Evening star., 1924-03-17
MAY INVESTIGATE
|. CR|SS|NGER'S ACTS
Francis NJ. Savage Seeks
Congressional Probe of
Former Controller.

Francis N. Savage, president of the
Northwest Savings Bank, is bringing
pressure to bear on Congress with
the end of instituting a congres-
sional investigation of the Office Of
controller of the currency unde,
Daniel r. Crissinger, now governo,
of the federal reserve system. A lei
ter, setting forth various reasons VIII
such a procedure would be for tho
common good has already been
placed in the hands of a member OF
Congress. it is learned.
The charges of delinquency durip-
hr. Crissingers administration ar.c
oroad In scope and allege there were
TO the law or the purposes of lcgis-
iation and the will Of the people"
Branch Banks An Issue.
The failure of the former controller
to act and take proper legal action
TO close a branch of the First Ma
ttonal Bank of St Louis, placing upon
others the heavy expense of doing
so through costly litigation. is citc,i
specifically. Also his allowing the
opening OF Il branch of the Riggs Ma
tonai Bank on Dupont circle, brough,
ABOUT, as reported. through an allied
interest which we believe was III,
agency act. The allowing OF So
called 'tellers' windows without frs
getting legal authority to do So" i,
also attacked
In addition. Mr.. savage's letter
charges that even conceding claims
OF discretionary authority could h.
Drawn from the phraseoiogy of tn
D1lispauEh act, under which alone.
apparently. branch bank wa
opened, letters of Mr.. Crissinger IL
substance state that he was Withour
knowledge of the banking re-
sources OF the locality. and the chic .
reason given by him for authorizinG.
the branch bank does not appear sub
Ject to the slightest confirmation.
Thinks Action Too HsSty.
THE granting Of authority upoI.
the same day the application was
made to open branch. without pub
l1city or consulting the residents O.
TIE locality. does not appear 10 u
the proper exercise of discretionary
authority or an act of good faith.
The granting of such Il privilege,
where after eighteen months exper-
lence it appears that two banks can
not prosper at Il fair rate of interest
does not appear to US as either the
exercise of discretionary authority or
an act in accord with accepted stan
dards of mercantile conduct" (Ref
erence is here made to the Wash
ington Heights office Of Riggs. 10
Gated at 18th street and Columbia
road northwestD
This letter. urging an investiga
tion, is the elimination of success
sion of tactics intended to bring
about the closing OF the RIGGS Ma
tional Banks Office at 18th street and
Coiumb bia road. where Mr.. Savage
Northwest Savings is located. Thu
far his efforts have proved futile As
the Office in question was esta hiished
under the MillspauGh act which vest
cd with the controller. sole super
vision of the District banking field.
Mr.. Crissinger could not be reached
for comment this morning.
Bankers. Oppose Treasury Method.
a subject of much discussion il
banking circles throughout the coun-
try is that the government cease the
sale of 4 Il per cent non-taXable say
ings certificates. The Treasury De
partnent has opened the way for
the movement to this end. bankers
hold. through It's action in ordering
the sale of the certificates stopped IL
certain western states. where it was
and diversion of funds that right
fully. in their opinion, should be
placed with bankers.
Only a short time ago a group Of
Pennsylvania bankers. IN convention
in philadelphia. adopted a resolution
against the sale of the certificates
following a suggestion to that effcci
from Charles S. Calwell. president oc
the Pennsylvania Bankers Assocla-
ton.
Loan Subscriptions, &1S.S75.JOO.
Subscriptions TO the new Treasury
loan received from the Richmond
Federal Reserce Bank totaled SIS
875.J00, Of which s11,967.500 were al
lotted.
Total subscriptions received wer"
1862. 80, 500, and total amount allotted
was S400,29S,0 900. of which Sl37.S6a. :.
600 represented tenders OF certificates :
maturing March Is. OF this last
amount, s5s,000.000 were exchanged
for Treasury account.
Local Exchange Strong.
Strong prices ruled the Washington
Stock Exchange this morning.
Railway preferred sold at IS, win
Washington Gas Light holding firm
at 50i-. Capital Traction was off
slightly to 949s and s4b.
Washington Gas 5S brought 93:a
with the 6s selling at par and s.
Traction 5s sold at SOS, and Riggs
Realty long 5s changed hands at 80.