Evening star., 1927-05-04
Checking FAILURES
HELD BANKERS Job
Clearing House Examinations
Suggested as Way to Pre-
vent Some Crashes.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
John r. Downing, president of the
clearing house section, A. B. A., told
the executive council at Hot Springs,
Ark, today that bankers must pro-
vide some means of preventing bank
failures, and went on to describe the
efficacy of clearing house examina-
tions in promoting better and safer
banking. Plans are already under
way for such examiner systems in
Minnesota, Utah, Iowa and other
States, he said.
at is incumbent on every banker
to be alert and positively active in fur
thering this constructive movement
to stabilize banking, to establish pub
lie confidence and to preserve our in
dependent system of banking. II we
as bankers-and / am speaking
broadly-continue to hold the conf
dence of the public, we must deserve
it. We cannot lightly gloss over the
large number of bank failures of this
last year and say Incompetence,
'overextension,' 'readjustment,' but
we must provide manner and means
of preventing bank failures
1.-The system of clearing house ex-
aminations now in successful opera
alton in 81 cities, has demonstrated
its efficiency in promoting better and
safer banking to a degre that should
enlist the. support not only of those
remaining large cities without the
benefit of this system. but also by
smaller communities and sections.
Gas Light Stock Again Active.
Washington Gas Light stock again
led trading on the local exchange to-
day, 123 shares changing hands dur
ing the session. The stock opened
at 1873, but 100-share sale lifted
it to IA and the last sale was made
at 74k.
Railway & Electric sold at 92A.
CapitaI Traction at 1047s, Mergen-
thaler at 110H and Potomac Electric
Power preferred at 10S&. Washing
ton Loan G. Trust stock came out at
asa. Union Trust at 279 and Liberty
National at 207.
On the bond side Washington Gas
SIS registered 1874. Georgetown Gas
SIS sold at 101 Il, Gas 6s. series A.,
changed hands at 1879, while Chesa-
peake e. Potomac Telephone 5s came
out at 101.
New Bond Issues Out Today.
J. & w. Seligman & Co, and the
Guaranty Co, are among the firms
which are today bringing out an offer
ing of $40,000,000 Columbia Gas 4
Electric Corporation 25-year per cent
gold debenture bonds to mature on
Nav /. 1852. The bonds are priced
at 100 and interest, to yield per cent.
The Washington office of Eastman,
Dillon & Co. is participating today in
an offering of $25,000,00 Remington
Rand Inc, 25-year sig per cent deben-
lures, series A, with stock purchase
warrants, priced at 100.
Greene Leaves Bond Company.
Martin L. Greene, formerly assis-
tant treasurer of Mortgage Bond &
Guaranty Corporation, has resigned his
position with that corporation effective
May /, to enter the real estate loans
and general insurance business with
offices at 1901 Eye street, NV.
Mr.. Greene has been with the Mort
gage Bond & Guaranty Corporation
practically since it's inception, coming
to Washington from Virginia, making
a study of the first trust mortgage
field He will specialize in nearby Nir-
ginia as well as the District of Col
umbia.
Controllers Rules Nearly Ready.
Work is progressing rapidly upon
the new regulations to be issued by
Controller Macintosh, governing the
classes of investment securities which
may be handled by national banks
under the terms of the McF'adden act.
No date for the PRONUNCIATION of these
regulations has yet been fixed. The
regulations will define the classes of
investment securities which national
banks may lawfully buy or sell.
Bequest Insurance Praised.
Local life insurance underwriters
were greatly pleased with the address
given before their association last eve
ming at the Raleigh by Edward A
Woods of Pittsburgh on Enhancing
Philanthropic Work" Mr.. Woods,
whose address is covered elsewhere
in this edition, believes that insurance
men everywhere can be of enormous
service to humanity by suggesting to
their clients that after providing for
their families they leave bequests to
hospitals. churches, tuberculosis and
scores of other similar institutions.
The launching here yesterday, of
the American College of Life Under
writer's. with the aim of putting the
business on a professional basis, is
alos meeting with marked enthusiasm.
Weeks Heavy Bank Stock Owner.
Friends in the local financial dis
trict of the late John w. Weeks were
much interested in the inventory just
filed in probate court, which showed
an estate valued at $1,221507. His
stocks and bonds totaled about $780,
0G0, including 700 shares of First Ma
tional Bank of Boston and $500
shares of Bingham Mines, cash of $70,-
600; interest in trust and certain in
surance policies, $35 ,000 and the bal
ance comprising notes receivable of
approximately $760,000.
/. c. G. Approves installations.
The Interstate Commerce Commits
sion has made public a report of its
inspection and approval of the second
installation of the Miller train control
on the Chicago & Eastern Illinois
Railway between Danville, ILL.,, and
Clinton, Ind, known as the Terre
Haute District of the Chicago division.
and joins that portion of the Chicago
division which has for many years
been equipped with the Miller system.
Heard i'm Financial District.
While no figures have been given
out by the Lanston Monotype Co.. it
is understood in the local financial dis
trict that the forthcoming annual re-
port will be highly satisfactory to
| the stockholders.
Vice President w. w. Spaid of the
District Bankers Association late
| yesterday announced q postponement
of the special meeting to take final
action on the question of closing the
Washington banks an hour earlier
| during the hot Summer months.
First quarter SURPLUS of United