Evening star., 1922-06-07
REPORTS
: ARE AGAINST LAW
Controller Also Wants State
ments From Borrowers
on Unsecured Loans.
BY 1. A. FLEMING.

u. X. CrlSSingery Controller OF tne
currency. has issued orders TO all ma
tional banks that published voluntary
statements must be in the same form
in which reports are made to the con-
troller in response TO calls.
Attention of the controllers office
has been called to the fact that il is
practice of many national banks to
publish the so-called voluntary state
ments. as of the date of the con-
troller's call. which show assets and
liabilities greatly in excess or the
amounts shown in the published state
meuts required by law.
by Including contingent liabilities
and offsetting contingent resources.
and also combining assets and liabil-
tiles under names which do not clear
ly indicate their character, such as
including the amount OF borrowed
money under the heading, deposits.
=. Statements of this character are
misleading and deceptive to the pub
lie. and national banks are requested
To Immediately discontinue the prac-
tice."
Want Statements From borrowers.
The controller also communicated
with the boards of directors of all ma
-uonal banks. regarding the need OF
obtaining statements Of conditions
from all borrowers of amounts IN eN-
cess of $500 or more, whose loans
are not adequately secured.
. This office. the State banking De-
partment and the Bankers Associa-
tion of Nebraska have united in re-
queSting all banks in Nebraska to
obtain statements from borrowers
Sof $500 and over. not adequately Sc
cured by liquid collateral.
You are requested and urged to
put this plan III operation.
( please acknowledge receipt of this
letter and advise what Will be done
lin the premises.
ID. +. CRISSINGER."
Joins Bankers Association.
The Exchange Bank of Wa Washington
ShaS joined the District of Columbia
Bankers Association and has named
as accredited delegates Harvey II.
.Hevenor. William X. Reeve and L. T
inland. respectively president and
vice presidents. ana William X. Naglr,
secretary cashier. Mr.. Maggie will at
ttend the convention and Mr.. Hevenor
will go down, if possible.
Calls for S:0.SO4.1O0.
The Secretary of the Treasury this
.morning called on national banks to
apay in to their respective regional
sreserve banks the balance of the
,proceeds of the sale OF March 10
Treasury certificates. amounting to
$50. .SOi 200.
I The entire proceeds of the two
--latest issues of certificates still re-
main on deposit with the selling
: banks.
: Lowering Interest.
: Another sign of easier money is
found in the fact that the New York
sClearing House Association. at a
special meeting ca He'd for this after
snoon. will vote on the proposition to
= lower interest rates paid on credit
3 balances of banks. mutual savings
! banks and individuals from Il TO q of
z l per cent.
: 1t is proposed to create a new
> class of deposits for mutual savings
: banks. as their accounts are not
active and are. therefore. more easy
! to handle, and the reduction on this
; line of balances will be less than on
I. other credits
Less Active. But Firm.
/. Business on the local stock eX-
change was less active again and con-
|. fined more to stocks than bonds. in
deed only one bond sale was mada.
Potomac consolidated SIS at SO
Railway common was very strong
at IL. and the preferred was tirmer
at Il.
Capital Traction was steady at
sSI2
Washington Gas shares brought -
to STA, all prices being at outside
figures of recent advances.
Extra Dividends.
The National City Bank of New
York has declared a per cent div
idend for the quarter and an extra
of like amount. The Bank of New
York has declared a dividend of
per cent and an extra of per cent.