Evening star., 1922-05-24
TO MAKE NATIONAL
ANKSPERPETUAL
House Acts in Aid Of Com.
petition-Declaration OF
Principles-Notes.
ny i. A. FLEMING.


BY i, A. FLEMING.
A bill has just passed the House
giving national banks permanent
charters. Under the National Bank
act charters must be renewed every
twenty years.
Bankers claimed that this feature
of the act gave state banking insti-
tutions an advantage in competing
for business and for trust company
privileges, which have been given
under the federal reserve act to
many national banks.
Naturally the fact that charter
rights do expire and the possibility
that renewal might be refused. is
something of a handicap.
An attempt by the minority of the
House to have the bill committed to
2os to S5.
Bank CIearings increase.
Yesterdays bank clearings in all
large cities showed a satisfactory in
crease, $685. 900 in New York, $19,
delphia, sS,970,000 in Boston and ST.
$4,000 in Kansas City.
Local Securities.
mon stock of the Washington Rail-
way and Electric Company this morn
ing on the local exchange, when the
shares touched +0S. Sales were made
shares sold at 69Is to $685..
The list generally was a little slow,
not because of lack of demand. but
because holders were firm in their
views and showed no inclination to
stimulate trade by offering conces-
sions.
Real Estate Title shares sold at
los. American Security and Trust
sold sparingly at 1861.
few sales of bonds were reported
at unchanged quotations. and a lit
tie Lanston at a.
Comment on Gary.
Francis NJ. Savage. president of the
Northwest Savings Bank, has just re-
turned from ten-day trip to Gary
and French Lick Springs, Ind.
In an interview Mr.. Savage said
that the Gary school system still
: held prestige among Industrial towns.
and that Judge Gary was right when
he said that labor in steel mills can
only be supplied by immigrants who
have muscle and endurance to SELL"
He considers that the unfortunate
feature of the mill situation lies in
the fact that the workers live poorly
and seek to save simply to be able to
return to the old country to live
I'm the finale" said Mr. Savage, "the
administration of Judge Gary and
his associates has the perfections of
autocratic administration, but it would
surprise most people to know how
nearly it responds to the desires of
the employees.
Il have seen and know at firsthand
the life of the steel people from
top to bottom. In and connected with
the operating part the life is hard
struggle and hard work. The same
concentration of work and efforts
would bring more commensurate re-
suits in other vocations, leaving room
to enjoy, art. nature and some of the
sweets of life.
Il mean to say that in the opera
tion of steel mills. the life is exacting
and exhausting to those engaged in
1t, among brain as well as among
muscular toilers."
Declaration of Principle.
A declaration of principles on bus
mess and legislative conditions has
been promulgated by the American
Bankers Association as the work of
is executive council at its recent
gathering at White Sulphur Springs.
The position of the association is
unalterably against bureaucracy, pa
ternalism and class recognition.
The council reiterated it's opinion
that the United States should send a
representative to the reparations
commission to take part with the
allied governments in the all-im-
other problems growing out of the
war. Vigorous competition in the
markets of the world is urged.
Urge free zones in the principal
ports of the country. as recommended
by the Chamber of Commerce.
Oppose payment of bonus, but urge
fullest support, in unstinted measure,
to injured or disabled soldiers.
Approve The Dennison bill passed
by the House and now before the
Senate-the so-called blue sky law.
Approves the Esch-Cummins act
and opposes suggestions for changes.
Urges support and cooperation of
senior banking officials be extended
to American Institute of Banking
sit has answered the call of the asso-
citation by giving unselfsh service"
Unstinted support urged.
Strongly approves of the federal
act and desires now to record its
Endorsement of the administration of
the same by the Federal Reserve Board
and TO protest against unnecessary
changes therein. The provisions of
the law that providing that two
members shall be experienced in
banking or finance" is essential, cas-
the functioning of the board makes
trained banking knowledge neces-
sary.'
Against limiting of production;
right of labor to unionize, but no
right to interfere with non-union Ia
Dor.
In the present coal strike we hope
the rights of the people will be recog-
mixed and no compromise or settle
ment mades which does not establish
the right of man to work for whom
he pleases and the employer to en-
ploy whom he pleases."
Personal Mention.
John POOLE president Of the Fed
eral National Bank, is in New York
city. As director of the Chesapeake
and Potomac Telephone Company he is
attending a meeting of the directors
of the American Telegraph and Tele-