Evening star., 1922-11-14
MUNSEY' TRUST CO.
STOCK SOLD AT 102
First Records in Unlisted
Stock on Local Market.
Certified Checks.
ny I. A. FLEMING.

Tho unlisted list of the local STOCK
exchange broke into the sales record
subsequent to the call today.
Munsey Trust Company shares sold
at lO2. the first transaction in these
shares ever made publicly.
Small lots of local insurance shares
were made at 10 for District Title In
surance and 4 for Washington Title
Insurance. total of 16 shares in
augurating 4 start in non-listed busi :
less that may yet grow to good
daily business.
Movement in local securities was
anything. Prices were shaded TO
steady.
Capital Traction. 103: Lanston.
7sis; Gas. 54ls. and Railway pre-
ferred. IS
In the bond list Gas SIS at s5l4 fur
nished the only business.
John h. Larner HonOred.
John r Larner. president of the
Washington Loan and Trust com
pany. has received. through the
American Bankers Association. noti-
fication of his appointment as menn-
ber of the trust company DIVISION
committee on legislation. There are
hut five others on the committee. MT
Larner will accept the appointment
Chapter Activities.
III. W. Burnside of the Farmers and
Mechanics National Bank Will SPEAK
tonight on the Duties of Recelv-
ing Teller"
p. j. Donohue, assistant professor
of economies of Catholic CniHeIs'ty, W,
will lecture on Bank Operation oh
"Wednesday night.
On Thursday evening Raymond
B. Dickey will address the class
on "Trustees. Executors. powers
Duties. etc.
Certified Checks Dangerous.
The Washington Clearing House
Associate will meet later in the week
for the purpose of considering a recent
decision of the supreme court OF ILLINOIS
in certified cneck case.
a check payable to \ was stolen
and RS name substituted, after when
the check was presented FOR cert'n-
cation, certified and suit for recover!
entered by tho National City Bank OK
Chicago against the National BANK
of the Republic of the same city.
The court held that under section
81 of the negotiable instrument act
which provides that the ; aecehtor
"engages that he will pay according
to the tenor Of his Endorsement and
admits "the existence of the payee
and his then capacity TO indorse.
the bank has bound itself to pay u.
..If the decision of tho Illinois
court Is correct" says D. A. Mullen.
secretary of the clearing house sec
fion of A. B. ~. Iii means that the
former judicial law that the certify
ing bank does not warrant genuine
ness as to payee or amount, but only
to things within its knowledge. sig
nature of drawer and suft1ciency OF
funds. is suppianted by q rule which
makes the certifying bank liable for
the check as it reads at the time OF
certifcation."
Mr. Mullen suggests two courses
open for banks, one to secure an
amendment to the negotiable instru-
ments act. pending which checks
should be stamped as follows:
Certified without liability for gem
uineness except as to makers sigma
ture."
Payable only il unaltered since
original issue by the maker"
Certified, payable according to the
tenor OF the instrument as drawn by
the maker
These opinic rs were rendered by
Judge Patton.
The A. B. A. desires action by the
local clearing house in the matter
George o. Watson. president OF the
Liberty National Bank. declares that
there ar SO many rulings and de-
Cisions on certified checks that he has
taken out a certain amount OF In
demnity insurance against loss
through fraud on certificatiOns for
which the bank might be held re-
sponsible-