Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-19
LOCAL FINANCIAL NEWS

The announcement made this morning
that the controller Of the currency had
appointed q receiver to take charge OF the
affairs Of the Aetna Banking and Trust
Company q branch in this city Of q COM
pany doing business In Butte. Mont. was
the first general intimation that that Of
fetal was exercising the particular author
lily conferred on him by the new banking
law enacted at the last session Of Congress.
As Is we'll known. this law Is aimed to
bring under some sort Of public super
business In this city and receiving de-
posts. but Incorporated under the laws Of
one OF the states OF the Union. All such in
stitotions are required by this new en-
actment TO make reports to the controller
similar to those required from banks and
trust companies organized under the laws
OF congress: In addition. the controller
is Is given authority whenever he may deem
!. useful to cause examinations to be
made into the condition Of any of the
banks In the new class.
It was thought that one of the defects of
the law was that this latter clause was
merely permissive and was not mandatory
upon the controller, and backed up by an
aiowance for increased assistance. It ap-
pears, however, from this incident that the
controller Is exercising his authority and Is
proceeding to examine the institutions
here belonging to the designated class They
are thirteen in number.
When he found that the condition Of the
Aetna company was not favorable then he
acted under the clause of the new law
which reads: And the controller of the
currency shall have power, when in his
opinion 1t Is necessary. to take possession
OF any such bank company for the rea-
sens, and In the manner, and to the same
extent as are provided in the laws of the
United States with respect to national
banks"
me only question which arose In this
particular case was whether there was au-
thor1ty to close a branch of an institution
the solvency Of which was not known.
however, as the controller had authority
over the branch. and none over the parent
institution. It was decided to go ahead and
nave the other question come up for set
tlement at some other time.
the stock exchange showed no indication Of
desire to do business. Perhaps the influ-
ence OF the action of the Bank of England
IN raising the rate Of interest to 6 per cent
was the case In New York. where the OPEN
ing showed quite a decline as the result of
this rather unexpected announcement.
However fractional gain soon set in, but
the entire trading was Influenced more or
less
While this was the condition In the gen.
eral market. the local market apparently
acted in sympathy, but 1t was along the
sagging as they did in the larger market,
they remained about stationary.
The banking room Of the Commercial Ma
tional Bank was adorned today with foliage,
plants and other festive symbols indicating
that something more than the usual bank
ing day was on hand. Those who did not
know were informed by poster that today
was the second anniversary Of the opening
Of the bank for business. In addition to
conveying this fact to the minds Of the
patrons Of the bank. figures were given
showing how the deposits had grown from
something in the neighborhood Of three
hundred thousand dollars on the opening
day to s. 474,874, which was the amount OF
deposits at the beginning Of business today
Today's Government Receipts.
National bank notes received today for
redemption. $563. 1888: government receipts
from internal revenue. $S93.341; customs,
81, O8O 800; miscellaneous, $9O.452; expendi-
lures, 81. $4,000