Evening star., 1922-04-25
CONVENTION PLANS
ARE Progressing
Three Morning, Sessions to
Be HeId-RaiIWay As in
Big Demand.
BY i. A. FLEMING.

Big Uemand.
| BY 1. A. FLEMING.
A very important meeting Of the
members of the D. b. A. convention
program committee was held yester-
| day afternoon. at which an outline OF
the plans for the Hot Springs conven-
tion WAS given to the committee.
AS most of the program is tenta-
tive as yet. and no responses have
been received from the gentlemen
who have been invited to be present
and talk. no public announcements
| will be made, save that three sessions
Of the convention have been agreed
j upon. the first to be held at 10 am.
on Saturday. and then at am on
Monday. and again on Tuesday morn
| ing. =.
! Sufficient progress has been made to
assure John B., Larner, president OF
| the association, and Victor B. Deyber,
| chairman of the convention, that 1t
will be great success.
Pslis Down $4,000. 900.
| Secretary Mellon has asked banks
holding proceeds of the March sale
per cent of such. funds to their re-
gional banks by Thursday.
This will call for an even $4,000, 900
| and will leave an even 100000, 900 of
proceeds Of that loan remaining with
( the banks.
No drafts have been made as yet
| on the proceeds of the more recent
| sale of six months certificates bear
ing 3 y per cent interest.
Bankers On Warning,
New York bakers are very certain
| in their own minds that conditions in
| the stock market. and in the money
| market as well. are not such as to
| call for any warning signals from the
controller of the currency.
! Charles E. Mitchell, president Of the
National City Bank of New York. de-
| clares that the volume of call loans
| is not too large at present and in no
| way interferes with business recovery.
| Money is abundant. After taking
care of the demands for commercial
| loans there is large surplus that
can only be employed in the call mar
ket. Business is not affected by these
loans.
Nobody wants to see excessive
speculation. not even the wildest stock
/ market trader. But there is nothing
in the present trading that could be
called excessive.
Moreover. should like to ask Mr.
Crissinger what we are to do with
our money. now backing up in the
cause it cannot be employed in busi-
ness.
Bank Measure Passed.
Yesterday the House of Representa-
tives gave unanimous Endorsement to
the measure known as the Commits
sioners' bill to put the banking situa-
tion in the capital more completely
| under the control Of the Controller of
the Currency.
State charters. under which practi-
cally all the savings institutions, with
very few exceptions, operate, will not
give the right to open banks in the
District. in themselves.
1t will be also necessary, if the
measure is signed by the President
and there is no reason to think that
his signature will be long delayed
for the Controller of the Currency to
give permission for a state bank to
start in business. he being Influenced
in his rulings by the character of the
applicants and the need for added
banking facilities in the locality Sc
lected.
Unquestionably number of insti-
tutions on the stocks. under consid-
GRAFTON and thought of. will be
tagged by the new Legislation. while
the delay in action on the measure
has permitted some money-making
proportions to get under way.
Railway - Active.
On today's session of the stock ex-
change. Railway As were featured in
the trading and also scored strongly
In the firmness displayed.
In all. s12.5O0 par value, of these
bonds changed hand. The opening
sale was ct 70la and the final trans
acton at Tx
At the same time other public util-
ity issues scored slight gains or held
their own strongly in a market with
moderate trading.
Potomac General 6s sold to the eX-
tent of $4,000 face value at par. Rail
way preferred. SO to 6sk. the common
selling at 3Sa4
few shares of Mergenthaler
brought $50.
Union Trust shares featured bank
stocks, small lot selling at lI9 and
several at 120.
No Money for smoot.
The Citizens Savings Bank admit
considerable satisfaction over the an
prehension Of one William B. Smoot,"
alleged author OF moro or less ques-
tionable paper.
They think that there may have
been some connection between the al
legged 'Smoot" and one II H. Noel"
who opened an account with them
through the deposit Of check alleged
which check was subsequently report
ed dishonored.
The Citizens Savings Bank did the
usual thing when dealing with
strangers. accepting the check for
collection only. being unwilling to ad-
vance a cent on the account
Later on a large number of checks
reported as not backed with funds.
reached the Citizens Savings Rank
from Baltimore bearing the "Smoot"
Endorsement. all Of which were said
to be returned and an effort made by
the bank to locate "Smoot," but un-
successful.
The Citizens Savings Bank, fortu-
hately did not invest one cent on ac-
count of the "Noer'-"Smoot" activi-
ties.