Evening star., 1922-08-31
AUGUST cLEAR|NGS
SHOW A DECREASE
Gain $5,720,241 Over Same
Month 1921-May Reap
point Harding.
BY I. A. FLEMING.

clearings of local banks for the
month of August total $75.s7l'9o2'
showing a decrease Of $1.977.6S3. but
in comparison with the corresponding
month of last year an increase of $5,-
720.241..
Every month of the year 1922 to
date shows a handsome increase over
the same month of previous years.
Indeed, each month is marking high
record for local clearings as 1t passes,
even the showing for August being in
excess of the total for any preced-
ing August.
Judging by this steady increase;
business is improving in the, National
Capital right along, the temporary
setback in the month of August being
readily accounted for through the va
cation absentees and the strikes af-
fecting business.
nous increase in the clearings over
each preceding year.
May Yet Reappoint Harding.
1t is understood that the President
is in a quandry over filing the va
cancy as governor OF the Federal Re
serve Board created by the expira-
tion of the term of w. P. Harding
Two candidates are to the fore In
the discussion. D. r. Crissinger, pres
emily being favored for appointment.
while friends of Gov. Harding have
never ceased advancing his claims for
reappointment. with the leading
banking interests of the country
backing him very strongly.
Only one thing Is certain In the
matter and that is that Gov. Harding
is not out of the running as yet. He
has received a number Of f1attering
offers from large banking institu-
tions. but will not give them con-
sideration until the appointment OF
governor for the reserve system Is
settled one way or the other.
Against Branch Banking.
A measure was introduced in Con-
sress today against permitting branch
banking by banks organized under the
no toinal banking act.
The penalty for violation proposed
is understood to be resignation from
the federal reserve system.
AS the federal reserve act provides
that every national bank must be a
member of the system. resignation
! would seem to mean voiding OF
charter.
It is probable that a bank like the
Cha than & Phoenix National OF New
! York city. possessed OF as many
branches as there are regional reserve
banks in the federal reserve system.
would, If called upon. gladly surrender
its charter rather than Its branch
banks.
/! Banks that are not members Of the
, federal reserve system have all the
advantage thereof available. when
taken via a member bank and member
banks gladly function for non n-memoer
banks.
Moreover. the latter are not obliged
to invest in stock of the reserve
hank. nor to carry their entire re-
serves with the bank sans interest
thereon.
/ II they are further handicapped by
congressional action. many of the ma
tional banks will probably welcome
, retirement from the system.
Slow ON Local Exchange.
The bottom apparently dropped out
of the local stock market. SO far as
trading was concerned. But thirteen
shares of stock and a $1,000 bond
changed hands.
Brokers went into quotation
wholeheartedly and bid and asked
prices were available on practically
i everything on the list. with the pos
sible exception of a few dormant
securities
AS rule bidders marked off their
proffers fractionally. and as II to
meet the action in like manner. ask
ing prices were boosted fractionally.
With such large fractional differences.
in many cases extending to points.
it was natural that the sales record
should be more or less of an unin-
teresting showing.
Title Insurance. 100 for Potomac Elec-
trio general mortgage 6s and 104 for
small amount of Capital Traction
stock,