The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-05-28

business, at this time. HIS preueces-
sors, for years past. Hepburn, Lacey
EccIes, Dawes. and Ridgely, have
found the office but the stepping
stone to emoIuments and position ana
later Mr.. Murray will in all propaplI-
ity be found at the head of some large
banking institution.
As a Comptroller of the Currency
he is accredited with Interpreting the
laws governing his work. In the
light of reason" but while so DOING
he has inspired more activity on the
part of his examiners in the enforce
ment of the laws than any Comptrol-
Ter for decades. The national bank
examiners have become imbued with
the ideas that have been drummed IN
to them by the Comptroller In his
earnest efforts to avoid bank dis
asters, by striking at the root OF the
evil while yet there is time.
, 1t Is on the records that practically
all applications for charters under
the national banking act prior to the
Murray administration of the office,
were granted without cavil. 1t is in
the record of the Murray administra-
ton that over 200 applications have
beer turned down and for cause. The
COmDITOlIer mas SOHe on IeCOTu as
opposed to the formation of banks
where there is no legitimate require
meRt for additional banking facili-
ties.
He has also given his corps of ex-
| aminers positive instructions to delve
deeply in seeking information con-
| corning the personnel of applicants
| for charters, and the character
| thereof. and the edict has gone forth
| that professional organizers can look
I 60 al hie ofA
| The installation of the credit bureau
| for the interchange of information
s to credit lines is another reform of
! the present administration.
1t is probable that the decision of
| Mr.. Murray to remain Comptroller,
| will be followed by more rigid hewtng
to the line. Former holders of this
| important position are accredited by
the banking fraternity with a rather
lax enforcement following a rigid
ray way is a reasonable construction
of the laws and rigid enforcement.
All is said to be peace and harmony
in the camps of the two local gas
corporations, the Washington and
Georgetown corporations. The cut of
a million in the proposed bond issue,
and the guaranteeing of the issue by
the parent. company, which will SOON
er or later be absorbed by the small
| is the result. The ratification party will
be held June 8.
Bankers are expecting a call for
statement of condition by the Comp
troller of the Currency. Covering a
period from 1885 the minimum period
of time between calls has been fifty
! five days and the maximum ninety
| three days, with a single exception
when 1O3 days passed between calls.
The Comptroller may use his own
| Judgment in the matter so long as
he complies with the law. calling five
| times a year.
Comptroller Murray missed the min
imum by few days when he called
March 7, 1911, following the same
call was unexpected. but there have
| been quite a few calls in that month
| since 1904. The average interval be-
| tween calls for the last twenty-four
| next call will show a longer period by
several days than the average. even
If it should come this week.
Tuesday Is the favorite day for calls.
| Since 1855 II calls were made on
Mondays. % on Tuesdays. % on We'd
nesdays. % on Thursdays. % on Fri
days, and but on Saturdays.
| In the matter OF months September
has been the favorite with Comptrol-
lers, and November has been prolific
Der appear rarely in the list. May
! was a favorite up to 1898. but the
! latter day Comptrollers have not
! called much during May. Only three
calls have been made in August since
1887 and October<has not shown since
1897.
| The local fiscal institutions are in
| excellent condition for a call at this
time, all carrying heavy percentages
| Of cash in their vaults, or with re-
n cd
maEd is not sufficiently active to en-
able them to get their funds out.
Lewis, Johnson & Co. report the yield
on the eleven most active bonds listed
| on the New York Stock Exchange,
based on last weeks sales and price
record, as follows:
Southern Railway As yield per cent;
| Norfolk and Western SIS, $40; American
| Tobacco SIS, SIS; American Tobacco As,
40; AIlis-ChaImers Company SIS, sos;
| Southern Pacific convertible As, 40;
New York city. new issue AS, 4.10;
| Distillers' Securities Corporation SIS
6.25: and the American T. & T. Com
pany As yield 80 per cent.
There would seem to be some good in
yestment opportunities In this selected
banks will make payment to the Dis
| trict Of Columbia of per cent tax
| on gross profits for the year. This will
average around 5000 bank. taking the
average of the larger and smaller insd-
| tutions. Some of the larger banks will
be obliged to check much heavier than
| the average.
This tax is on everything that the
bank makes-the profits of the banking
business and the profits resulting from
the holding of real estate and bank
buildings. Then there is a per cent
real estate tax, making double taxa
ton on the same property, and then a
| 2 per cent corporation tax on net in
comes. National banks are required tC
pay per cent tax on circulation and
per cent interest on deposits Of Gov
| eminent moneys.
Bankers must be very active in bust
ness way to earn enough to meet divt-
| dend payments, after paying the taxes
| as indicated.
| Just at present the banking field OF
| Washington seems to be filled to about
| the maximum. The merger Of the Ma
| tional City Bank with the Commercial
| National is about the only merger that
| has not been followed with the starting