Evening star., 1924-04-03
BRANCH BANKING
BILL COMPLETED
D. c. Interested in Measure
Prepared for Presenta-
ton to Congress.

The committee on branch banking
appointed by the American Bankers
Association has completed prepara-
ton of its measure prohibiting the
establishment and maintenance OF
branches, and has forwarded to each
member of the executive council OF
that body copy, which, when ap-
proved. will be brought before Con-
gress for introduction.
This measure, a digest OF which is
printed below, was decided upon only
after lengthy deliberation, and is ex~
tenSIve in scope and definite in pur-
pose. Its passage, however, would
not interfere in the slightest degree
with banks which are already main
tanning lawfully established offices.
nor does it seek to injure branches
now III operation, it specifically
states.
What the Bill Provides.
The bill provides:
No bank, national. state or private,
shall establish any branch or any ad-
ditional Office or place of business
where such branch or such additional
office or place of business shall be To-
Gated within twenty miles Of any
federal farm loan bank, joint stock
land bank or any banking institution
used or operated, or authorized to De-
used or operated, as a fiscal agent
of the United States, or any now ex-
iSting branch of any such bank or in
stitution.
Not Bar TO Present Branches.
Nothing in this act contained
shall be deemed to prohibit the main
tenance or operation of branches or
any bank, national, state or private,
which branches shall be in actual eX-
istence and operation at the date OF
passage hereof, nor to prohibit the
establishment of branches of any
federal reserve bank. or of any bank
chartered under the laws of any for
eign nation, and having it's principal
office outside of the United States, nor
to exempt national banks from the
operation of state laws prohibiting or
not permitting branches.
THE invalidity of any section or
portion of this act shall not affect or
impair the validity of the remaining
sections or portions hereof.
"All acts and parts Of acts in con-
f1ict herewith are hereby repealed
This act shall take effect and be
in force from and after its passage"
E. ". Baty, secretary of the COM
mittee on branch banking. in letter
to Francis NJ Savage inclosing
copy of the proposed legislation,
stated every effort would be made to
bring the matter to an early head.
Bank Names Vice President.
Lee p. Warren was named a vice
president and director of the Mer-
chants Bank and Trust Company at
the regular meeting of the directo-
rate yesterday. Mr.. Warren is a grad
uate of the Naval Academy. the class
of 1903, and last year resigned his
commission as lieutenant commander
to enter the real estate loan business
here He was four years in the Navy
Department, and later served on the
personal staff of the commander or
forces in Europe, and on the per
sonal staff of the commander OF tho
| United States fleet
! Peter 4. Drury, president OF tho
/ Merchants, also announced d broad
| ened scope of operations, consisting
of a real estate department IN Whlch
real estate loans and investments
! Insurance and bonds. will be con-
Quoted ;,,..A
This institution was organized 9us.
two years ago. and now has q capItat
and surplus of s1.230OoO ana oeposLlS
of more than S6,o0e,ooo.
Trust officer Elected.
Frederick De c. Faust was yesteF-
dav elected trust officer of the Ma
tional Metropolitan Bank 10 succeed
c. F.. r. Ogilby, who resigned que -
| the recurrence OF hrs practice. MT
| Ogilbv continues his connection with
! the bank upon the directorate.
! Mr.. Faust is a member OF the nrnf
| of Sherley Faust & Wilson, ana mas
| been a resident of Washington ms
| entire life He was assistant 70 Al
/ torney General Wickersham during
| the Taft administration. but resigned
! and began active practice OF law IN
! The National Metropolitan was the
/ first national bank in the country 10
| be granted trust powers unoer tho
| amended federal reserve act.
! Directors of the institution also de-
/ cIared their regular semi annual div
! idend of ) per cent. payable April 10
~ Stockholders of record April O.
| Stock shows Decline.
| National Mortgage and Investment
! preferred stock suffered a further de-
| cline TO ST. during this morning
! eassio,, on the local board. 200 shares
selling at the new eH 5oy gaIe igofe Of thrfy hfrf
| openils P.iIyeay preferred, on tho
other hand, was unchanged at T2ss,
but Capital Traction oa5 st1ek 9ot saI% vas
6ther inssues we're dull and un-
changed.