The Washington herald., 1922-08-17
SUBURBAN BANK TO
PRESENT PETITION
TO CURRENCY HEAD
500 Names to Accompany
Application for Permit
= To Begin Operations.
me Merchant. and Farmers Bank

., The Merchants ana rermcrs D@hN
Of A Anaeostis, now In process Of or
.xanization. will tender a petition
ssi{r5ed by its some soe-odd stock
holders To the Comptroller Of the
Currency within the next few days
IN making its application for per-
nit to open. Il became authorita-
lively known, yesterday.
While II Is reported that the
,rComptroller has served notice on
, ~ hank that IL will not be allowed
= to- open. officials of the institution
are said to deny that any such no.
tice has been received. and that the
petition is simply an extra meas
ssnre.,taken to add more weight TO
the formal application for permis-
'osion to begin operations
!. Practically all the fixtures OF the
Institution have been installed. with
the exception of the safe. which Is
now on the premises Developments
are in such shape that the bank can
omen within ten days after the
Comptroller's permission Is re-
-eefved.
Confusion I'm Anacosffa Banks
8 COMPLAINTS emanating from Ana
t.costfa are to the effect that reports
: Of action by the Comptroller of the
= -tCurreney against the Merchants and
Farmers Bank of Anacostia, now
in process of organization, are be-
nfne construed to mean the Anacos-
tia Bank in some instances.
This erroneous impression, con-
veyed by a newspaper heading, mas
resulted in much explanation by OF
ficials of the Anaeostia Bank, a
fiourishing institution of $1.OOO,ooo
resources and surplus and undivid-
ed profits Of approximately S4e'ooo'
suburban Bank Forging Ahead.
special meeting of the stock
holders of the Citizens Interstate
Bank. Mount Rainier. Nd, was held
= last Saturday afternoon for the
purpose of becoming acquainted
b with the affairs of the bank This
hank recently increased its capital
stock from $4,000 to $25.000.
A statement setting forth the
:. present financial condition of the
bank was presented by Lester D
Homan. cashier of the institution.
.. This statement showed that the
: bank now has a surplus fund OF
$4,000. which is a fine showing, con-
9 sidering the fact that II is COM
paratlvely new Institution and that
during the period of July TO Au-
gust IL. or less than one and one
half months. the net earnings or
undivided profits amounted 10
s1.2s0S7, representing a return OF
little in excess of 40 per cent on
its Capitalization Mr.. Homan fur
i ther stated that the assets of the
bank had increased from $4,000 on
January 1 of this year to approx
mateIy $4,000. and that from all
indications the growth during the
remainder of the year would be
: even more rapid.
Robert E. Joyce. prominent In To-
cal circles. and Frank NJ. stephen,
Washington attorney. were elected
: -. new members to the board OF
:, directors.
- LIVELY Fight Promised.
A lively fight is promised this fall
In New York City when the Amer
fcan Bankers Association holds it's
.fftieth convention October rs. The
issue in question is that of permit
rinE national banks to establish
local, bTanche<
Energetic steps are being taken
b. some of the State bankers as
sociations in different parts of the
- country. and a drawn out verbal
contest is promised when the coun-
.-try's bank delegates convene.
Opposition to branch banking
among national institutions is by
no means confined to st. Louis,
where a storm Of protest has fol-
lowed the announcement by the
First National Bank OF that city
that it would open local branches.
Other States are lining up cam
paigns to oppose national bank
branches. State bankers are read
ing the handwriting on the wall"
They realize the competition that
would result IL II is found that ma
t4onal banks may open branches.
Many States permit branch banking
by their incorporated institutions.
National bankers. too. are quiet
ly working on plans. for 1t is con-
tended that something must be done
IL national banks are to compete
with State banks who are permit
- "a tap every important source
Of the larger cities by directly OPEN
ing offices.
Heretofore, national banks, to OBJ
tain branches have had to acquire
control of some State institution or
costly way of doing business. They
have been handicapped in compet-
ing with State institutions, who
simply went ahead opening Offices
right and left.
Irrespective of the fact that the
ST. Louis bank has been forced to
; hold up its plan of opening branch
Offices, because the Supreme Court
or that State has granted a tenn
porary writ prohibiting such pro-
cedure on action by State Attorney
General. the bankers on both sides
ofthe controversy in different parts
are laying the groundwork for a
spirited argument at the conven-
tion in New York.
1.-THE st. Louis action will be a test
case. Comptroller of the Currency
Crissinger declines to. elaborate fur
. ther on the matter of branches
among national institutions. He has
, contended all along that some ma
tfonal banks should be permitted
to open Offices to compete with
State bank progress in that direc-
tion.