Evening star., 1915-04-15
Deny Charter Story.

morning which met the fate Of a similar
,ienial was to the effect that as the char
ter of the Riggs National Bank expires
in 1916, the future of the bank is hang
.ig in the balance. on the ground that
The controller of the currency would re-
iuse to approve a renewal OF the charter
unless the retirement from the bank were
assured of its present officers, Charles c.
clover, president: Milton f. Allies, vice
president William ]. Flather, vice presi-
icnt. and IL. Ii. F'lather, cashier.
Il Is stated that the question of a re-
.I-'Sal vi The bank charter, which expires
.,.tunIaticatly July /, 1916, has not been
,...en INTO consideration by the banks Of
s.'Jais OF counsel. as the subject does not
.'l..nc up foI fifteen months.
Il - said that there are, even if the
question should come up more than year
Iioin now, a number OF other ways in
which the bank could continue, even also
providing Mr.. Williams is controller of
ihc currency then, and even also provid-
Ing ne should attempt to prevent the bank
being automatically rechartered for
twenty Years more, is the custom
Could Be Private Bank,
The bank could take out a charter nm
DEF the laws Of any one Of f0rty-eieht
states IL existed as a private bank from
II did not have the word national IN
It's aarr,e II all that time it was about as
aen known all over the world as it has
been since it became q national bank
Specific denial was made Of the re-
port that the hank predicated its In
junction suit against the government
ohlcials on tie possibility that II might
not obtain recharter IL Mr. Williams
II N Inl-
1915 II was stated that the bank
predicated It's suit solely on the
grounds specified III its b.i o! com
plaiHt. and that speculation of. other
possibilities for the bringing OF the
-Iit Is losing sight OF the very essence
Of tho banks case.
Furthermore, it was said today that
the Riggs National Bank is a member
of the. federal reserve system, ana
bankers today declared Il goes with
out saying that the federal re
serve board will 20 t. when
tie time comes. that the Riggs Ma
,iouaI Bank is treated OIL its merits
The banks III the federal reserve sys-
tenn. il Is sad. cannot be expected TO
depend for their corporate life or ex-
tsJence upon one single ex -ofiicio mem
her % the federal reserve board as the
controller Of the currency is.
Trust Companies Alarmed.
one OF the sidelights on the contro-
v.rsv today between the Riggs Bank
:.,d the Treasury officials was furnished
Is X Z rector Of Z trust company who
sa4" Thai ne hal seen letters within
-. p.tsf dav or two from trust com
l,.s i,tcsluents ard other executives
:" ll,. ciirrl :!."- III" bringing 10 light
iN. ,iinr-"s against tile Treasury
81 ali forever settles the question Of
- .-Ji,"r or not the trust companies OF
tie tr'ted States will enter the fed
.f:tl reserve system. Solue Of these
l,st companies which have been con-
s~s.a.rii;g the possibility OF entering the
2. stcr,r have definitely decided since
-. sling Of the suit of the Riggs
I.aat; tAa' they Will not enter the sys-
i.ll and ~ is said that this feeling
- ~ sprC.ad 10 th.: heads of other trllsf
,-Dui,s,ties whose plans may have beer.
s.-tagII.-- iu Tie pa la nee.
F.ltt argument Of trust companies has
l.-.., that the federal reserve system
ia= not been made Sufficiently attrac-
- to them although il has been the
..-piraiiuI. OF the administration TO
nrinE into the system all the trust
companies Of the country, all the state
banks and all other financial insti-
irtions which can be taken i'll under
IN. law.
The row between the Riggs Bank and
the Treasury officials, however. II is
Do