Evening star., 1922-03-18
STANDARD SAVINGS
TO NA1|ONA[|zE
Capital and Surplus, $780,
OOO-Under Controller
on Monday.
BY I. A. FLEMING.

BY ]. A. FLEMING.
In the interim between the close
of business today and the opening
banking hours Of Monday. the Stand
ard Savings Bank will drop that part
of its title relating to savings and
blossom forth a full-f1edged Standard
National Bank. thus making the six
teenth national bank in the city.
BY this act it will place itself un-
der the controller OF the currency
and be amenable to the national bank
act as we'll as a member of the fed.
eral reserve system. entitled to all
its privileges and responsibilities.
The bank will have a capital and
surplus of 100000. while its deposits
on the last showing totaled nearly
100000.
The Standard Savings is still al
most a baby" ban in the matter OF
age. has most desirable location
southeast corner of 9Th and Massa-
chusetts avenue. and is making rapid
progress toward greater success.
Nationalizing should be great aid
to the institution.
OF recent years the national banks
have taken large precedence In the
race for deposits.
A. S. Gardner is the president or
the Standard Savings and will re-
main at the head of the Standard
National. J. Rozier Biggs is vice
president: Walter NJ. Balderson. vice
president: James Trimble. jr.. cashier
and William Z. Richardson. counsel.
The board of directors of the in
stitution is as follows: j. Rozier
Biggs, Wistar M. Balderson. Mrs. NJ.
coll, lsadore Freund. A. $. Gardiner.
Arnold Hirsh. Edward Kohner, Harry
S. Lewis. William Neuland: George
Pitt. william E. Richardson N.
Frank Rupert. !: S. d. Sauls. II. r.
BILE. jr.; D. S. Vernables. Earnest G.
Walker. Charles Stanley White. Fred
J.. White, L. D. Williams and w.
Carl Wyatt.
-Forty-Six Banks Reported.
In the showing of deposits of local
/, banks yesterday the returns from
fourteen national. twenty-six saw
ings and six trust companies. There
will be one or two more included in
the next report.
Pound Sterling. $40.
Sterling exchange was selling this
morning at $40. The normal is
about S4.7S. This shows a remarka-
ish currency: almost as unaccounta-
BILE as the gain of $12.000.OOo in the
deposits of the banks of Washington
in less than seventy days. including
Sundays.
But the effect is favorable. whether
It can be accounted for or otherwise.
John Bull is not the, sick man. OF
the world, it Is the former central
empires that are in the slough. but
increasing strength in pounds and
ness world.
"Foreign Exchange" is the subject
chosen by Edward E. Splitter. an au-
thority on the matter. for an address
to be delivered Monday night at an
open meeting of washington Chapter'
a. !. B., at the New Willard:
This is one of the most interesting
topics of the day with local bankers,
who are turning many an honest ooi-
lar in commissions these days, ana
large attendance of officers and en-
ployes may be expected.
Convention Chatter.
This may seem little early to be-
gin to talk Of the next District Bank.
ers' Association convention, but II II
is the plan Of the association TO con-
tinue the annual conventions. and there
has been no expression against 1t, IT IS
high time that initial steps were being
taken. location decided and committees
appointed.
All state banking associations have
selected their dates and are making ar
rangements for their gatherings.
Draws Down $10O. 600.
secretary mellon thiS InorHiue SalSu
the banks holding proceeds Of the Feb
ruary l issue of three-year Treasury
notes, to pay in on Tuesday next SO
per cent Of such funds. The call was
for something over 500, 100000. a like
amount remaining with the banks. plus
all the proceeds of the most recent
certificate sale.
Railway shares Strong.
Washington Railway and Electric
shares are decidedly strong these
days.
Buying Of both the common and
preferred stock is by strong inter-
ests. the former on the practical Ger.
tainty Of dividend In the event OF
the $2.OO0.O00 impounded fund of the
Potomac Electric Company being
eventually retained by the company.
and opinion is almost invariably ia
tuaiiy.
The preferred Is firm on its merits
and on faith of investors in the Po-
tomsc Electric Power Company:
the common and 6sAa69A for the
Washington Gas was stronger at
50a50A. Bonds were decidedly arm.
S. Ownership Certificates.
The revenue department has noti-
fed domestic corporations that it will
not be necessary to furnish owner
ship certificates with bond coupons
owned by such corporations. The re-
vised forms Of 1922 must be used on
coupons after April on all individually
owned coupons
In carrying out the requirements Of
this act the responsibility will fall
upon the first bank receiving coupons
for. collection to know by inquiry or
inherent knowledge that the owner is
a domestic or resident corporation.
The first bank receiving must forward
such coupons in an envelope bearing,
stamped or written, Domestic or
resident corporation coupons" fol-
lowed by she banks business name.
This Is held to constitute ordinary
business care.
It becomes more necessary even
than formerly that each kind OF cou-
pom shall be in separate envelope.
properly marked as to owner and
amount of coupons.