Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-02-08
BY CHAs. p. sCHAEFFER.


An attempt to attain uniformity in
regards to Christmas savings clubs
operated in this city is being made
by Victor B. Beyber, president of the
District Of Columbia Bankers Assoc
citation. The attempt was made, 1t
was said, after number of banks
had expressed willingness to cooper
ate with member banks as to the date
of opening, closing and date of dis
bursement.
If uniformity can be attained checks
will be disbursed on December /, 1925.
simultaneously with the opening OF
the next years clubs. Membership
would cease on and after January Is.
Attempt Is also being made by Mr..
Deyber to put in use uniform equip
ment, whether the coupon book sys-
tenn, the punch card system, pass
book or other forms, the idea
being considerable economy by pur-
chasing the equipment in quantities.
Christmas savings clubs are now
operated on any basis dictated by
the institution maintaining them.
Heretofore, they have been payable
at periods beginning with December
l and continuing to a week before
Christmas, while they have been kept
open for memberships sometimes un-
til the end of January.
Bank Ruling Interpreted.
Counsel for the Federal Reserve
Bank of Richmond has advised men,
bers that in accepting any note, bond
or other instrument secured by a
mortgage on real estate in South
Carolina 1t shall fail to secure good
title unless 1T requires that an assign
ment Of the mortgage be executed in
accordance with the statute and re-
corded before 1t accepts the note,
bond or other instrument. Failing to
do this the institution would be run
ming considerable risk, the counsel
opines.
The opinion in question Is the out
growth of a recent statute of the
State of South Carolina which pro-
vides that mo assignment Of mort
gage upon real property or other
written instrument affecting real
property as security for the pay
ment of money, or of the note or bond
secured thereby, or of any interest
therein, shall be good or effectual In
law or equity, against either a sub
sequent creditor or a subsequent pur-
chaser for a valuable consideration
and without notice of the same, or
against an owner of the mortgaged
property without notice of the same
unless it be recorded according to
provisions"
In view of the opinion of counsel
therefore, the Richmond institution
hereafter on account of this
statute, will not be able to dis.
count paper of the character described
for members, or accept 1t as marginal
collateral, unless the terms of the
statute have been fully complied with
in respect to such paper when 1t is
offered. Likewise. all member banks
of the Fifth district are urged to
adopt similar attitude.
Settlement is Far Reaching.
Local bankers are interested in a
settlement reached between the In
national Bank and the National
Surety Co. on a judgment in the sum
OF $4,000 returned in favor of the
former.
Suit was instituted on bond given
by the surety company to the bank
indemnifying It against loss occasion
ed by accepting forged collateral Sc
curity The company contended that
the loss was not covered by the bond
and suit was brought by the bank to
inforce liability.
The action was tried last term be-
fore a. jury in the Supreme Court Of
the District of Columbia, and a ver-
dict, in full, was returned favoring
the bank.
The case attrs' much attention
because it was rst adjudication
of a large number Of similar cases.
Local Securities Prices.
The following latest bid and asked
prices are quoted for the guidance of
holders of miscellaneous issues:
BONDS.
Bid. Asked.
Army and Navy Club IS. 81 .....
Commercial Club LIST IS. ........ .... 80
Metropolitan Club AIS. ......... 30 49,.
STOCKS
Banking Trust & Mortgage. 13 $3.50
Chaplin SACKS ..r.-...........
Chaplin Sacks rs pfd. ........... 40 90
Cha pin Sacks Is pfd. ........... 80 %