The Washington herald., 1920-11-05
BANKERS FIGHT.
STILLBREWING
cavinss Banks Representatives As
semble and Vote on Resolution
Regarding Uniform Hours.
OPPONENTS TO HOLD MEETING
Clearing House States Savings De-
nands Would Mean Direct Vio-
lation of District Code.

In response. to an invitation sent
out by the Park Savings Bank to
all like institutions in the District,
calling a-meeting for the purpose
of formulating some plan whereby
the recent action of the Clearing
House Association, regarding uni
form banking hours, could be con-
tested. twelve savings representa-
tives recently assembled at the
above-named banks headquarters,
n was ascertained yesterday.
> After a lengthy discussion a reso-
fution was drawn up and submit
Ted to those in attendance for a
vote. The substance of the resolu-
lion is as follows: That the saw
tngs banks present. do not admit
he authority of the clearing house
TO regulate the hours for banking
n the District of Columbia, but, on
The other hand, they expressly
deny that the clearing house has
Any right to so regulate the affairs
of banking institutions. But, for
The sake of harmony, a resolution
be drawn up providing that the
banks in the District of Columbia
should open not earlier than 800
a. m. and close not later than 200
. p. m, except on the first, last, 18th
and 18th days of the month; on
Saturday they shall open not earlier
dian 500 a. m, and close not later
man 1900 o'clock midday, but
should be accorded the privilege OF
opening not earlier than 500 D. m.
and lcosing not later than $3.50 p. m.
!. After a great deal of debate II
vas found that the following seven
kanks had treated the, measure fa-
vorably: Mount Vernon, Northeast,
Standard, Northwest, Citizens ,
Cnited States Savings and CONNER
eial. Those voting negatively were
he Potomac. Exchange. Hamilton.
Park, and North. Capitol Savings.
sOpposition on the part of the in
sfitutions voting against the res
elutions vss made on the ground
that they now enjoy the privilege
Of having such hours as in the judg-
naent of their directors best meets
the reasonable requirements Of their
patrons, and serves the best inter-
ests of the community. Further
more, they argued, to submit to die
tStion from the clearing house, or
from any other body in which they
have no vote nor control, would SIM
ply make them vassals in the condi-
tfon of slavery.
Injunction to BE Sought.
sB. A. Bowles, cashier of Potomac
Savings Bank, which is incidentally
the largest savings institution IN
natural growth in the District, con-
templates seeking an Injunction
through the banks attorney, re-
straining the Clearing House Asso-
eiation from putting into effect the
proposed hours. Effort will also be
made to have the courts declare the
proposed injunction permanent.
= Clearing House Replies.
I'm answer to the meeting held by
the savings representatives, and the
attendant action, an active member
of the Clearing House Association
did last night: I'VE are powerless
- authorize any bank to remain
open after IL o'clock. noon. on
Saturday. Saturday afternoon Is
decreed a legal holiday by the Dts
tFict code, and we could no sooner
suthorize them to remain open then
than on Sundays, Thanksgiving.
Fourth of July, etc. If they so de-
sire to do business during the period
in question. they will do so at their
avn peril and in direct disregard OF
rhe statutes of the District of Co
pmbia law.
I'VE have called a meeting to c,s-
Suss this phase of the argument. to
be held next Monday night at s p. m.
Ia the National Metropolitan Bank
Building"
= --
SHow one Washington bank re-
cards the past election can be
cleaned from the following tele-
gram dispatched .on election night:
Senator Warren G. Harding. Marion,
Chic: The international Bank with
over 1000 patriotic American share
holders residing in thirty States de-
sires to be the first Washington bank
70 congratulate you upon your cleo
tion to the Presidency. and rejoice
u your return to the Capital City
n the Chief Magistrate of all the
people of the United States. (Signed)
International Bank, John r. Waller
secretary."
"a
The board of directors of the
Lanston Monotype Machine Com
pany has declared a quarterly divi-
dent of l 4 per cent on the capital
stock of the company. payable No
vember 30 to stockholders of record
az the close of business, Novem-
her 20.
John b. Cochran. president of
Franklin National Bank. is spend
ing the weekend at his home in
Staunton. Va.
Edward ]. McOuade, cashier OF
Liberty National Bank and member
OF the executive council. A. I. B.,
Will go to Danville, Va, on No
vsmber 13 to deliver an address
on Activities OF the American In
stitute of Banking before members
OF the institute in that city.
r. B. Dickey. prominent member
OF District of Columbia bar, ad-
dressed the advanced course of the
American Institute of Banking last
night. Mr.. Dickey chose for his
subject Agency and Partners" and
gave an interesting and detailed lee
tpre on kinds; obligations: power;
power OF partners; ownership OF
hrm property and creditors rights,
Restrictions of foreign exchange
were removed by the government of
Finland on October %. according
to a cablegram received. yesterday
By the Department of Commerce
from L. A. Davis. at Helsingfors.
Bonds payable In foreign currency.
however. cannot be exported with
ost license. and all transactions in
fnreiEn currency must be effected