The Washington herald., 1922-04-25
FINANCIAL
DETRICTBANKING
BILL UNANIMOUSLY
MADELECSLATION
Bank Promoters Opera
= tions Now Under Con-
troll of Crissinger.

Federal supervision of all Dis
trict banking institutions was as
sured yesterday when the House
passed the bill indorsed by the
7znissioners for the purpose of
-estricting the operations of banks
20 such institutions as shah have
secured the approval Of the Comp
troller Of Currency.
Passed by the Senate on May IL,
the bill was unanimously passed by
the House yesterday with prac-
ticalIy no opposition being offered.
Representative Frank Millspaugh,
OF ,the House District Committee,
sponsored the measure on the moor
and explained the necessity OF leg
isIation TO curb the operations OF
banking institutions who conduct
their business under a State char
ter In q manner that would other
wise be considered irregular.
In the promotion OF corporations
there were instances, Millspaugh
pointed out, where as much as 80
cents on the dollar had been con-
surned In the promotion processes.
The purpose Of the law, II was
explained. Is not to narrow or re-
strict the competition, nor to pre-
vent reliable or responsible persons
possessing the required skill and
knowledge from entering the bank
ing field in the District in competi-
tton with the local Institutions, but
to place the entire banking situa-
tion In the City OF Washington
more completely under the super
vision Of a responsible public ofn-
cial who Is clothed with the au-
thority to guard the interests OF
the investing public.
An amendment was offered TO the
bill incorporated in the act passed
by the Senate which included the
banks in the city which are al
ready In operation. The amend
ment was carried with no objec-
tion.
Exchange Rank Installs Device.
The Exchange Bank of Washing
ton, under the personal supervision
Of Cashier William r. Nagel, yes
terday installed an automatic saw
inEs device in Grant school, at
Twenty-second and c streets north
west
MS QGNlCGs 10 -
others installed in various institu-
tieRs of the city. is following out
part of the plans OF the American
Bknkers' Association in teaching
thrift. The net result of the first
days business amounted to sl5.96.
Mr.. Nagel advised.
The institution anticipates estab-
lishinE several more systematic
savers in various other schools OF
the vicinity, but this will not be
None until after school vacations.
Rigs to Move Monday.
The Riggs National Bank will
open their Dupont institution Of
tTe Hamilton Bank. located at 200l
i street northwest. on Monday, May
I. according to announcement made
hv Vice President Joshua Evans
yesterday.
A. i. b. Notes.
An informal dance will follow the
rCguIar meeting Of the American
Institute Of Banking Thursday
night, when election Of delegates
to the annual convention and D0nJ .
nation Of candidates for office end
the board Of governors for the en-
suing year will take place. TIE
meeting will be held at the insti-
tute's quarters. :21I F street north
west.
While nominations for officers
promise to wax considerable
warmth, it is practically certain
that w. A. Dexter. ladies' paying
teller Of Riggs National Bank. will
he chosen next president.
Local Securities.
Trading on the local stock eX-
change was limited to q few issues
OF bonds. the debenture 6s ofsthe
Potomac Electric Company being
the most active at 100, with the
hnaI transaction at 1908. a new
hLch
The general mortgage SIS or the
same company brought par.
The bid price on Capital Traction
shares was %, and the asked 100.
Most of the bid and asked prices
we're we'll maintained.