Evening star., 1922-05-23
LOCAL SECURITIES
QUIET AND FIRM
Branch Banking in Frisco.
At in One Chain-Hibbs'
Trophy.
BY i. A. FLEMING.

There were few features to the day',
session Of the local stock exchange.
Potomac Electric issues were gen
orally fifm, with a number Of sales
OF $lO0 Potomac general mortgage
and refunding Is at 1861. Washing
ton Gas IS brought 941 to s4I, and
general 6s of the Washington Rail-
way and Electric Company. 50.
Capital Traction stock. 97S
Branch banking
A few shares of Federal National
Bank sold at 176
The superintendent of state bank
ing of California will argue the
question Of branch banking from the
standpoint of state banks. unuues-
tionably holding that what is good
for state institutions is sure to b..
bad for national banks
Branch banking is specially Of
California state institutions and a
large number of national institutions
are plann ing to get out of the fed
eral reserve system unless permitted
to do branch banking
One cannot blame them. The COM
petition of branches all over the state
is too severe
Have you heard of the Bank OF
itoiS No not Oh Rome. Dut OF san
Francisco, Calf 1t has forty-seyen
branch banks and they dot the state
up and down and cross country. II
Is affiliated with the Rideout Smith
National Bank at Orville. the First
National of Paso Robles and the
East River National at New York
1t has $4,000, 600 capital. $1,000. 6Nn
surplus and 290,001 depositors. perhaps
two or three more by this time. and IL
presided over by financial genius and
wonder banker, one a. p. Giannini-
sounds like an oDera Sineer-buf its
owner is admittedly a great banker. and
those who know of him admit that so
long as he dominates, branch banking
under his control will be safe.
At the time of the Frisco earth
quake, Mr.. Giannini preserved his men
ia Doise and helped to prevent panicky
conditions by having enough gold and
to spare to relieve. not only his own
customers. but many others. and To- eX-
tend relief of a miscellaneous character
thereby adding to his popularity.
His theory of banking is that the
entire state of California can not
lose its prosperity all at once; that
is if something goes wrong in on.
section the other branches will BE-
in position no only to relieve but to
uphold.
There is a national bank in Cali
fornia that has branches in Portland
and Seattle
Other national banks in California
and elsewhere want to compete with
state banks or change to state in
stitutions.
No Redeposit of Tax Funds
Secretary Mellon has taken hnsl
action in the matter Of a redeposit
of tax funds with national banks
of the District. He turned down tn.
request in a formal note to W. 7.
Galliher. chairman of the committee
of the Clearing House Association.
in which he referred to the fact that
the Treasury was without funds u
loan and suggested as the only way
TO avoid the heavy drafts on = local
bank deposits with each recurring
May. was to secure legislation that
would make the taxes payable IN
two installments. May and November
Whether as d result of this sUg-
gestion or otherwise. there is now
before Congress a bill for this IN
stallment system.
ir. Galliher estimates that tax
payment will take $1,000, 600 TO sl2,-
100000 from local institutions during
the current month
A Splendid Trophy.
The W. B. Hibbs cup to be present
ed by William b. Hibbs as a trophy
to be played for by bankers and their
guests at conventions of the District
Bankers Association, will be the
stimulus to bring out the best golfinE
talent at Hot Springs next month,
during the convention of the aSsocia-
tion.
Under the conditions of the trophy
il is to be kept by the winner for one
year and then returned 10 the EOlfing
committee Of the association. the win
ner Of three contests TO be the perma-
nent possessor of the cup.
Mr.. Hibbs never does anything by
halves and this cup will surprise and
please the golfers.