The Washington herald., 1911-05-18

for some time to come and that q re-
gression will come before another ad-
vance.
May Settle sQuabble.
Report on the street yesterday. had 1t
that the threatened rupture and resultant
court proceedings between the George
town Gaslight Company and its chief
stockholder. the Washington Gaslight
Company. has been averted by q COM
promise by which authorization for a
81, 100000 bond issue will be asked instead
Of for double that amount. as planned by
the directorate. AS the plan contem-
plates the issuance Of only about $4,000
in bonds for the time being, it is thought
the smaller issue will be sufficient to alb
sorb the present outstanding liabilities
and build a plant that will answer for
the next five years. By the expiration Of
that time the merger Of the two corpora
tions probably will be effected.
Duties of Examiners.
In a circular. issued yesterday by
Comptroller of the Treasury Lawrence o.
Murray, the duties Of national bank ex-
aminers are set down for the perusal
OF those officials The circular has spe-
cial reference to the work OF examining
into the conditions and personnel Of ap-
plicants. Heretofore examiners have OBJ
tanned this information by correspond
ence. having been given no authority to
incur the expense contingent on trips to
the residence Of the applicant. The comp
troller now informs the examiners that
they will be allowed s2s a day and trav-
cling and hotel expenses when on duty
nh n iy,in n ne a
the charge to be paid by the applicant"
The circular contains the following
points on which the examiner is sup
posed to receive particularly explicit in
formation:
The standing OF the applicants in the
community
Are the directors or the majority Of
them to be local men who will take an
active interest in the bank?'
Are the active executive officers resi-
dents Of the place. and will they have
the confidence of the people?''
I'm case the question turns on
whether or not there is need for an
other bank in the community. you should
submit the amount Of purchased paper
held by the bank or banks Of the place
and state the percentage Of such .pur-
chased paper to the amount Of loans and
discounts of the bank
In cases wnere the eStdDllSnment OF
another bank is open to question. state
whether or not the bank, If established.
would obtain entirely new business or
draw such business from existing insti-
tutions."
Are the stockholders, at the time OF
able to respond to double
on the stock?'
Ascertain definitely whether or not, in
case any OF the stock is not placed in
the hands OF a bona fide shareholder. 1t
is to be taken by a syndicate and later
on distributed to individual shareholders"
State the arrangements which have
been made in connection with the renting
or erection Of a banking house (the in
vestment in which must be kept within
prudent limits), the salaries to be paid
TO the different officers and employees, the
amount to be expended in the purchase
Of supplies. stationery. safe, vault,
furniture, and fixtures" &c.
LAS you have heretofore been advised
oy circular that the comptroller will give
no consideration to applications for banks
sled by a promot"-, your report should
state definitely whether or not the bank
IS being organized by a promoter or pro-
either directly or indirectly"
In all cases of protest you should see
and personally interview the people for
and against the proposition. and If you
think we'll Of 1t reduce their statements to
writing"
Examiners are further instructed to aid