Evening star., 1923-06-14
RULES ON CHECKS
ARE NOT CHANGED
Federal Reserve Bank Sends
Out NotiCes-HaIf-H
Plan-Notes.

bNSkSSs
Federal reserve banks of the ffth
federal reserve district were in re
ceipt of notices today from the Fed
eral Reserve Bank of Richmond e.
the effect that pending receipt of .
copy of the decision of the Supreme
Court of the United States in the
North Carolina par clearance case. OF
until further notice. the Federal Re
serve Bank of Richmond will con-
| tinue to receive for collection,
heretofore, checks on those non
member banks in North Carolina
which continue to remit a par.
The notice stated further that til.
collection Of checks in other states
OF the fifth district. which includes
the District of Columbia, will not b.
affected by the decision of the Su
preme Court, since there does not
exist in any other state of this dis
trict statute similar to that passed
by the legislature of North Carolina.
National Banks Notified.
Under authority of section 5000. L.
S. r. s., as amended by the act ap-
proved September "a, 1918. the victory
liberty loan act. approved March s.
1919, and act of October %. 1919. al!
national banks were notified by the
controller of the currency yesterGay-
that the regulations prescribed W
der date of April %. 1919. as amended
November II, 1920; May J6. 1871.
June IL, 1921; November II. 1921.
June IL. 1922, and December 90 1877
have been further amended to read
follows:
Until December 81, 1923. or unit
| later date, as the controller of tho
currency, with the approval of tEe
Secretary Of the Treasury, may pr
scribe, any national bank may pur-
chase or discount, pursuant to gen
cral or specific authority conferred
upon the officers of the bank by It's
board of directors, the note or notes
of person, firm, company or cor
poration. maturing in not more thaa
six months from the date of such pur-
chase or discount, in an amount il
excess of 10 per cent of the aggrega.-
amount OF the capital stock actual!
paid in and unimpaired. and the ur
impaired surplus fund Of such bank
provided. any such note or notes shall
be directly secured by at least To-
or certificates of Indebtedness issued
since April "a, 1917; that is to say,
there must be pledged as security for
each 500 SO loaned at least s105 face
Ha1ue Sand Of reI Liberty bonds Treasury
certificates of Indebtedness.
The amount which national
bank may thus lend upon liberty
bonds, Treasury bonds, Treasur!
notes, or Treasury certificates of in
debtedness. under section 5000 r. s
as amended September. "a, 1915, March
5 and October %. 1919, and pursuant
to this regulation, is, in addition 10
other loans which such national bari,
is permitted to make. whether or not
such loans be secured in whole or il
part by United States bonds. notes.
or certificates of Indebtedness.
Half Holiday Saturdays.
Half holidays on Saturdays fo"
practically all bank employees j"
day. will be observed again this
year.
This has been assured by the agree
ment recently entered into by severa
banking houses that now observe late
Saturday afternoon and early nigh
| hours, which place them on the sam
! basis with those institutions that
close their doors at noon.
The institutions that will give half
holidays to employees from July / 10.
Labor day, but which now remain
open to handle late Saturday deposits
are: Security, Savings and CONNER
cial Bank. Bank Of Commerce and
Bank, Franklin National Bank, Lin
coin National Rank. Seventh Street
Savings Bank and the branches OF.
the American Security and Trust
Company.
To Attend Rotary Convention.
John Poole. president of the Fed
eral-American National Bank, will
attend the Forthcoming convention
of International Rotary at st. Louis.
June 1922. inclusive. Mr.. Poole
aside from being past president Of
the Washington Rotary Club, is also
a past president of International Ro-
tary.
Bankers Convention.
Howard Moran. chairman of the
general committee in charge Of the
District Bankers Association con
urged all local financial men, who
had not as yet secured their reserva
tions, to do so a once in order to pre-
vent last-minute inconvenience.
The convention details are listed
on a card sent out. together with a
letter by Fernand Petit. chairman Of
the transportation committee. Iii
order to have all arrangements COM
pleted before the bnakers leave next
Wednesday night, thos who plan TO
make the trip are asked by Mr.. Petit
to make their reservations immedi-
ately.
Dividend Declared.
At the monthly meeting of the di-
rectors of the United States Savings
Bank, 14th and u streets last eve
ming In addition to the regular quar-
terly dividend of per cent, a spe-
cial dividend of 6 per cent also was
declared.
This bank has been paying a reg
ular dividend of 20 per cent for some
time and a special dividend of } per
cent, but this time they have in
creased the special dividend TO 6 per.
cent, now placing the dividend on q
&c per cent basis. The United States
Savings Bank has 100000 capital
its of $4,000 and total resources OF
S2.250.000.
The officers are: Col. Wade II.
Cooper president, who also is presI-
dent of the Continental Trust Com
pany; Wilbur II. Zepp and William
D. Barry, vice presidents; William
r. de Lashmutt, cashier; John +.
Cook assistant cashier, and Miss
Bertha Custer, secretary.
Rate Fight Near End.
The fight over freight rates On
coal to the northwest came I" tte
| stage of final argument today be-
fore the Interstate Commerce Com
mission, with spokesmen present foLI
mine operators, railroads and rcpYe
of coal consumers in widely diver.
gent territory. v
NEW AUSTRIAN BONDS