Evening star., 1923-08-14
CONTROLLER RULES
ON SAVINGS BANKS
institutions Organized Other
Than Under District Code
ExCIuded-LocaI Finance.


Savings banks organized und.r
! charters other than those authorized b.
the District of Columbia Code will b..
denied permission TO open their door
here during the administration Of thc
present office of the controller Of Tin.
currency, it was learned officially az I'll,
! Treasury Department this morning
The office of the controller, at
present in the hands of H VI. Dawes
is vested with authority TO unaIter-
ably supervise the banking situation
here, due TO congressional legislation
passed about a year ago. At the tirn,.
ihls legislation was passed the bank
ing situation was more or les.
chaotic, due to the numerous applica
tions from institutions organizca
under various state charters be
| sleging the controllers office for pernll-
| sion 10 function here.
| Request OF Bank Refused.
1t was also said that applica, ,iui
or the Merchants and Farmers BarI
/ or Anacostia for permission 10 opc,
| us doors has been refused. This in
stitut1on was organized under chart,
OF the state Of Arizona. but made
/ auate paid-in- capital prevented j.
lfoin seeking permission TO open unit
snort time ago. In the lneantit,,.
! the institution has been onrratir,
/ under a common law declaration q,
trust for the past year. II was e2,f,
at me Treasury that the institution.
a,aii atatls we're IN such shape that thr.l
| sidered II is understood tho bs,
VIII continue functioning as nov
IL ie also understood that Control.
DaWes sees plenty Of room for i..-
pa ,GN eIieht me IN the local banking fe.u
ana the ironclad edict without ,g-,
visions. outlined above, is his ar
step to accomplish thi. end
Letter 10 Financial World.
vi vital interest TO the finaIr,
| "oFiu is this mornings regular L.,
! ter wired clients by W. &. Hibbs
60: 1t reads as follows:
president Coolidge has aunro,-.,
the estimate of the director ~
/ ouuseL making another cut Of sIat
ooo'uoo IN the cost Of the goycrnrt,
lor the next fiscal year. The Cover
,ii n.ent Mn nave 70 get along with ti,
expenditure Of Sl.100. .OOO, 900 for ora
mary functions, and So 900 600 900
Al expenditures, including the ~ediy
tlon Of the public debt and the
tertst on same President Coolid..
starts out with New England cconn.
mics.
This economy at home is not. how.
ever. TO help foreign goverrmer.-
escape payment of their d,b:e
cncle sam. No attention will 3.
sHgn 10 the appeals OF France -:
sealing her debt to the United state
The debt settlement is provided l.,
an act OF Congress passed nearly tv.
years ago. and France will have =
settle on the same terms as tho,,
granted to Great Britain-pavneu- az
principal and interest at the rate a.
"a per cent. The President and III
debt commission have no authority ..
cnanGe the law. France may con
piaih that she Is near bankrupt.
WhlIe spending more on military on.
! eratlons than ever. but III, UnitcG
! states viii not go TO her relief Will.
| scaling down our own expenditures
! The coal miners and operator
| have been invited TO come 10 Wash
F.: 1ngton TO confer with the coal com
| mission and settle their difference
| without strike. President Coolidge
| IS behind the commission and pro-
J poses to see that the people have Goa
! The miners and operators must get
| together or they Will be brought to
! gether in the old-fashiUned way -.
| knocking heads.
! Names Executive Committee.
! T. Hunton Leith. chairman uf til,
| membership executive committee OF
the Washington Chapter, America
, Institute of Banking. has appointed
! the following bank personnel TO cor
! stitute his committee.
! r. c. Calvo William q. Coe. EIeanor
| Lankmeyer, John 7. Fletchall. II. +
kimball, Joseph 6. Motyka, Frew "
Pimper. Alfred ". sherman, Eliot II
! Thomson Garrett VI. Van Hoesen
! Lois White. Florence Willer. William
&c. Winstead and Frank L. Yilek
I The first meeting of this conlmittc.
will be held in the chapters rooms
! on August %. az pm. for a pre-
! liminary discussion of plans relativ.
| to raising the present membership
of 80 to at least 1000 members b.
i fore the fall sessions begin.
| Increases Capital stock.
! At a special meeting of stoCkholu
! ers of the National Benefit Life In
surance Company. held yesterday. j.
was voted 10 increase the capita
stock from 100000 TO S25U.00O The
stockhod said it was their aim T,
| maintain the company as the strong
| est financial institution owned amt
managed By colored men in the inter
est of their race. Plans were made fur
the immediate extension Of its field u
operations.
Organized twenty-five wears ago. il
now has $4,000 policy holders anu
s2O.00O.0e0 of insurance in force IT.
assets are S150,000, with a reserve az
S465,592 and 4 surplus of 100000
Trading shows Strength.
Strength was the outstanding fca-
ture of trading on the Washingto,
Stock Exchange this morning
Capital Traction stock scored Al
advance of a. cents opening at 1905. and
closing at Il. Twenty shares wer.
sold. Riggs Bank rights sold to tho
extent of sixteen shares az 100 and
| Washington Gas stock was also
stronger at 495s after opening at
491@.
On the investment side of the mar
kct Washington Gas SKIES sold ~
100i4, this being the only bond sale