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December 24, 1927


Author Affiliations

Author of "Common Sense of Money and Investments" and "Financial Advice to a Young Man" NEW YORK

JAMA. 1927;89(26):2187-2189. doi:10.1001/jama.1927.92690260001012

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The recent revolution in American finance during which the banks became department stores of finance is of peculiar significance to physicians and other professional men. The change has transformed commercial banks from mere tools for business men into instrumentalities of use to all.

In prewar times, a bank was engaged almost exclusively in accepting deposits and extending credit. Banking was simple, and of restricted usefulness. Today the ultramodern banks and trust companies perform a complete circle of financial service, and have broadened their field to include the entire community. For example, the largest bank of the country, which might be expected to specialize in serving large corporations, solicits accounts in its compound interest department from individuals who can spare a dollar or more.

If the physician selects the modern type of bank, he need

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