GORGED WITH MONEY

King Country Chronicle, Volume XXVIII, Issue 4607, 9 October 1934, Page 2

GORGED WITH MONEY

BANK ASKS DEPOSITORS TO WITHDRAW.

Gorged with other people's money to such an extent that it is suffering from an embarrassment of riches, an American banking firm, according to a periodical received from the United States this week, is offering its small depositors a premium to withdraw their money. It is giving away selfsharpening pencils to all depositors with balances of 100 dollars or less if they will take out their money before a certain date.

The bank inserted an advertisement in the Chicago Tribune worded thus: "Before considering a heavy service charge, we are first offering a brand new patent pencil to those small savings depositors with balances of 100 dollars or less, provided they will close their accounts within the next 30 days. What a break! First you were given a premium to open an account; now you are given a premium to close it. An immediate withdrawal will avoid the possibility of a charge." The advertisement proceeds sadly: "Money has become a burden. Like commodities, it has a value as long as it can be put to some good use. Beyond that point it is of no avail. Not only are we closing the small accounts but we have discontinued the opening oi 1 new accounts until such time as we can safely and profitably invest our excessive cash reserves. Under the regimentation of this socalled New Deal, sound industry is afraid to borrow, and, consequently, banks are loaded with idle currency." The periodical which reports the foregoing items describes this as "advertising in reverse."