Evening star., 1922-05-10
BANKING HOURS
UNDER DISCUSSION
Believe Congressional Action
Needed to Solve Problem.
| Local Bonds Firm.
BY I, 4. FLEMING.

che Clearing House Association strad-
died the question. probably remem-
sering the eruption following the
Ahange- Of hours decision few
months ago
No action was actually taken. but
eit was recommended that banking
hours be from 7:30 am. to 2 pm"
A circular letter to each of the
member banks to this effect was sent
oy messenger this morning. in Whlch
approval of the suggestion was asked
or the boards of directors OF the Varl-
Gus institutions.
The same letter was sent to the as
6ociate member banks.
There are no laws governing the
opening and closing of banks in
Washington; custom and the bylaws
OF the banks fix that.
Some banks open at $40 In the
at 3 o'clock in the afternoon Is quite
general, and there are banks that
continue to 5 o'clock and even later
an the day, especially on certain
days in the week and month.
1t is admitted that the bylaws OF
the forty-eight institutions In the
banking business would have to be
changed. and some of these require
thirty days notice. while others re-.
quire unanimous consent of the di-
Despite the opinion of Mr. Patton.
. counsel for the A. B. A.. there are
q number of bankers here who will
not take the chances of suit over
a protest Of a note If not paid be-
fore o'clock. or If payment Is re-
fused on a check after : O'Clock. day
1fght saving time.
Because of the general change In
partment, one of the units Of the gov
ernment service, will alter its hours.
bankers are more than anxious to have
4heir hours conform to the daylight
eaving order of the President.
The necessity of banks remaining
open one hour later than the Treasury
imposes direct inconvenience on banks
in the transfer of cash or credits
through the Treasury Department with
fhe Richmond Federal Reserve Bank
and other banks in the system.
1t would also be necessary to ad-
vance the hour Of clearings from 10
A.m.,> standard time, to 9 am, In order
THAT settlements might be made with
Richmond.
Many bankers critize the resolution
!3avoring opening at 1880 am. stand
fard time, and others declare that the
changing of the clock is one OF the
necessities Of daylight saving"
one can Judge from discussion of the
topic with several chiefs. Is that 1t
will take a joint resolution of Con-
gress to bring unaminity OF acton
/ and an understanding as to banking
; hours in the District: not hard mat
ter to obtain, 1t would seem, as there
should be no opposition to the pas
sage Of such a resolution, nor yet
necessity for debate.
Local Market Steady.
The local market is steady and
prices are holding well. There has
been none Of the wild speculation
that has attended the New York
stock market, none of the over-ac-
cumulation and therefore none of the
periodical liquidation and price re-
: cessions.
Potomac consolidated SIS were firm
At 9512: general mortgage IS Of the
game company, 100; Riggs Building.
long term SIS, s5. and Railway As
ssh. The latter price Is near the
A few shares of the typesetters at
rs for Lanston and 154 for Mergen-
4haler were reported in the sales list.
Urge Protection of System.
President McAdam of the American
Bankers Association urges in the
strongest possible language the pro-
lection of the federal reserve system.
in common with all important finan-
ciers and bankers of the country. he
recognizes the benefits that the sys-
tenn has conferred on this nation,
as against the old inf1e1ible and bond
aeeoured currency plan. and he urges
that enemies are working to destroy
1T.
Merger mt Norfolk.
The Seaboard National Bank and
&he Continental National of Norfolk
have applied to the controller of the
currency for right to merge under
the title of the former.
Woman Bankers Meet.
Last night at the Grace Dodge Ho-
tel at dinner given for the purpose
5pf better acquaintance" a group of
karious banks and trust companies of
washington, also from the Office of
Ahe controller of the currency, gathered
dogether for the first time.
yng was held, ably conducted by Mrs.
Helena D. Reed of the Commercial
National Bank, private secretary to
R Golden Donaldson. president.
! Mrs. Reed is chairman of a commit
Hee composed exclusively Of women,
members of the American Institute of
Banking. who have associated to-
, Eether for the purpose of qualifying
themselves technically to perform the
Sduties of their respective positions in
banks and trust companies and fur
fher for the purpose of qualifying
themselves for positions Of higher
trust and responsibility.
Mrs. Reed read a letter from Mr..
JOnn B. LdFneT (pFeSlQenC or the
Washington Loan and Trust Com
pany), president of the District of
Columbia Bankers Association, ex-
pressing himself in full sympathy
with the efforts and aims Of the COM
mittee and kindly pledging his as
distance in the furtherance of their
work.
Miss Stewart, an assistant national
bank examiner of the Controllers
Office, gave an interesting talk on
woman's work in banks throughout
the country which had come to her
Official attention and laid particular
stress on the point that occurrences
:jpf dishonesty among women clerks
and officials was negligible.
Miss Winifree. secretary Of the Con-
tinental Trust Company, gave an in
feresting talk on her experiences in
the banking profession, and Miss
Dean. Of the American National Bank,
spoke of her previous experience as
secretary to Miss Grace, Dodge, for
mer president of the national board
Of the Young Women's Christian As
ISOLATION, and of what has been and
ciated together for purposes Of ad-
vancement.
Miss Lichtenstein, for twenty-five
wears a valued employe of the Wash
ington Loan and Trust Company,
talked pleasantly of her experiences
in banking.
It was a great evening for the
ladies.
crDAlMpEPPIE ADJ ENTv