Evening star., 1922-05-22
LOCAL MARKET is
SLOW BUT STEADY
Convention Outlook Encour-
aging-Meeting of Bank
ers' Association.
BY /. A. FLEMING.

/ n l.
Business on the Washington Stock
Exchange today was lighter than on
Saturday. Many of the sales were
of small lots and do not reflect mar
ket conditions.
Prices as a rule were firm. Capital
Traction SIS sold at 9SA and the Cen
| eral Mortgage IS of the Potomac
! Electric Company at 100. Capital
Traction shares sold at 97h and
Railway common at 40.
/ The attendance OF members was
light. There were no evidences OF
| weakness anywhere in the list, nor
was the lull anything more than
! temporary one.
Commercial National Bank stock
| moved up to 14o.
Convention Notes.
Edward J. McQuade, chairman of
| the symposium committee, where the
| most intimate problems Of actual
| sion, is elated with tho measure Of
success promised by his associates
A meeting was held Saturday at
which the program was gone over,
| the prize essays read and some sug-
gestions made along the line OF I'M
| portant improvements in the actual
work back of the cages.
The committee will meet again
| next Saturday. and the week after.
and the hope is expressed that from
velOpment of real value will be
brought to the front
| A committee of the District Bank
ers Association waited on D. r.
| this morning and extended an In
| vitation to the convention at Hot
Springs, Va Mr.. Crissinger prom
| ised to attend If consistent with his
| other arrangements.
A special meeting of the District
Bankers Association will be held in
its new home. for the first time with
out arranging for permission to meet
with any one. on Thursday evening,
! May %.
Several matters of Importance will
be brought to the attention of the
association and the occasion will also
afford the members an opportunity
| to inpect their home.
Unquestionably the fourth annual
convention of the association will be
a topic of discussion.
1t is perhaps given away something
OF secret to say that the member
ship will be more or less surprised at
the accommod ations that have been
prepared for them and for the Wash
| ington chapter, and will approve not
only the work accomplished, but the
bill Of expenditures, which have been
pared to the limit
Reservations have crossed the 100
mark. and Mr.. Addison Is satisfied
that the attendance will be ample to
insure one OF the best conventions.
Personal Mention.
Nathan B. Scott. chairman of the
board OF directors of the Continental
Trust company and former United
| States senator, has returned from a
| winter spent in Florida and California
in wonderful physical condition.
On Branch Banking.
Conference on the question of
| branches for national banks has been
| arranged between the controller of
currency. D. r. Crissinger. and ]. s.
Dodge, superintendent of state banks
| in California. it was learned at the
Treasury today.
| The conference Is expected to take
place early in June and is considered
of Importance. since several national
! banks in California have announced
their intentions to establish branch
banks.
Naturally state banks object.
Mr. Dodge. representing the state
banks which have prospered under
the branch banking system. is said to
be thoroughly conversant with the
situation In California. not only as
| regards the state banks. but also
the national banks desiring to estab-
lish branches
is understood TO personally favor
branch banking. he Is said to be in
vestigatlng his authority for issuing
permission to national banks. and as
yet has not been fully satisfied that
he has such authority
Interpretation of the national bank
act by the courts has held, 1t was
said at the Treasury. that unless per-
mission is specifically given in the
act the controller is not authorized
to proceed. There is no specific men
tion in the ,amended national bank
act, ii was said. of branch banking
| for national banks.
Other factors are understood to
bear upon the present situation, due
to the development of banking meth
DDS and the growth of state banks
through their branches
The controller is planning to see
the Attorney General this week for
a ruling from the Department of Jus
tice on the new situation.
Whatever action is taken by the
Attorney General or by the control
ler In the matter, it was said at the
Treasury, there is strong likelihood
that the whole subject. which bears
so vitality upon the banking interests
of the country, will come before the
courts for decision.
Unless permission is given the ma
tional banks to establish branches.
it was said. many may withdraw
from the national system.
There is an amendment to the fed
eral reserve act before Congress now,
which, If enacted. would give author
ity for branch banking.
The contention of the First Ma
tional of St Louis is that the federal
reserve act does not estop branch
banking.
cTIrTZ MOTOR IOSS