Historical Newspapers of South Carolina

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f TWO. X - *••- .f ^<5* •• •■ «. > ' T'» '' * r* -. *■ i." V . ' ♦, THURSDAY, JANtJARY 3TH, ItSi. BANKERS FIND GROUP BANKING WIDESPREAB Over 13 Billion Dollars of Bank Assets in Affiliated Systems Numbering 1,850 Members— In Nearly Every State. Over 1,850 banks with more than thirteen billion dollars in resources are shown to be associated- with chain or group banking systems in the United States in facts recontly gath ered by the Economic Policy Commis sion of the American Rankers Asso ciation. The chairman of the com mission, R. S. Hecht of New Orleans, pointed out that the facts Indicate that “almost l^g per cent of our banks and oyer 18 per cont of our banking re sources are in the great net of group or chain banking that now covors al most every part of the country.” The commission’s facts comprised chain and group banking affiliations in the broadest sense of the term, the re port said. They included those groups In which the controlling element was a particular bank, there being report ed 78 instances of this class involving 407 banks and about $6,473,000,000 in combined banking resources. They Included also groups in which a non banking holding company, not sub sidiary to any particular bank, was in control and of this class 28 instances were found, involving 380 banks and nearly $5,336,000,000 in resources. The report also included groupings in which control was exercised by in dividual persons and these cases num bered 167, involving 1,071 banks and about $1,468,000,000 in assets. The Total Figure* The total was over $13,276,000,000 in aggregate resources. Some of the sys tems comprised 50 to 100 banks each. Head offices of the groups were found in all Jurisdictions, but nine of the states and the District of Columbia. “We have not included in those fig ures,” the report says, “banking groups in which a commercial bank, a trust company and an investment house, and sometimes a savings bank, are tied together by some form of atock holdings and operated as com plementary elements in an organiza tion rendering complete financial serv ices. We have held that such groups are similar to a departmentalized bank and different In tho purposes and op erations from a chain or group bank ing system. “For purpose* of the present report we define chain or group banks as sys tems in which centralized control, whether corporate or personal and either rigid or Informal, directs the operations of two or more complete banks, not functionally complemen tary, each working on its own capital and under its own personnel and lo cated In one or more cities or states.” Commenting on the question wheth er the rapid development of chain banking was in the nature of a reac tion against restrictions imposed on branch banking by the banking laws in many states the report says that observation does not wholly confirm this theory since chain banking is prevalent in some states where vir tually no restriction is imposed on branch banking, as well as in those where the establishment of branch banks is prohibited, it adds: The Question of Branch Banking “However the facts do show that anti-branch banking laws have been a factor In some caste, and probably in some sections, in tho spread of chain banking. Instances have come to our attention where expansion along chain bank lines has been carried out by state banks whose expansion along branch bank lines was stopped by the passing of state laws prohibiting fur ther branches. Yet whether expansion would have been along branch bank ■lines if the laws had imposed no bar riers, it is impossible to say. There Is obviously a well developed banking opinion in some sections that the chain bank method brings to outlying banks the strength and efficiency of a big organization without depriving them of their local individuality and sympa thies. In view of the mixed factors noted, we feel it is unsafe to general ize as to what bearing branch banking laws have on chain developments. “The recent era of rapid chain bank -developments has found specific re flection in some state legislative ac tion tending to restrict or control chain or group banking. Also we find a sharp difference of opinion among state bank commissioners who have axpresaed their sentiments regarding -chain banking.” In a foreword to the report, issued In booklet form by the association at ita New York City headquarters. Chairman Hecht says that “the Eco nomic Policy Commission does not lake a stand in advocacy of or in op position to this new method of con centrating banking resources through •the affiliation of banks into groups and •chains, but is shnply offering fcs a tact hflnding body what we believe is the fflrst complete national picture of this vapidly growing movement SCHOOL SAVINGS GROW A total of school children participated in school savings banking la the United States during the last wckool year, depositing $tt,«T2,4M and Tolling np net savings of $lft£}t,t2S, bringing total bank balaa ited to this movement doUars, ott