Evening star., 1922-09-12
LOCAL SECURITIES
NEARLY NEGLECTED.
Riggs Bank in Mount Pleas.
ant Section-Debate on
Branches at A. B. A.
BY I. A. FLEMING.

Business on the local stock ex-
change came within one of making it
a full stop on today's session. With
record of sixteen shares of stock and
one $1,000 bond traded in. it was as
near a nothing day as it has been for
many weeks.
Either local investors have placed
their funds, have no more to invest,
want to await developments In the
larger investment field or do not care
acquire more securities. Any one of
the reasons or causes Is as good as
any other.
The days record has been made. six
teen shares of stock, distributed be-
tween Railway common at 57h, Real
Estate Title Insurance at 40 and
Washington Gas at s., with $1,000
Gas SIS at 95, will probably stand for
some time as the minimum.
But for the regular quotation max
ing showing the bid and asked prices.
which really reflected more latent
strength than the business record, the
session was practically void OF re-
suits.
New York bankers express the
opinion that, as Secretary Mellon has
heretofore forecast the money mar
ket Just right in his financing. they
believe that the SIX per cent one
year certificates indicate that his
views still favor an easy condition
in the market for money.
The second installment of income
taxes for the year 1921 falls due on
the 18th instant, and it is evident
that the Secretary expects the $780,
100000 maturities and interest pay
ments coming due on the 18th instant
to be cared for by the tax payments.
The $20O,000,000 certificates just Of
fered will not call for much new
money. as certificates maturing on
changed for the new offering.
There will probably be little
furry in the money market for a
few days.
Washington Heights once.
The Washington Heights Office of
the Riggs National Bank, 2417 18th
street northwest, a few doors south of
Columbia road on the east side of 18th
street, will be opened for business in
the relatively near future.
In making the announcement Milton
f. Allies, president. said:
I'm thus carrying its strength and
service into this thickly settled sec
tion, the center of which is rapidly
yielding to business. the Riggs Bank
will not only offer greater conVen-
ience to its present clients, but will
place its strength and facilities at the
disposal OF others in that vicinity as
well.'
D. r. Crissinger, controller of the
currency, granted the permit for the
opening of the Office, and in doing so
made his first direct move in favor
Of branch banking.
In view of the Importance assumed
by the vigorous argument on the
question of branch banking for ma
tional banks that has been going
on in banking circles throughout the
country, special provision has been
made for discussion of the subject
before the convention of the Ameri-
can Bankers Association, to be held
in New York city October to 6.
Due to the fact that the general
sessions of the convention will con-
sumo but nine working hours, the
debate on this special subject, which
is scheduled for Wednesday, October
4, will be limited to one hour.
There will be two twelve minute
leading addresses on opposing sides
of the question. followed by open
general discussion for the rest of the
hour period in speeches limited to
four minutes each. with no delegate to
speak more than once.
Two leading bankers on opposing
sides have been asked to open the
discussion under the topic. Shall
National Banks Be Prevented from
Establishing Branches Within Their
Home Cities Where This Privilege
Is Exercised by State Banks?"
Andrew j. Frame, president of the
Waukesha National Bank, Wauk esha.
Wis, has accepted the invitation to
lead the Affirmative side in a twelve
minute address, to be followed by a
twelve minute address in the mega
tive by Waldo Newcomer, president
of the National Exchange Bank of
Baltimore, who is also vice presi-
dent of the national bank division of
the American Bankers Association