Daily capital journal. (Salem, Oregon) 1903-1919, 1918-02-04
STEWART FOR BANK
EXAMINER NAMED BY
STATE BANKING BOARD
JOVernOr WithycOInbe As Ex.
pacied Wolves His OppOsi-
tiOn to Sargent's S Selection

The resignation. of S. G.. Sargent as
superintendent of banks was accented
today at a meeting of the state bank
ing board and Charles H. Stewart, who
has been assistant superintendent for
the last four years, was named as act
ing superintendent. Mr.. Sargent s res
ignation takes effect at noon tOmor-
row, at which time he will begin his
new work as examiner for the federal
reserve bank at San Francisco.
Mr.. Stewart s appointment as act
ing superintendent is only temporary
as only two members of the state bank.
ing board were present at today s meet
ing and a superintendent will not be
elected until State Treasurer Kay, the
third member of the board. returns
from the east Governor Withycombe
and Secretary of State Olcott were
the two members of the board present
today.
Governor Withycombe, who has vote
ed his opposition to Mr.. Stewart as
successor to Mr.. Sargent, made it clear
today that the appointment of Mr.
not commit the board in any way to
appointment until such time as Mr..
Kay can be present at meeting of
the board.
Secretary of State Olcott asked Mr..
Sargent FOR his recommendation of
successor as superintendent.
"Mr Stewart Is the logical man and
the only man 1 could recommend,
said Mr.. Sargent. "He is familiar with |
the work of the department; he is
familiar with the banks of the state,
and if a new man should be named he |
would have to depend on Mr.. Stewart
for year at least anyway.
'Mr. Stewart is thoroughly compe-
tent and deserving of the promotion
"What banking experience has Mr..
Stewart had9'' asked the governor.
"He was 13 years with the First
National bank of Albany, as assist
INT cashier" replied Sargent.
"I think the position demands a
strong .bankel, an Gxpicutivey" said
jhe governor.
Bankers and business men from all
parts of the state are sending in en-
lorsements of Stewart, who they de-
lare is the logical man for the place. :
Secretary of State Olcott said he
would support Mr.. Stewart for the !
,lace, upon the recommendation of ;
Gr. Sargent and his belief that he is =
he logical man, from a business stand
oint, for the promotion. q
Governor Withycombe 50 opposition o
o Stewart is said to be based on the
act that Stewart is democrat. AS
he situation is now clearly defined, :
Jays vote will decide the appoint
lent. The governor, it is said, is count
ng strongly ON Kay standing with "
i'm in naming man for the place who =
ill be of political assistance to the d
Overnor. o
1t is pointed out that the banking a
apartment, with the authority it has a
yer the banks of the state and viii st
Iaminers travelling over the state con-
nually, offers a source of strong po- u
teal strength if it can be lined up p'
nd the governor is determined to b
AXE an appointment that will be ad- &C
antageous to his candidacy for re- III
ection.
Acceptance of Mr.. Sargent IS resig- =
Ction before Mr.. Kay's return was :
ade necessary by orders received by A.
r. Sargent to report for duty tomor- "
w. N
Both the governor and the secretary q
state expressed high appreciation of q
g work that has been done by Mr. "a
rgent. 3s