Evening star., 1922-05-08
HOLD ACT NEEDED
DAYL|GHT-SAv|NG
Bankers Assert No Other
Way Will AvaiI-Big Depos-.
its of Tax Money.
BY 1. A. FLEMING.

BY 1. A. FLEMING.
An executive order may put into
effect daylight saving in all the de-
partments of the government, but
1T will only complicate the situation
so far as the forty-odd banks of the
city are concerned.
Banks may change their bylaws
as to opening and closing, but the
chances are that they might also get
themselves in trouble refusing to pay
check after o'clock on a business
day that was not legally a short
day nor holiday.
The protesting of note not paid
on the tap of o'clock GllegaD clos
ing hour might lead to suits galore.
The Clearing House Association
might meet and agree. but any short
hour business day adopted would be
likely to lead to trouble before the
solution of the matter. and in bank
ing, II possible, trouble is one thing
not desired.
In the daylight-saving era it was
the .ew of the land, and as such the
banks followed the lead in adopting
the measure.
There Is but one way trouble can be
appears to some of the best posted
men among the fraternity-and that
is by congressional action and exec
utlVe approval of the daylight saw
ing proposition.
Such action should, be taken: the
long and arduous and they are espe-
cially anxious to adopt the earlier-to-
work proposition if it Is to be very
generally observed in the city.
Merchants and business interests
generally have gone to the front in
and they should aid in making 1t
uniform, If adopted, by giving the
banks the legal right to close and
open an hour earlier.
1t does not seem as If the matter
could be handled otherwise.
nrms and corporations Of Washington
will pay into the United States Treasury
something like $4,000. 900.
This large amount of money will be
drawn directly from our banking in
stitutions. and, even though deposits
such a heavy draft that some consid-
Grafton should be given to the appli-
cation Of the clearing house through
Its comnSttee for redeposit of at least
portion of the tax money, pending, its
Appropriation for District needs
understands the pressure Of tax pay
ments on business, and 1t is to be
hoped that he will grant the plea Of the
clearing house committee, Messrs CALI
her, Father and White.
Local Stocks.
Railway common scored a good gain
on today's session of the local stock
exchange, advancing to 391s. The pre-
ferred shares were also frmer. open
Ing at 6S1z and closing at 6S34.
Shares of Continental Trust Com
pany sold rather freely at 90a.
Gov. seay VIII Speak.
Howard Moran. chairman of tho pro-
gram committee of the District Bank
ers' Association, announces that Gov.
George j. Seay of the Fifth Regional
Federal Reserve Bank, has accepted
at their annual convention at Hot
Springs. June 1913, inclusive.
Mr.. Moran also stated that W. J
Waller. cashier Of the American Ma
tional Bank, and president OF Wash
ington Chapter. A L. B.. would ad-
of the local organization, etc.
The following are tho members Of
tho symposium COMMITTEES:
q. J. McQuade. chairman; Keith I.
Small, J. +. Hillyard. o. v: Heal, H
w. Burnside, J. D. Yerkes, T. Hunton
Leith. ! Frank Rice, James c. Dulin,
jr., W. A. Cady, F. H. Cox, Norman E.
Towson and Charles E. Howe.
Big Gain In Deposits.
The contfoller of the currency this
morning called for a statement Of the
condition of all banks in the District
of Columbia and all national banks in
the country as at the close Of business
May 5.
The last call was Of March 10. at
which time local institutions reported
total deposits of s1s1.7s6.s36, the rec
ord showing for Washington.
When final returns in answer to to-
days call are prepared a new deposit
record will surely be the result.
Gains in deposits were reported as
follows: Federal National, $62S,320;
Second National, $554,960; Washing
ton s,;L Loan And us, Trust Company; as $4,000;
tiona1 Savings and Trust Company,
$3.50, 200; Merchants Bank and Trust
Company. s679.s54; American Security
and and ooo Trust $4,000; Riggs Nasiomal nal
Union Trust, 100000; District Ma.
tiona. $468. 900: Lincoln National, $11,-
767. and Northwest Savings, $15,457.
In but few cases were there any
reverses from the gain policy. The
Merchants Bank and Trust Company
compilation was made on the basis of
the combined deposits of the Nor
chants Bank and the Dupont Ma
tional Bank before they were merged
and on the combined merged de-
posits.
The gain in this instance would
have been larger but for the fact
that subscriptions to the new instf-
tuition were held on deposit as de-
posits by the Merchants Bank. The
gains enumerated are very close to
$5,000.o00, and the total increase will
probably be over this amount. bring
ing deposits not far away from
$18s,000,0O0.
Personal Mention,
Milton E. Allies Of the Riggs Ma
tional Bank will spend the rest of
May at his summer home, Bolivar
Heights, w Va