Show SEES HEAVY CLAIMS ON FUTURE BANKERS american bankers association official declares that banking changes change creating large bank systems will call for broader social viewpoints larger scale group or branch bank ing will wil inevitably bring a new now era om of 0 banking organization and operations to the united states and banker bankers will have to develop new conception conceptions new administrative methods and new economic views rudolf S hecht chairman of the economic policy commis slon alon ot of the american bankers association recently told the members ot of the american institute of banking the institute is the educational section of the association and he emphasized the point that the new now era la in banking demanded that we must step stev up our education so that banking shall be fortified tor for new responsibilities what the future call calls for I 1 we must broaden our social concep tion ot of banking 11 mr hecht said not only tor for the technical operations ot of the new banking must we fit ourselves but both aa as individuals and an organized profession we must charge ourselves with serious consideration of the social problems that are involved al LI ready we hear murmurings and tears fears and doubts as to whether the changes that are coming about in banking in the extension of group and branch terns do not constitute the looming of 0 a new financial menace a monopolistic threat not only to the individual unit banker but to the Ilu financial ancial liberty ot of society in general I 1 am stating these things merely as facts that must be taken into consideration in our studies public opinion cannot be ignored by any business least of all by bank ing which Is admittedly semi public in character and Is to therefore subject to special supervision by the conati buted authorities it if banking develops tendencies that give rise to publia tears fears we must so conduct ourselves oura elves as to reassure all doubts I 1 for this Is true that business suo ceede only by serving berving society that no business can permanently prosper which does not both render service to the public and at the same time convince the public that it la is rendering tendering that service banking therefore must take cognizance ot of what the public Is saying of this new era la in its development 4 it must be part ot of the technique of modern banking administration whatever form our enlarged eions take to avoid the creation ot of monopolies or even the appearance of such a centralization ot of financial power as to be able to exercise an un due influence over public or private finance or other lines of business the public s a right to the safeguard safeguards ot of fair competition om petition must be observed must preserve individual initiative it must also be an item of man argement that individual initiative and opportunity shall be maintained if america has outstripped other nations in the distribution of the benefits of its progress it Is due to the tact fact that there are no barriers of social caste or business tradition against advancement for character ability and initia tive american business has learned that it serves itself best by encourage ing by every practical means ual ambition and initiative aad and hurte hurts itself most by repressing or neglecting them competition for efficiency both within an organization and between organizations will prevent any gustl aution from long enduring in which maintenance of opportunity and lecog of initiative are not controlling principles of management As heade heads of the greatest greate of our financial and in du institutions stand men who started from the humblest of begin aings through all the grades of ex authority and reward toward stand men in positions in keeping generally speaking with their individual merits I 1 personally see no reason for tearing 9 that the enlarged banking organizations which the future may hold would necessarily supply future bank em with any less opportunity for achievement than unit banking again a major consideration ot of ad ministration in any multiple form of banking organization must be its public relations in every community it touches its foremost consideration must be actually and visibly to serve the economic up building ilig of that corn com no system will be long tol aerated whose local members work or are suspected as working to draw economic strength from one place to enlarge the fin anical power of another the local unit bank has always been part and parcel of the communities where it lives and no system can last which does not make it a major prin ciple of operating technique to serve and not exploit the communities into whose business lives it enter enters |