The Washington times., 1913-08-13

| IL was ledIleu lDudg hl NIlC OiiANC Va
Assistant Secretary of the Treasury
! Williams that no Washington bank has
made application for a part of this dis
| tribution. Few Baltimore banks have
| applied. so that this section will not
| participate to any great extent IN the
| latest output of Government money.
The proposition to incorporate in the
currency bill a provision enabling ma
| tional banks TO open separate savings
| departments and to act as trustees Tor
mortgage loans thereby assuming one
| function of trust companies not enjoyed
| by the national banks, is not receiving
very interested attention from Washing
ton bankers and officials of trust COM
| panies
One prominent national banker to-
| day expressed the opinion that the
provision as to trusteeships would be
step in the right direction toward
enabling the national banks to regain
their leadership among the banks of
the country. but he did not believe
the inducement of this change would
be sufficient to attract the bankers
of the country to support the bill
without further concessions. Nor did
he think that the proposed amend
ment would induce many national
bankers to change their avowed inten-
tion of abandoning their national
institutions into State banks or trust
companies.
The proposed change is indicative OF
| the realization by the Administration,
he said, OF the necessity more nearly
to meet the views OF the bankers for
workable currency measure. and Is a
step in the right direction toward
strengthening the position of the ma
! tiona1 banks, but it will not be suff1-
Cient.
The national banks in Washington
and in many cities would undoubtedly
avail themselves of the privilege TO as
sumo this trust company function. for
it would be an added source of reve-
nue., but until the principle of Govern
ment management of banks, as dis
tinguished from Government supervi-
sion, is abandoned. The currency meas
ure will not appeal to the bankers
The banks now occupy position Su-
sidiary to that of the State banks and
trust companies, and l do not believe
that more than p per cent of the ma
tional banks will retain their charters
If the currency measure in its present
form is enacted. The bankers resent
Government management as they well
come supervision. just as the railroads,
while agreeable 10 the supervision Of
the Interstate Commerce Commission.
would resent a proposal to have the
commission help manage their proper
ties
A trust company official was of the
opinion that but few national banks
would find IL profitable to reorganize
their business so as TO take advantage
of the trusteeshtp privilege and that.
therefore, It would be unlikely that the
trust companies. which are now
equipped for that function, would seri-
ously object to the proposed change.
Another national banker declared him
self opposed to the principle OF the ma
t'onal banks handling the less liquid
assets that would be involved and said
that the functions of the national banks
and trust companies should remain dis
tinct as they are at present
Trading in Washington Railway as
was the only feature OF the session OF
the local Stock Exchange today. A
total of $4,000 of these bonds was taken
at So. One Capital Traction bond sold
at 107&, but the balance of the trading
was small and scattered.
Alexander Mccormick. tr. new MEM
ber Of the Stock Exchange made his
initial appearance on the floor OF the
Exchange TODAY.
w. p. Hibbs returned today after sew
eral days absence In New York.
The production of Greene Cananea |
for July amounted to 3.32S 90 pounds OF |
copper. 102.296 ounces Of silver and 52l |
ounces Of gold.