The Washington herald., 1912-06-20
FINANCEANDREALTY


Type machine securities were in the
front OF the trading on. the Washington
Stock Exchange at yesterdays session.
OF Mergenthaler, twenty-Heven shares
were sold, the prices ranging downward
was at q for fifty-six shares, transferred
in three sales.
on regular call and after call Wash
ington Gas sold at 6.
Promptness Asked of Congress.
A subcommittee of the chsmber Of
Commence committee on law and legisla-
ton. was appointed yesterday by the
committees chairman, A. Leftwich SIN
clair, to prepare and send TO Congress
an appeal for prompt consideration OF
pending legislation intended to affect the
District.
Charles W. ciaggett is chairman Of the
subcommittee, which he win convoke In
short time. The other members are
Walter c. Balderson, T. Janney Brown,
Fred c. Coldren, ]. Miller Kenyon. John
c. Let's, Thomas H. Melton, Jackson
H Ralston. and Martin Wiegand.
c. of c. After Conventions.
Chairman John Dolph had his eonven-
ton committee OF the Chamber Of Com
merce at work yesterday on plans to Sc
cure three conventions for Washington,
on one OF which, the international Typo
graphical Unions meeting in 1915, the
committee has already been working for
some time.
S. Schmid was appointed a special COM
mittee to present to the National Colum-
bia wyandotte Club. the advantages
Washington can offer for the clubs poGI'
try show next spring.
The convention committee win work
with washington Turner'S TO obtain for
this city the next convention OF the
North American Turnerbund.
Sale of Hotel johnson.
Charles jacobson, who recently pur-
chased the johnson Hotel, at a price re-
ported to be about &l5O,OOO, Will make
improvements TO the building and sOon
reopen the place, II was announced yes
terday by wsgstarf. Coolidge & Watson,
who, with Randolph T. Warwick, con-
Quoted the transfer OF the property.
Mr.. Jacobson bought the furniture rnd
equipment Of the hotel at the same time
the real estate was sold.
No excessive loans after September l
is the order which issued yesterday from
the once Of the Comptroller Of the Cur
rency. The order was cficial notice 10
the national banks that the law they
had pretty generally violated for fifty
years would be strictly enforced, and
the two and one-half months OF grace. II
was stated at the Office, were deemed
themselves to the conditions required by
law.
statement from the Comptroller
office yesterday said, in part:
TO show how generally this law was
violated when the limit on loans was 10
per cent OF the capital, prior TO 1905, the
call for January Of that year showed
that 2,307. or IS per cent OF the banks
then in the system reported excess loans.
The amendment included the surplus in
the limit. and the call Of January B, 1907,
found l.7S9 banks, or "a per vent, vio-
Iating this section. This percentage has
been materially reduced, and the reports
for April IS, 1872, show that $50 banks, or
l3. 45 per cent. had excessive loans.
The national bank act gives the Comp
troller power to enforce this order. and he
proposes to do so. He has not felt he
would be obliged TO use the drastic power
which the bank act gives him, and for
the past three years he has been working
along other lines. AS no Comptroller has
issued such an order he hoped that he
would not find 1t necessary, and that
dangerous excessive loans could be
driven out Of banks by other means. but
II appears that they could not. He has
called the attention Of banks 10 persist
ent violations Of this provision OF the
act-has written severe letters Of critt-
cism-and finding this ineffective, he or
dered that the losses resulting from eN-
cess loans should be borne by the direC-
tors who authorized the loans and not
by the stockholders. Notwithstanding all
this, at the last call there were $50 banks
still violating this law"