The Washington times., 1929-09-30
BANK MEETING
MAY FIX j. s.
POLICY

Congressional and Administration
leaders are declared to be intensely
interested in the proceedings of the
annual convention Of the American
Bankers Association, which opens
this week in San Francisco. They
are seeking some indication of
opinion regarding banking legisla-
tion and expect that this will be
disclosed at some time during the
meeting. which Is being attended by
q number of local financial men.
Comptroller of Currency j. w.
Pole is scheduled to deliver one
OF the keynote speeches at the
convention. 1t Is thought that he
will tell of branch banking and
the plight Of certain national bank.
ing institutions which are hampered
by present legislation in their ex-
pansion projects. However, no ad-
vance information could be cleaned
Of the subject.
Policies Indefinite
At present financial leaders de.
clare there is hardly a definite
policy established regarding the
national bank question. Some claim
that a definite rule will be adopted
at this meeting while others main.
tain no such action will be taken.
1t has been pointed out that the
national banking code hampers the
work of the institutions included in
its folds and that number Of
the larger institutions have de-
serted the ranks to form under
q rf Cfn4 t,,ct 4
tutions or trust companies. Accord
Ing to those in authority they are
able to secure large returns under
this new system for their stock
holders.
Determined efforts to block any
move that may prove favorable to
the larger institutions are said to
be under way in the Middle West
and the effect Of this block will be
seen In the coming convention.
FINANCIAL leaders all over the coun-
try are watching the outcome, for
TO some the future activity of their
organizations depends on the de-
cision.
Eugene e. Allies, former Wash.
tngtonian and brother of the late
Milton e. Allies, who was once
president of the Riggs National
Bank, and John Leland Cross, have
become members of the New York
Stock Exchange firm of Carter & Co,
Both men are former executives of
the National City organization, but
left to join the Carter firm.
Allies came to WASHINGTON in 1912
with James 3. Colgate 4 Co. and
later. was instrumental in reorsan.
tzir1g n. W Halsey & Co, as the
local unit Of the National City Com.
pany. Cross was formerly a deputy
bank examiner and deputy governor
OF the Federal Reserve Bank OF
Kansas City.
High officials OF G. NJ. p. Murphy
d Co., are attending today the
opening OF the expanded downtown
olllce OF the company at their local
branch In the 1900 block of ri St
N. w. Among those attending the
opening are Col. &. NJ. p. Murphy
and Otis A. Glazebrook. members OF
the firm who are also members OF
the New York Stock Exchange. and
Ralph p. Neale. of the RichmorJ
office of the firm.
The entire main floor of thei,
building on H st. has been turned
into an office, thus widening the
scope Of the downtown office. An.
other hrach Is maintained at Con.
necticut Avenue and K Street
Northwest.
The local office Of Clark. Childs
q Co. has been taken tover bv
Mackubtn, Goodrich & Co.. accord.
fnS to James Sloan. tr.. who as.
eumed charge of the office yester.
day. He will supervise the broker.
age end of the business and Ralph
NJ. Wolfe, the investment division
fhe new directing firm is of Baiti.
more and has memberships in both
the New York and Baltimore stock
exchanges. No changes in person.
nel are contemplat ted, 1t was said.