Evening star., 1922-06-29
consent NEEDED
FOR BRANCH BANKS
Each Case Decided on
Merits-May Increase Divi-
dend to Member Banks.
BY 1. A. FLEMING.

BY i. A. FLEMING.
Numerous inquiries are being re-
ceived practically every day from
bankers in various sections of the
country ;nquiring as to the position
of Controller Crissinger in the mat
ter of branch banks for banks or
ganized under the national banking
act
1t is now understood that the con-
troller OF the currency will not make
any hard and fast ruling on the mat
ter. but that each case. each applica-
ton Tor his approval of branch bank
ing, will stand on 1t own merits, and
1t is necessary that application for
made
Several factors enter into consider
alton in determining the right to
this privilege.
1t must appear necessary for the
business of bank for its clientele that
bank be opened in another location:
| banking Office will not impair the capital
OF the institution or lessen its use
fulness.
These and other inquiries being an
swered to the satisfaction Of the con-
| troller. 1t is more than likely that
opening Of a branch in the same city
In which the parent institution is
located.
Ezra Gould on Money.
Ezra Gould. vice president of the Mer-
| chants Bank and Trust Company, holds
to the opinion that money will be tight
| this summer. He bases his views on the
| number of new enterprises that are com
ing to the front, all calling for heavy
| financing; on the large business on the
! New York Stock Exchange in bonds.
where the daily fotations of new issues
are very heavy.
1t must be remembered that $144.779.-
600 bonds have been called in toto or
in part for retirement in July
! Mr.. Gould believes that very many
business men who have not taken vaca-
1 tions in recent years have planned eH-
tensive outings. that merchants Will be
| in the market for accommodations very
freely and that collections will be rather
| slow during the summer.
e. e. Herrell's Change.
Ernest E. Herrell, vice president of
the Merchants Bank and later of the
| Merchants Bank and Trust Company,
one Of the most popular of the younger
| bankers Of Washington, will assume his
duties as president of the international
| Finance Corporation July i. Although
young man. MT Herrell is no novice al
| the banking business, having been twer-
| ty-seven years in harness. graduate OF
| the Capital National Bank. with Messrs.
Mckee, Watson. Otterback and Ryan, all
successful bankers
j. NJ Adair, former president OF the
corporation, presented his resignation
| to the board yesterday, giving press
! of business as the cause of his retire
ment.
He nominated MIR. Harrell and in
| troduced him to the board. MI Adair
director Mr.. Harrelrs resignation
has been in the hands Of the board OF
| the Merchants Bank and Trust Com
pany for a month or more.
Discuss New Money Bill.
The House banking and currency
committee yesterday considered :; Dill
providing for larger distribution o.
| the profits of the federal reserve
banks among the member banks.
II is stated that there is a fair
chance that favorable acton may pe
taken at this session on this measure,
one that will. if passed, remove TN. rnr
chief objection of banks and trust
companies to joining the system;
Gov. Harding who was called pe-
fore the committee. without express
ing any opinion of the bill, sald tnat
if adopted it would probably increase
the dlVlOenUs " SAioi
TO IL per cent. ,,.
He presented figures which, ne saia,
were but estimates. that the OH IN
it's effect would give S6,voo.ouo 10 Inc
government s12.o0o,0o0 to the BANKS
and $2O00,000 to reserve pahks SUI
plus. ,,o ,e,,-
her hanks receive s per cent on their
stock but nothing whatever on theiT
reserves which are carried to the run
requirements with the reserve bank oi
; W hich they are members
The added dividend would but com
nensste for the reserves carried. AS
Il 10 hanks not in the system carry
their reserves with trust companies
and national banks at = per cent IN
tereSt. ,,,r.
will be many additions TO the system
Local Securities.
When the local stock exchange CLOS
ed today, it was to reopen next weu
nesday. after the Fourth. Naturally
with this long adjournment IN view
the market was neglected.
The only transactions reported were
sales of twenty shares of Lanston AT
~ and fifteen shares of Capital Irac-
ton at s9H.
Dollings Convention.
The r. L. Dollings Company mas
way of showing appreciation lof 81
cessful effort. Employees who have
made good" will be the guests OF
the company tomorrow and for some
days thereafter. After a roundup OF
the party, assembling from all over
the country, to be held in Philadelphiia rii
July /. they will go to Ss, HeM \ 0bx bw
night boat and then viii to be sIrat1sa nela
Three days is the time allotted Ior
the convention; during .nsanS which 1TplGs Topics
will he ample opportunity to enjoy
Saratoga. A days cruise on Lake
George is promised. Delegates from
Six states will be present.
Personal Mention.
Charles c. Glover left this morning
for York Harbor, Me-, where he VIII
spend the summer.
No New York Adjournment.
rhe hoard of governors of the New
work. Stock Exchange has declined
to order a closing of the exchange on
Monday.