Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-05-28
If Controller Declines Charter
June 27 Are Ready for
Suitable Action.
MACHINERY OF BANKING
TOGO ON JUST THE SAME
State Institution Discussed, Al
though It Is Believed Official
Will End Controversy.

It became known last night that a
piece of banking machinery will be
provided by June % to take care OF the
business of the Riggs National Bank,
Irrespective of whether John Shelton
Williams, controller of the currency,
grants a renewal of the banks charter,
which expires on that date.
This information was obtained by a
reporter for The Star. following the de-
cision of a jury in Criminal Division
/, yesterday. acquitting Charles C..
Glover, president of the bank; William
]. Flather, vice president, and Henry H.
Father. former cashier of the institu-
tion, of a charge of perjury in swear
ing that the bank did not deal in
stocks. as charged by the government
The obtaining of this information
which carries with it the fact that
every step has been taken to safe
guard the interests of the stockholders
and clients of the bank, irrespective of
whether the controller grants the re-
newal of the charter or not. was the
and other public gathering places of
the city. based on discussion of the
approaching expiration of the banks
charter and the possible action of the
controller. in view of the verdict of
the jury which vindicated Mr.. Glover
and the Messrs. Flather.
Bank Certain to Continue.
In view of the loyalty of the stock
holders, depositors and other clients of
the bank, who have increased the de-
posits of the bank by more than ST.
100000 since the controversy between
the controller and the bank began
year or so ago it was said last night that
there is not the slightest doubt. whether
the controller grants a renewal Of the
charter or not. about the continuation
OF the bank under a national charter
or a state charter.
No Information could be obtained last
night on the subject of whether the
bank has yet applied for a renewal of
its charter from either Mr.. Williams,
the controller, or officials of the bank
or their counsel Mr.. Williams had gone
to Richmond, it was said at his house.
Mr.. Glover retired early. at his country
place, Westover, after receiving a te1e-
phone message OF congratulation upon
the quick and satisfactory verdict of
II. Taft. and hundreds of kilograms
from national bank presidents all over
the country. Mr.. Allies one of the vice
presidents of the bank. was not at his
home, nor was Mr.. Flather. the other
vice president.
Expect Charter to Be Granted. ,
From. persons close to the manage
ment Of the bank. however. it was as
certained that the controller Of the cur
rency will undoubtedly be given an op-
portunity unden the national banking
act to grant or refuse a continuance of
the charter. which expires June 27, and
II was said that it was expected that
the controller will grant the charter
and SO end the controversy, but that
should he refuse to do so, or impose
conditions on the bank incapable of
adoption consistent with what the bank
might believe the best interests of the
bank, its stockholders and its clients,
there will. nevertheless. be provided
an institution. a piece of banking ma
chinery. under the same manaEement
and at the same address that will give
adequate banking facilities to the
clients of the bank.
application for a renewal of the
charter of the bank. It is expect
ed. will take its orderly course. as
provided by law. II this applica-
doubtedly will be. Under the law,
witnin two years Of the expiration of
a national bank charter, the bank may
apply to the controller of the currency,
and under the law. when two-thirds
of the stockholders have given their
assent. and the application has been
hled. IL becomes the duty of the con-
troller to send a bank examiner into
the bank TO determine its condition.
aminer. the banks condition is salts
factory to the controller the law re-
quires that he shall renew the charter
for another period of twenty years
The law does not say may" 1t says
SHALL