Evening star., 1923-11-21

The right of national banks to estab-
lish branches was argued today in the
Supreme Court, in a case brought by
the First National Bank of st. Louis
against the state of Missouri.
The controversy has attracted wide
attention. The federal government in
tervened, contending that the recent
opinion of the Attorney General in hold
ing that national banks can maintain
branch "tellers' windows only TO re-
ceiye deposits and cash checks should
be sustained A number of national
banks, on the other hand, Joined in
supporting the contention of the St.
Louis bank that the states are without
authority TO prohibit branch banking by
national institutions.
Eighteen states, including Arkansas.
Connecticut, Illinois, Indiana. Iowa.
Kansas, Kentucky Minnesota. Ne
braska, New Mexico. North Dakota.
South Dakota, Oklahoma, Utah, Wash,
ington, West Virginia. Wisconsin ani
Wyoming, Joined Missouri in assertng
the right Of the states to enfonce sue
a regulation
The federal government also as
serted complete jurisdiction over al
matters affecting the administration
of national banks. and the ratioHa.
banks concerned in the case told the
court it was vitally important that
uniformity such as that obtained by
federal laws be assured. The states
insisted that unless their right to
regulate. establishment of branches
by national banks was recognized.
their laws prohibiting such a prac-
tice by state banks would be an
unbearable burden upon the state
institutions and would eventually
drive them out OF business.
Thompson Agsrin Heads Exchange.
Eugene E. Thompson. head OF
Crane, Paris x Co. was sto-
day reelected president of the Wash
suing year. Richard f. Claughton
was renamed vice president. John l..
Edwards was again installed as sec
retary and George o. Watson was
placed in the treasurer's chair re-
placing o. II. 'P. Johnson. The latter
was the only change.
George q. Watson and Richard L.
Claughton were elected TO the board
of governors for three years, sue
ceeding themselves. The other mem
bers of this board include Charles J.
Bell. chairman: W. Il. Hibbs. Eugene
+. Thompson, John =. Edwards and
c. c. Glover, Jr.
Linotype Dividend Voted.
Directors OF the Mcrgenthaler Limo
type Company yesterday declared
IneT regular quarterly GiNluenu o.
p: per cent, payable OH December
81, but ignored the local petition
asking for an extra disbursement OF
= y per cent.
The report of President Dodge
shows the company is now operating
the highest earnings since 1913, when
the company earned Piss For the
year ended September so last the
company boasts net income OF
S2,669.276. surplus OF SS.442,745 and
reserve OF S3,649.790.
stockholders will meet today and
name directors for the ensuing year.
No changes are contemplated.
Building Association Prosperous.
At the annual meeting OF share
holders of the Perpetual Building AS
sociation, just held. reports were given
showing the association to be in a
f1ourishing condition, with assets
amounting to almost $9.000.O00, gain
during the year of almost half a mil
lion. Vacancies on the board of di-
rectors occasioned by the expiration
of terms of service were filled by the
election of Arthur G. Bishop and Eer-
non G. owen to succeed themselves.
and Franklin w. Harper to replace
Arthur Carr.
GraphOphone Plan Operative.
The plan and agreement for the re-
organization of the Columbia Graphic
phone manufacturing Company, as
drawn up by the readjustment com
mittee. has been declared operative.
| The plan is said to have the approval
of 100 per cent of the bank, merchan-
disc and supply creditors. All new
obligations arising since April 6.
1922, have been settled in cash.
Eighty-nine per cent of the five-year
rotes and 80 per cent of the preferred
stock of Columbia Graphophone Fac
tories Corporation of Maryland have
been deposited with the committee
and additional holders Of the notes
and preferred stock are said to have
indicated their approval.
Local Stock Trading.
Trading on the Washington Stock
Exchange this morning was dull and
coIorIess. Washington Gas stock was
off in the earlier trading. recovered to
AS at the close. Railway common was
quiet at 6S15. as was Capital Traction
at 9S.
On the bond side of the market
washington Gas 6s of 1888 sold at
par. Capital Traction 5s brought 80 Il
and Railway As changed hands at 60