Automobile Bankers

The Ford Motor Company inaugurated some weeks ago a partial payment plan for the small car buyer, whereby, with the initial deposit of $5, funds could be saved to purchase a Ford car.

Now W. C. Durant, head of Durant Motors, Inc., has announced his intention to organize a national bank in New York City, whose officers and directors will serve without compensation, and in which stockholders will be allowed to hold only one share. In all, 300,000 shares will be offered, at $150 apiece. Equally distinctive is the announced policy of the new bank. It will not charge a commission or bonus in money or stock for making loans, nor operate an affiliated security company nor make loans either to its officers or to companies with which they are officially connected. Exactly what purpose Mr. Durant has in mind is not clear; ,the tone of his manifesto, however, makes it apparent that he has not forgotten the liquidation of his affairs by bankers in 1920, which was the occasion of his withdrawal from General Motors, Inc.