
As . part Of the Governments par
ticipation In National Foreign Trad
Week, May q to 36, the Department
pf Commerce viii broaAcest . spe'
cial radio program devoted to the 70
mantle story Of The Shipping In
siustry."
wolverine Tube Co.--Directofs o
company deferred action on quarterl
dividend on per cent preferred stock
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