The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1915-05-03
new Demands
anger BANKERS
Philadelphia Mems Ire Stirred
by Comptroller's Latest
Order.
RIGGS CASE THE MOTIVE
Overdraft List First Required of In
stitution Which Alleges
Persecution.
RIGGS CASE THE MOTIVE

hfIdutipHld. I'd. MAY - ne IStuSci
prints the following leading article:
Resentment was everywhere ex-
pressed in Phila delphia banking cir
cles yesterday al the further demands
for detailed information of national
bank transactions which il was an
nounced would be made in the next
call for condition by the Comptroller
of the Currency. The ire of bankers
WAS aroused not so much by the char
acter of the information asked as by
The impression received that in MAX
ing these general demands upon all
banks in the country. the Treasury
Department was seeking to bolster up
it's case against the Riggs Natioaal
Bank in Washington, which has al
legged persecution in hurdensome de-
mands for special reports
1t was pointed out here that all the
informal lion sought by the Comptroller
of the Currency has been open TO any
bank examiner who asked for il for
years. Bankers do not relish the idea
of having to delve through their rec
ords for five years back to report
amounts of oVeTdrafts charged off
which is one of the new requirements
when such information was always
available
The attitude of local bankers Was
summed up succinctly by the presi-
banks as follows:
We resent being compelled TO furnish
lot of details about our business which
tho ComptrOl"r has always been able to
get 10y his bank examine ~. and the COM
pihnc OF which means unnecessary eX-
pcmSc of time and labor with no resultant
good to any body. Of themselves these
latest additions TO the condition reports
du not amount 10 much. but they follow
I"pea ted enlarsemmts in the last year.
and We have had SO many special reports
"i various kinds to get up that really this
i like the last straw that broke the
aIlrrs back.
SAYS u Is Time to Call Halt.
1t is time to call halt on perniciOus
activity by the comptroller. No honest
bank il opposed to close and sound reg
citation. That j. shown by the fact that
t." clearing house examinations con-
u'irtcl by the banks themselves are much /
more strict than those Of tue govern |
meat itself. But we are getting tired |
- this everlasting naGs iu-
Another hank president said.
If this thing is not stopped / intend |
T." resign II the administration Of all !
lie" details of hank Is /" he taken oUt !
OF the control of experienced men and !
-iNCn 10 a fore Of clerks down in WASH (
l1gtUm what's the use If h'ln@ a bank |
ir"Sidcnt"''
Syfmnathic> of local bankers Ii" with !
rfr Riggs Bank in the ""ntr"Ne rSv in |
WASHINGTON. Neatly all those interviewed !
declared that. v hilc they were rot pre-
Pared to say that certain practices OF |
tn" Rigs Bank were unsuitable. they /
felt that tho manner in which the comp /
trolcr OF til, currency had sought to 7
correct Ihcs. and rake up records Of pa 81 :
wears which had been known and W !
grsaGaa "T y " n>,,2 ~"mrroe'~ had
Riggs "Fiehtins Our Fight
Tho Riggs Eank = lighting our light" !
tn" cashier OF ono Of thu large banks said. !
Nobody feels like coming "Tt openly IN !
supporting it. b"rausr tn" comptroller !
has Tho power and the capacity IL re-
taliaGc too much. BESIDES that. if We did ,
there would doubtless I've :; popular out
CIV that III" money trust WIS in con
sIirarl tu down u ruh!i.. officer.
Compar IsoU. how, vCt. Of the form for
national bank reports a. Of March with
tho outline. of the r'V S'hcdUl" NCsteI-
day. showed the additions t" tn" form to
hc less cNt"nS1y" tuHu Indicated in some
of tn" Washington dispatches. The addi-
'i"n~ include only information regarding
the hank huiidincs valuation. rentals.
ct. f paid for directors and execm-
tNc committee meetings. and more do
t.,ilrd information about ONcrdcafts. in
Guiding dmcuUt. chHGS,'' off in the last !
tN' year. other changes ;liC merely to
darby tn" rlt--Iijc.rtinu of items rrevi-
nu::Iv rcl0rioJ. Th" details a. TO "vc--
drafts wcr.. IN tho OLD form Of bank
statement ia I~,. last year before the
rev statement l~"l tHis year was put |
out Tho new "jd,l simply restores
those details. "N"Ir tor tn" fvc-yCIr
report