Evening star., 1924-03-01
FORGER Of 25OBAD
CHECKS IS CAUGHT
Riggs Bank Official Causes
His Arrest-DaWes Urues
Banking Action.

| One of the most notorious chect,
forSers Washington has even known
has finally been apprehended in Louis
vile, Ky, through the dogged per-
| sistence of George o. Fass. vice prcsi-
dent of Riggs National Bank, workin-
! in collusion with both the Department
| OF Justice and the Burns Detective
! Agency.
This man, whose real name is Ralph
IL. Rule, but who operates under III,
! aliases Lieut.. Col. Robert Manning.
and Ralph B. Narney," was held H.
the southern city yesterday afternoon
upon advice forwarded by Mr.. Nass
In response to Il credit-rating query
from Louisville.
, Rule has operated extensively
throughout the country during the
last four years, in which time, bank
ers' records show, he has cashed a
least $50 bad checks drawn on d sin
gle local bank. His operations have
known but one lapse, about eight
months ago, when he was apprehend-
| ed IN Missouri and sentenced to six
months Imprisonment. when he was
70 De returned to the Department OF
Justice here and tried for impersonat-
ing a federal officer. However. upon
service Of his six months sentence ft
| was allowed liberty through d slip
up of the Missouri authorities.
His mode of operation is unique.
due to the fact that he preys almost
solely on business firms other thar
| banks. His victims, for the mos
! part. include merchants, garages am.
newly formed friends.
Inc District Bankers Associatio-i
has had d net spread for Rule for
some time.
Dun's Review of Week.
As reports Of bank clearincs l..
Dun,s Review from leading cities 81
the United States this week are again
ior fve business days only, All exact
| comparison with the figures Of ia.
! two Immediately preceding years
which were for six days, is not pos
Sible. Yet the daily average for
February, lacking one day, shows an
increase of 3.S per cent over the aver
age for that period of last year and j.
1913 per cent in excess of the averase
for February. 1922. The gains in the
January daily average were 2.9 and
III per cent. respectively. For five
days this week, aggregate clearing
are 1886. 046.000. of which S2.332.046.-
/ 600 represents the total at OUTSIDE.
! at New York city. Last week, wie;
the clearings also were for five days,
only, the total for all cities reportillg
was S6,294. .0S1.0 900. Operations on tn
smaller volume than those of las,
week, which accounts for a corsA-er-
able part Of the decrease in banf,
F.! clearings.
Dawes Urges Banking Action.
Early enactment of the bill intro-
lduced by Chairman McFaddeu OF The
House banking committee proposin.
amendment of the national bank and
| federal reserve act, was urged by
Controller Dawes in letter sent lat,
| yesterday to the committee chairman.
! Asserting enactment of the measure
was matter of utmost Importance.
!Mr. Dawes declared that failure 10
Ilegislate is in effect a promotion Of
1.-THE cause of branch banking. The
/ bill, among other provisions, would
tpermit national banks to engage iii
branch banking in any state whose
] laws did not prohibit the practice. but
. only within the limits of the city in
which the bank is located.
Unless some curb were placed Or
branch banking. Mr.. Dawes said. tht
federal reserve system eventually
would be undermined. The situation
has developed to the point, he said.
where the question with banks i'll the
smaller communities is whether they
will be absorbed by branch banks or
die out by gradual privation.
, THE condition of the national
banking system is not matter for
academic discussion: il is critical and
| a subject for immediate action" the
controller said.
! Describing branch banking as "ut
/ terly un-American," Mr.. Dawes de-
| clared it created Il condition of alb
Sentee control over local finance. He
| essence monopolistic, and expressed
/ the opinion that the McFadden bill
! would remove the danger OF its de
velopment to menacing proportions.