Evening star., 1923-05-13
Ri I. 4, FLEMING.

lated frequently on the mastery man.
ncr; in which he has handled his office
and official duties.
With the recent Offering of $780,
100000 Treasury 4a4 per cent notes
he has placed the WAT debt. great as
it is, on an easily manageable basis.
At its peak August 81, 1919. the
national debt totaled $25.475, $4,000,
and on April 80 last. S22.252, 900.
Included in the debt was $4.2OO.000,
900 Treasury certificates and $5,000,-
100000 victory notes maturing, the
former in less than one year and the
latter within five years.
To-day the strictly floating debt of
Treasury certificates is but $l.0I3,-
$4,000. and new maturities are spread
out over the next five years in a man
ner that suggests ease of refundlng.
Rnfundinc operations have been
handled ably. AS Il result there Will
he about $75o.000.00o to be refunded
during the calendar year. and there
after between $1,000. 100000 and ST.
.40n. 600 600 annually until l92S. In the
last named year il is expected that
$3.439. 600 .0o0 ~xill have to be refunded
or. the other alternative. paid Oft.
Som" authorities estimate that the
holders Of called victory noes Will
exchange them very largely for the
latest Treasury note offering.
An Interesting Question.
our Of the latest acts of u. X. Girls
singer before retiring from the office
OF controller of the currency was to
gran: the request of the District Ma
tiorai Bank for the right to establish
an additional office. with the request
that Il new location be chosen.
This followed a protest from the
Franklin National Bank. against the
choice of location made by the Dis
trict National. just north of Is on
Connecticut avenue. as being too near
the formers branch. just north of
L street on connecticut.
VIII the granting of the permit for
the Lincoln Nationals uptown office
' IL its building at II and l.th streets
blanket the banking office planned
for the big Transportation building
just across the street?
Several banks have looked into the
Transportation building banking
rooms and have made inquiries. but
the rental has quieted their ambition.
Recent Legal Decisions.
A Colnrad" bank. desiring t" obtain
certain county deposits. agreed TO
satisfy the county officials as to the
SAFETY of the funds through the de-
. post. The bank gave surety com
pany bond and in turn gave the surety
company certain securities.
Subsequently, the bank passed into
thu. hands Of Il receiver: the surety
Company paid the county ofhclals their
funds. but the state bank commits.
sinner sought to obtain possession OF
the funds on the ground that the
contract under which securities had
been deposited was void.
Court UchoIds Validity of Contract.
\ bank official cannot he delegated
by an executor or eXecutriN named IN
a will to perform his or her duties
Action was brought by a bank preSi-
dent to secure compensation for Serv-
ing in this capacity for person
named in will, the bank official to re-
Ceive the fees therefrom. Court held
such contract or agreement void.
\ bank is liable for breach of agree
ment to extend credit.
\ bank in the state of Washington
agreed to make a loan of $4,000 to
fishing company. repayment to be
made from the sale of fish. Bank then
refused to make advance without
written guaranty. which was given.
Credit to extent of S14.600 was given
and no further credit extended. Bank
suffered u $1,000 loss and sued under
guaranty. Promoters contended that
bank had broken its agreement as to-
credit extension and that damages in
excess of $4,000 had been sustained.
Court held that banks agreement
was binding; it was not invalidated
because no time was mentioned for
credit extension nor because no def
mite time of repayment had been
agreed upon. Banks suit dismissed:
verdict for defendants.
a protesting shareholder cannot
prevent the reorganization of d bank
as trust company as long as the bank
does not compel him to accept other
than cash for his stock.
American Securitys New ONCE.
The Northwest Branch of the
American Security and Trust Com
pany in the Security Storage Build
ing. 11i0 18th street northwest. will
open for business Monday morning.
May Il.
Percy W. Finney. who has been
with the trust company for twenty
years will be in charge of the new
branch. with office hours from $50
am. to 3 pm. and on the 18th and
10Th. and last t'dayS of the month will
do business until $50 pm.
This is the fifth branch office of
the American Security and Trust
Company. its main office and other
branches being located in different
parts of the city
The new branch will solve the
problem of parking facilities. which
are abundant and this, in view Of the
tremendous increase in automobiles
ana their use. in recent years. will be
a great convenience.
The American Security and Trust
Company. was established in 1889 and
has steadily grown until resources
are now over $4,000. 600 and deposits
approximately $4,000. 000
Federal Reserve Ratio 5G.1 Per Cent.
Tho ratio of reserve for the COM
hned federal reserve system is 76.Jj
Pc cent. Earnings assets declined
$4,000. 600. The reserve ratio of tho
Reserve Bank of New York is S3.3 per
cent. p
And the business of the country
goes on "A pace. The federal reserve
system is to a large .ytant baJd =;
reserve the banks being able to take
care or the requirements without
being required to ask assistance Of
reserve banks.
Everywhere the precautionary sig
i,dd e,t.,: i.a peen SET ana the trend toward
conservatism has distinctly set in.
Wall street has severely hit tho
speculatively inclined during the
week. including many traders who
were just as determined as couId he
TO get out in the middle of Nav and
lay back on their fat profits for r''a a
smashing break that would enable
them 20 get in again.
1t was generally agreed last month
that the big interests had not dis,
frlbutcd stocks and therefore thar
they would go higher to maxi "a =
distributing market.
ReaiiZing this just as well as any,
one else the big interests started
selling stocks at many points above
present levels and have heep dis
GooG Irofits. '
They whipsawcd the trailers on tbe
narket ana must have imposed heavy
losses ss on The public, for. while it
public WAS not lin the market" that
transactions in their favorites
Steel. Baldwin. Stewart-WarneSS' ,eS'
.'a, Amtrlcan locomotive and other