The Washington herald., 1912-10-25
Local Financial Matters

eflciency; that bank examiners know
their duty in full measure. and under
stand that they have to make good; that
the Comptroller is on guard. and that
their positions depend on work accom-
plished and In no sense on favorittsm-
Not only has the Comptroller Of the
Currency Impressed the thoroughness Of
his methods upon the bank examiners.
individually and rs q body. but he has
opened the eyes Of the bank directors
Of the nation-has impressed upon them
the fact that they are not honorary
nonentities. satisfied to listen to annual
reports, but that II they win hold the
once Of directors they must also as
sumo their responsibilities; they must
direct; they must come together at the
end Of an examination and listen In
tently to the reports Of the bank exam
liner. must sign the statement presented.
showing that they are familiar with con-
ditfons. and are not hgureheads-they
must know OF their own knowledge and
not from hearsay.
The result il that directors now direct;
that there are no surprise parties for
directors: they know Of Irregularities.
overdrafts, excessive loans-they must
know and see that they are corrected.
Mr.. Murray, finding laws and regula-
lions upon the statute books that have
been regarded by former occupants OF
the office as dead letters. has under
taken their enforcement and hammered
away, in and out Of season. until the
banks have stopped lending more than 10
per cent Of their capital to any one bor-
rover; until overdrafts OF serious or i'm.
portant amounts have been stopped.
In a word. the national banking sys-
tenn is in a healthier condition and the
national banking act has been more
strictly enforced than at any time since
its enactment.
The position. the ONCE of Comptroller
of the Currency, has been the stepping
stone to preferment-the way to the pri-
vate office with president" on the en-
bossed glass doors Mr. Murray's prede-
cessors went from the Treasury Building
to positions Of importance and high sal
ary. Mr.. Ridgely went to Kansas City.
IComptrollers Dawes, Eccles, and Lacey
found reward and success in Chicago.
1t is understood that Mr.. Murray gave
over to a personal friend a very hand
some offer from a Pittsburg bank. in or
der to retain his position at the head OF
the department he has SO successfully
conducted.
In all probability the incoming Presi-
dent of the United States will be called
upon to fill Mr.. Murray's place early in
his administration. The Comptroller has
practically another year to hold ONCE,
but it Is probable that he Will desire to
make business connections before the
expiration of his term.
1t is certain that the present Comptrol-
Ter has set q pace that VIII make easy
the work of his successor: also that 1t
will be a difficult matter for q new in
c,ynhepf m follovv the mace
Bank men the country over have the
highest respect for Mr.. Murray and he
may choose in the matter Of future POSI-
ton.
The Commercial National Bank en-
ployes have challenged the Riggs Ma
tional clerical staff to a game of foot
ball on Saturday at the Chapter picnic
on Analostan Island.
United States Trust shares showed
good strength on Change. in an advance
from al to 143.
Washington Gas showed . little better
strength. selling at Ss with the bid price
IS IL and the asked s6 L.
Potomac Electric SIS made a new low
on this movement. los rs Potomac
and two sales were made at 100 LA
100 SIS.
There wasn't enough doing in the rest
Of the list to make the session inter-
ssting.
The usual bantering between important
opposed interests furnished the usual
after session humor.
F. w. Stone. vice-president of the Ma
| tional Savings Trust Company, has re-
turned from a trip to Saratoga to the
dedication of a monument on the site
of the Battle Of Saratoga, and a table
in memory of Mr.. Stones father.
W. A. H. Church, chairman of the
board Of directors of, the Commercial
National Bank, is still very Ill. but a
little better than he was last week.