Evening star., 1922-06-01
NATIONAL BANKS !:
!. TO HAVE BRANCHES
Decision From Controller
Expected-Big Day in Lo-
cal Securities.
BY 1. A. FLEMING.


1t is understood that D. r. Girls
will shortly hand down an oficial rul-
ing in the matter Of the branch bank
business for national banks! and. so
| says report. it will be In favor of
branch banking. .s-
If 1t is possible for national banks
to operate branch banks through any
round -the-block method. when they
should be. allowed openly and above
board to establish and operate them.
/ II 1t is possible to follow the method
adopted by the Riggs National Bank,
which appeared at the time as the
only available one. then 1t should pc
formula of assimilation. nationalist
tion and merger.
Just now two old Virginia banks
are merging in the same way-the
Peoples National of Leesburg and the
Fauquier-Loudon Bank. state insti-
tuition.
Mr. Crissinger. controller Of the
currency, has already concurred in
the action of the First National Bank
Of St. Louis, and 1t is not probable
that he will reverse himself in an
official opinion.
At the convention Of the American
Bankers Association In California
last year the matter of branch bank,
ing for national banks was discussed
with considerable bitterness In group
meetings. state bankers preventing an
open discussion on the floor OF the
convention. :.
Assistant Attorney General ]. A:
Fowler wrote the opinion, approved
by Attorney General Wickersham.
that a national bank could not oper-
ate branch or branches in the city
in which it is located. Former Con-
troller Murray asked for the opinion.
The point is made now that with
Mr.. Crissinger favoring branch bank-
ing. 1t would be difficult to stop
bank starting branches. as no one
else would be authorised to file com-
plant and start suit.
State banks and trust companies
have the privilege and may be count
ed on to make strenuous efforts to
hold it, but their position IS not such
as would permit a contest in the mat
The case of the First National Bank
of ST. Louis will be watched with
great interest.
Broad stock and Bond Trade.
The local stock market made up for
the semi-holiday character of the
trading yesterday. with broad. ac-
tive market today. sales including
$4,000 face-value bonds and a large
amount OF stock.
Some new highs were made and old
highs repeated.
All the utility bonds moved up frac-
tionally. Railway As to 1lh Potomac "a
Capital Traction IS at 80 and ssh
Potomac Consolidated SIS. sSA. while
other utility issues were held de-
cidedly strong.
A feature Of the trading in stocks
was the revival of activity in Lans-
ton shares, a number of transactions
being made at IS to 78A
! Railway preferred crossed 20 and
sold at 70A. while the common was
| strong at 40A.
Capital Traction Arm at SO and
! Washington Gas at So.
Lower Interest to Farmers.
| The Farm Loan Boafd has reduced
rates to farmers from per cent to
! ~ per cent.
Real estate men in Washington
would like to take advantage of the
! straight rate of interest available to
| the farmer
! Treasury Has Ample Funds.
Not a dollar of the proceeds of the
sale Of the 3la per cent certificates a
| month ago has been wit:sfra wn from
| the banks and they now also hold the
/ proceeds of today's sale of al per
cent six-months- certificates. A large
amount Of the District tax money will
| be in the Treasury in a day or two. If
it has not already found its way
! there.
w. n. 4 e. Income.
Net income of the Washington
! Railway and Electric Company in
| April was $34,38o. against $4,000 in
March and $1s,072 in April, 1921.
| Total operating revenues were 1926
237. and operating expenses and taxes
were s333,429. The subsidiary lines
reported deficits for the month as fol-
lows: Georgetown and Tenleytown.
$685.: Washington Interurban. $2l7.
and City and Suburban. $4.s29.