The Washington times., 1912-06-30
IN LOCAL FINANCIAL CIRCLES
By I. A. FLEMING.


pko.ss p,oyss whose term of Office shall not
.mulea . 10 pension for longer, term than
term OF employment. After fwenty-fiye
years pension is for life.
Aount OF pension Is based on 1-50 of
ssalary Tor each year Of service-fifteen
years OF service, fifteen-fiftieths OF sal
aMy twenty-five years twenty-five-fif-
tieths of salary.
sft1s,bSo n no case more than thirty.hye
as follows: On a salary not exceeding
sSUV year, not to exceed $4,000: on
saIsry not exceeding sl5UOO, not r. av-
zee ueeo sS,ooo; on salary exceeding g.. 100
llol 10 exceed 5000. Widow of deceased
onicer or employe Is entitled To one.
IaIl the amount her husband would
. risxe received; but not for a longer
ppoo pea tnan her husband would have
leaves children pension shall be paid
70 Lnem or trustee for them until
Youngest child reaches eighteen years.
rasn aen childs interest ceasing as they
rv vaTn nr,o eiehteen years Of age or mar
Chldren of a deceased officer, or em-
i'IoJe whose wife died before HIM shall
%oria oe eiatitled to one-half the pension he
among them. On the death TO- q, eiVraeo rsnl
s,oner, tho period of payment will be
us;1ucted S,,;9 from amount to be paid to
vsrts, The funds Of the pension fund are in
vested In securities selected by banks
%ais %a ana kept In National Safety
Company vault, requiring two officers
presence to open vault.
ratine here are several other plans in ope-
ration. but these two, giving profit
sharing and compulsory contribution
only after voluntary entrance into tba
pan and remaining with the bank. OFFER
amS smS gooa methods for getting the hest
and most loyal service from empIoves
removing the dread of poverty In old
age and Of leaving a helpless family
me while the salary is gradualIv and
tions piopor-
virginia and West Virginia and otb.r
state charters now in existence thai
oner any latitude in the banking bust
neS reiy Will VIII become valuable as the years
Virginia will not issue more .,barte,s
Ior banks outside her own borders
west virginia insists that two-t 1ir5s
OF the stock of a chartered institution
Wir unuer her charter shall reside in West
virginia. Maryland will not consider -
charter for a bank or corpora ton nthar
man In the State. New Jersey has re.
Pented and cut off her main source of
revenue. Delaware is independent: so
tber MhsyiVania' Mn:. and when you go fur
ttr .er North the most stringent restri,-
Ions are attached to char
me proposed North Capitol Bank in
zen .SSnued 10 organize under the laws OF
cned cne DIstrlGI. but the promoters have dis
SS.ered mat this will permit OF hut
h1teen directors. and in the Interest ~
sired. eef NUMBER Is de-
In the meantime Arizona offers
shall SsWa naha' asking only that the sank
Wno VIII approve the action Of tne
directors in the District. '''e
,, NICE little bank-capital, 800. 900: srr-
p,as' in aziossS; deposits. s16, ,ol4, 900. Bank-
gold, H.7S $50; silver 81 Ola ia. hiana; i
tender and other bills. 81. IS 1oo 'Sai Tha
E, Eltth u Avenue Bank, New York citw
NICE little money maker. WY
check and has It certified. the denoai.
Is discharged OF liability Neoei'or
ohm me supreme judicial court of Massa-
Gnusetts e. holds that where a deposifar
book sS to q third fanf aarTenders nartY his pass
party an order on the banf nssos;n sala
payment OF deposit and interest dne t6
siaa sa.a tnird party. there is a valid as. o
nersnn or the deposit to the third
aeath OF the depositor, notwitbstanddee ode
ing bylaw of the bank proyidine To-
tne payment after death of a denosil
!o tor 70 mis- legatees. heirs at law or
iegal representatives. vi
convention Of several hundred dele
gates. unfamiliar with banking de-
hounces the monetary commission's
Work. . that has practically been an.
proved 6y the banking fraternity of The
Enlteo states, probably because of this
lnoorsement. Actual energy, study of
worlos methods, long months of effort
heaVy money expenditure, long iour,
heys taken' results vetoed by non-com-
oatants in the field of finance.
Local securities have been abnor-
maily duil during the past week Price
ehahses nave been incNnsequentiaI.
Col. Owen T. Reeves, late bank ex-
aIniher In the District. now bank ex-
am aniiher. recently turned down his sec
. ono opportunity to become president of
a Chicago bank.
NO wonder. recent examination of
the Continental Commercial National
Bank resulted in a payment to Colonel
Reeves of $3.50. 1t took him lust three
weeks to make the examination. and he
was assisted by four clerks. 1t is bet
tsr t 70 De bank examiner in a city like
Cmcago or New York than a bank
president, sometimes.
Local financial circles are lust about
as quiet as the market. There ought to
De an Improvement this week Millions
OF checks for dividend and interest paw
Inents due July /, were put in the mails
last night and money will be decidedly
plenutul by Tuesday morning. There
Ing on Change.