to New Beauty for the New Ford mmmm. m mm • - < mm. Mmmiy v . . ; \ ^bSS8ISiS)St6#Us K<% V mrnmm&im ' •••••• 1 VV’-Vf . m f/ ' - V **^'*‘\v THE NEW FORD TOWN SEDAN tn the Town $edan you tee a distinguished example of the unbroken sweep of line which adds so much charm to all the new, roomy Ford bodies. Radiator, hood, cowl, lower roof line, fenders, wheels — every poir\f of design reflects the new style end beauty that have been placed within the means of everyone. All of the new Ford cars are finished in a variety of colors. ANOTHER STEP FORWARD The introduction of the new Ford bodies has set a high standard of motor ear value. From the new deep radiator to the tip of the curving rear fender, there is an unbroken sweep of line—a flowing grace of contour gaining added charm from the rich and attractive colors. « « « « You will take a real pride in the smart style and fresh new beauty of the Ford just as you will find an ever-growing satisfaction in its safety, comfort, speed, acceleration, ease of control, reliability and economy. In appearance, as in mechanical construction, craftsmanship has been put into mass production. f / . ♦ 4> New beauty has been added to outstanding performance. « « - « « « « « A feature of unusual interest is the use of Rustless Steel for the radiator shell, head lamps, cowl finish strip, hub caps, tail lamp and other exposed metal parts. This steel will not rust, corrode or tarnish and will retain its bright brilliance for the life of the car. Here, as in so many other important details, yon see • * ♦ evidence of the enduring quality that has been built into the new Ford. « « « « « Roadster, $435 Phaeton, $440 Coupe, $500 Tudor Sedan, $500 Sport Conpe, $530^ Two-window Fordor Sedan, $600 Three-window Fordor Sedan, $625 Convertible Cabriolet, $645 Town Sedan, $670 (Alt price* f. o. 6. Detroit, plus freight and delivery. Bumper* end epmre tire extra,) , ^ UNIVERSAL CREDIT COMPANY FLAN OF TIME PAYMENTS OFFERS YOU ANOTHER FORD ECONOMY STEPS TO AVOID DISASTER. H. H. Woodward, of Horry County, Makes Some Suggestions. UMI III I I ■ .VK- .. Editor, The People-Sentinel: I am enclosing a clipping from the Horry Herald which I think is very apropos at this time. If you will kindly give this space in your valued papsr, I feel that the public will be benefftted. If for any reason, however, you cannot do this* please return the en closed clipping to me. - I think the time is ripe for a move on the part of the tax-payers in the interest of economy and the finances ymm i (I have no political aspirations.) Yours very truly, C. G. Rowland. (Mr. Rowland is president of the National Bank of South Carolina, of Sumter.) Would Organise Farmers. H. H. Woodward in the Horry Herald. Many people, readers of the Horry Herald, have asked me to run in the next election for Representative or Senator from Horry County, saying that they agree with pay views so of ten expressed in this paper. I was once in politics. The experi ence was such that when I managed to get out, without being kicked out, I said “never again** and my wilt said “never ogam.** If I were to run for anything it would be for Governor of the State of South Carolina and my i/dea would be to organize the farmers and “one-gal- lus” men in every county of the State to send to Columbia, if I were elected, Senators and Representatives who would agree with my views of the way that this State ought to be run. Be hind the movement I would put all such forces as I have, mental, physi cal and financial. We would get to gether and we wouljd pay off the defi cit in the State treasury even if we had to stop the schools for a year or let them ran two ( years on the old ba sis of sig weeks as they did when you and I were coming up. thces are et&ar men . better I sm to do this Job for the State of South Carolina and while I cannot consent to run for any office, there is no reason why the Herald cannot give the idea to other men who will no doubt want to do it. If you ore interested in this idea clip it out and send it to your favorite daily pa per and require them to publish it and thus get it to the attention of leading men in all ports of £he State. There is a leader waiting somewhere who is competent to take care of the situa tion. Let him know that his follow ers are waiting, and that they want to help them avoid the /disaster that is coming unless there are radical changes made. Porter—Lybrand. Springfield, Jan. 26.—Sunday morn ing, January 12th, Miss Amey Porter sitfrpjrised her friends by marrying Guy Lybrand, also of Springfield. The bride is the daughter of Mr. and Mrs. N. D. Porter. She was graduated from the Springfield high school in the class of *28, having been valedictorian. At the time of her marriage, she was a sophomore at Columbia college. Mrs. Lybrand is girl possessing rare charm beauty. Her‘friends regret that marriage has token her to Barnwell to make her home. The bridegroom is the son of Mr. and Mrs. D. A. Lybrand, of Spring- field. At present he holds a respon sible position with the Grubbs Chevro let Company, of Barnwell. if