The Washington times., 1916-06-22
RIGGS BANK TO Be
GIVEN NEWCA
Institution to Obtain Renewal
Extending Life Of Corpora
ton for Twenty Years.

The Riggs National Bank will obtain q
renewal Of It's charter. which win ex-
tend the life Of the corporation another
twenty years.
Comptroller OF the Currency John
Shelton Williams late yesterday. In q
public letter to the officials Of the in
stitution. announced his decision to
grant a certificate of approval of the
application of the bank for the charter
; extension.
The present charter of the bank will
expire ut the close OF business next
Monday. The renewal. as provided by
NV, will extend the life of the cor
poration for a period Of twenty years.
Obtained Pledge First.
Comptroller Williams says In his pub
lie statement. covering thirteen type
written pages. that his decision to renew
the charter Of the bank was arrived at
only after he had obtained from the d.
rectors of the institution a written
pledge as to the conduct Of the banks
business and a written acceptance by
the officers and directors OF the bank
Of the decision of Justice Mccoy, of the
District Supreme Court. unfolding the
authority of the Comptroller's office. as
fnal
More than ten pages Of the Comp
arraignment Of the past management Of
the banks affairs
Satisfactory Condition.
The Comptroller stated that q recent
special examination OF the bank had
revealed q satisfactory financial con-
dition.
OF the bank were included in the Comp
troller's statement:
Honorable. Inc Comptroller or the
sir: We. the undersigned directors Of
EMMY and severaily pledge ourselves
to give special attention in the future
to the manner In which the officers
OF the Riggs National Bank shall carry
fairs Of the bank. to the end that the
. business operations and AFFAIRS OF the
bank In the future shall be conducted
in strict compliance with the national
States. and in conformity with the law
ful rules, regulations, and require
ments OF the office Of the Comptroller
OF the Currency, and to take all such
action as shall be necessary to secure
"The charter Of the Riggs National
Bank expires by limitation on June 20,
1915. The stockholders Of said bank, in
GLIDING the undersigned directors, have
Comptroller Of the Currency for an ex-
tension of its charter for the further
period OF twenty years. Because OF the
controversies and issues which give rise
to the litigation in the equity suit above
referred to. and In order to remove any
doubts OF the Comptroller as to the
future conduct and management of the
officers Of the said Riggs National
Bank, we hereby give him this ex-
hope that his doubts might be ailayed
and that the said application for an ex-
tension Of the charter OF the bank for
the future period Of twenty years will
be granted.
"(Signed) Charles l. Corby. Thomas
Hyde. Milton e. Allies, James M. John
ston. L. Kemp Duval. L. e. Jeffries.
%. v. Murphy. Robert G. Wikins; VIII
a% Glove, Father S 5ossph Paul aoS Charles
Roxier Dulany. Sterling Ruffin."
Other Letter.
The other letter from officials OF the
bank read:
Honorable,
The Comptroller Of the Currency.
Warrington. d. G.
"sirs:
I'VE understand that in addition to
other considerations relating to past
management and omissions to comply
with certain requirements of the law.
you also have doubts as to the propriety
OF granting an extension OF the charter
of the Riggs National Bank because OF
the Riggs National Banks resistance OF
the authority and power asserted by
the Comptroller's ONCE. eliminating
in the suit brought by the Riggs Ma
tional Bank VS.. Comptroller of the Cur
rency ct ais. and which was decided by
1915.
"The court u,stains the right OF tho
Comptroller to have the reports and In
formation called for. and the right 70
provisions OF the statute, II the bank
should refuse them.
I'm order that the question ar to the
powers OF the Comptroilers office here.
tofore raised By the bank may not be
application for the extension OF III
charter we desire to assure you that
II the charter of the bank Is extended
the judgment OF the court. including
the upholding Of the authority of tn,
der the national bank act, viii be &C
cepted as final. Respectfully,
"CHAS. C. GLOVER. President.
MILTON p. Niles. v. President
.JosHUA EVANS. Jr.. Cashier.
characterization z. Allies, William y
Johnston. Thos. Hyde. i. Kemp DIvsi
Chas. C. Glover, Robert C. wilkins, Z
v. Murphy. Sterling Ruffin. JOSEPH
Charles I. Corby."
ETJNEDAJ DITEc E0n