New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-02
CONTROLLER DAWES'S VISIT
BANKS FOR NEW TERRITORIES DISCUSSED.
A RULING ON BRANCH BANKS IN
CITY LIMITS

Charles G. Dawes. the Controller OF the Cur
rency left this city for Washington early yes;er-
day morning One of the objects or his trip 10
New-York on Monday WAS 10 get the report OF
his special committee on the Tradesmens National
Banks condition. but he primarily TO OK
change views with local fnanciers regarding the
establishment Of National banks in Porto Rico ana
other new possessions Of the United states. Inc
whole subject was discussed on Monday afternoon
at a luncheon In the Lawyers Club, wnere MT
Dawes met Calvin s. Brce Henry w cannon
president OF the Chase National Bank; Charles H.
Flint R A. c. Smith and W. Schall, Jr.. OF Muller'
Schall Co. 1t IS understood that Controller
Dawes was we'll pleased with the bankers views
and that upon the reassembng OF Congress ne viii
send TO that body a communication ASKING hN'
authority be granted him TO establish in the ne"
territorial possessions branches OF National pahks
now IN operation In various parts or the Chl'eo
States
A. 3. Hepburn. vice-president or the Na''o""
CITY Bank recently wrote 10 ControHer ba"e'
suggesting that the Controller and the A'V"'neS
General look into the matter OF branches or ma
tional banks within city limits. as Mr. heoou'n
believed that pubic opinion was In favor OF theih
and II the law allowed there was no rea-
eon why the establish ent OF branch banks snouu
not be permitted Mr.. Hepburn said ne oeheNeu
that a former Interpretation Of the law was
forced one. Controller Dawes's reply is N par az
follows:
Your letter Of October q. 1928, asking whether or
not with propriety and consistently with Jaw any
G0gq in oe onenins Of branches by Ma
tonal banks within city limits mas n4n M;
troier Murray nave prepared a statement OF the
legal view % the question held by the ONCE "n''"
In the arst place It would seem that me cues,
ton is settled in the negatve oy II iSa United
States. which section provides specihcliy WA Me,
organization certificate Of Naonat ,e D1 nrHanizs
ton certificate has been held by the courts 10 Oe
the paper which primarily estaosnss ce
certiAcate IS the date of the springng INTO exist
said section 5iSi. above mentioned. provides that
The organiza ZION certificate must show nVe tnlhss
operations OF discount and deposit are 10 be cay
red on: 81 the amount Q, the caP IA fhorebod
made a.''D w. w .., ..r. =, sso-
lion 5,lSi is as follows: T.. ...~,.,ous 81 dts
Th Place are W W Se ca s o
the State territory or district. ana me particular
count Syra anS oces were intended by Congress
be allowed the reading would recessarny be; ~ ne
P Pos are ~ to be carried aeena,ng ne state
Or States TERRITORY or TerTt0res dSiSf or C Gs
tr!c;s snd the particular Gounty or foud'ieS' Guy
or cities town or towns. village or villages,
Bank OF Springfield 3 Fed Rep. 49, the syllabus
T5de S + s R. S.. Section $50 providing that
THE " msuai bushes. Of each National banking as
eocaon sla he transsctea al an GGe 0i M or
.,es TON certiAcate a National bank cannot
make a valid contract FOR the Cushing 81 che ei
unon II al different place from that OF It's resi-
dence through the agency OF another pank a..
THE Court IN its opinion in the case above citeo
uses the following language: $500 r-,.,
az now we turn TO Section $3.50 OF the Gnueo
States Revised Statutes find II enacted tAal
tba vs,,al business Of each National banking asso-
citation shall he transacted AZ an once e., or oankns
zion certificate Under this section. II certainly
would not De competent for National oanK 20
nrovide for the cashing OF checks upon II AZ any
S,her Mace than At It's Office or banking house
II branch bank could DO anything II could casn
shecks drawn upon g. but here the Court says
enecifcary that II Is incompetent for national
hank 10 provide for cashing the creeks al any
other plsce mot places than at Its office or oahH-
ing house