Evening star., 1922-05-18
NATIONAL BANK IS
ITO HAVE BRANCHES
First of st. Louis Claims
Right-Says Controller
Approves.
ny A. FLEMING.

From Missouri comes the announce
nebt made with seeming authority
by the First National Bank OF o'.
Louis, that a national bank may OF
sanize and operate branches through
out its home city.
w,.b;neton has at last been given
Washington has just been given
this branch banking matter, a tnrousn
savings bank in direct connection,
then a transfer of charter ana IN
corporation under the national oahh
act and then merger. ,a
But ST Louis goes furtner any
takes a much more direct IouI +,
o. watts, president of the bank, IN
announcing, its intention to open
branches in important business
centers," says. This announcement
is nation wide in its siBnincance. IN
view of the years-old traoi.ion ,nasr
national banks were limited unoef
their charters to a single location;
some months ago, Mr.. Watts ana ms
attorneys took up the consideration
of the question, making STUDY 4a
the federal law with regard asrns 10 s
point, and the opinion was renoere1
that the law does permit national
bank to establish additional places
of business in the city in whicn At
Is located. .
present controller of the currency
who corcurred in this view. ..,
:, at Is. therefore, with the tIi.
knowledge of the controller OF tne
currency that the First National bank
is thus preparing to renoer q oio0
Applications for duplicates OF the
opinion Of the banks attorney IN tne
matter of establishing oranch an h.nkers
ing are being regarded oy oannefs
n other cities.
IN Mr.. INV watts declared that the old
time opinion against national banks
establishing branches was based on
an administrative ruling rendered ~
, a former controller of the currency
and had no foundation In law.
: Bankers all over the country wiii
await with interest this action OF tHe
First National Bank of ST. Louis II
currency has given his approval. as
stated, other banks in other cities
will follow suit and that, too; without
waiting very long.
All Ready for Bankers.
Distric. Bankers Association ON.
cials were assured yesterday py .he
management of the Homestead, Hot
Springs (va.) Hotel that everything
would be ready for them on the con-
Nention date.
Lower Distribution Cost.
Representative Sydney Anderson.
Minnesota, speaking before the
Washington Association Of Credit
half of the selling price of an article
is represented in the cost OF produc.
tfon''; that "it had not been lack OF
credit to the farmer, but that the
credit that had been extended was
not adaptable to his requirements
Probably Not longtime Credits.
1t has long been claimed that dis
hi oh
but as there seems to be no possible
way to regulate selling prices nor the
cost of labor. and the only thing that
can be regulated is transportation
costs, that is probably where the
remedy will be attempted. The re-
taller is impregnable, also the laoorer
to a certain extent
w c. Hanson was elected president
of the Credit Men last night; F. w.
White vice president. r.. 2. Shealey
E. B. Adams, F. w. Buckler. A. w.
Wright, James S. Mckee and John w.
Moore were elected to fill expired
terms on the directory.
Local Securities Stronger.
Practically all of the trading on to-
days session of the local stock ex-
change was transacted after the close
of the official call Of the list.
The feature of the session was a
new high made on the per cent gen.
eral mortgage and refunding Is of the
Potomac Electric Company. On call
the best bid had been 106. but later
they actually sold at-107, the new top
record. Brought out some months
ago around 50. they have rendered an
excellent account Of themselves, and
the present money glut, which is like
ly to last for many months or more,
makes them very attractive.
d. There are scores of good bargains
on the local list, when tho New York
call loan rate. 81 per cent, Is consid-
cred.
Washington Gas was also high at
55.
Traction 5s were strong at ssk;
Gas 5s, "a; Metropolitan IS, 97h, and
Railway preferred, 20.
Loan Rates.
1t was stated in Wall street gossip
today that some loans were made as
low as 3h per cent on Wall street to-
Nay.
There is some talk among bankers
Of per cent rate on the next Treas.
oUry certificate issue. II there was any
chance Of having to pay that rate It
would seem as II Mr.. Mellon would
have taken every dollar Of the sub.
scriptions to the last issue at 3 u per