Evening star., 1922-06-19
BANKERS DEBATE
! ON NEW BANK BILL
Meet Wednesday Want
Full Attendance-Local
Il Stocks Higher.
BY I. A. FLEMING.

The nrSt meeting or the l'lStricl
of Columbia Bankers Association
will be held in its rooms. second
floor of the New Masonic Temple. on
"Wednesday evening next.
The purpose of the meeting is 10
discuss the various phases of II. Il.
1869, known as the Millspaugh bank
ing bill. for the purpose of regulating
hanks in the District.
The Washington Clearing House
Association, the members of which
With the associate members are also
members of the Bankers AsSocia
ton, has given its Endorsement to
the measure and the discussion on
Wednesday evening will be with a
view Of obtaining a thorough under
standing of the proposed bill. which
appears to be drawn very plainly and
in the most understandable OF
English.
At the expiration OF three years
after its adoption. all banks in the
District would have to have capital
stock of 100000 and take out char
tcrs under the new law-if enacted
Much favorable comment was heard
anent the criticism of r. NJ. Savage
president of the Northwest Savings
Bank. on this feature of the bill. and
vet, within three years the banks OF
Washington now in existence should
grow up to the need of this capitaliZa
ion.
II is the hope of the officials of the
association that the savings banks ol
ne CITY banks under S200. 900 capital
zation. will be fully represented or
Wednesday night that thorough
discussion of the case may be had.
Mr. Evans. president of the asso-
alton. will entertain the adminiStra
tive council at dinner this evening
When the proposed measure Will be
discussed.
II is possible that Mr.. Millspaugf
will be invited to attend the Wednes-
DAY night meeting and give his views
GA conditions that invite the forma
rion of the measure and its introduc-
ton.
The proposed bill would give full
protection to the terms bank ano
banker" making it breach of la"
TO use the term unless engaged IN the
business of receiving money on de-
Dosit, as specified in the bill.
Every member of the Bankers As
Sociation received a copy of the bill
This morning with the notice OF the
meeting.
Name Trust Omcer.
The Merchants Bank and Trus'
I plhp3Ny udS tiftiFu ID ~ i-ts'N vi a
assistant trust officer.
The new official has been connected
with the American Security and trust
Company for some time and is es-
pecially fitted by training and expert
ence to fulfill the duties of his po-
sition.
Local Securities Higher.
Local securities again displayed
real strength. reaching new highs for
rhis movement for many Of the stocks
and. bonds traded in. Potomac Re
funding and Improvement - touched
1O1L, their high: Washington Gas
strong at 5Sl.. it's top; Traction IS
touched 80, a new high. and Metro
politan So sold at s71z.
Street railways shares are decidedly
strong the preferred shares of the
Washington Railway and Electric
Company making the best advance
when they sold at ~ after opening
at rs. and it's but a few days since
they we're in the Sos. The common
Capital Traction brought 9Sss
Railway IS sold at s9lS.
Personal Mention.
Milton E. Allies has returned from
New York
The many friends of ]. Fendall
Cain of the Commercial National
is able to be out after a long illness
and that he hopes to be at work be-
fore very long.
John Poole Of the Federal National
and Mr.. Harrison of the Commercial
National have returned from the Nir-
Einia bankers convention at Hot
Springs.