Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-12
BANKS TO BENEFIT
BY CREDIT BUREAU
Establishment OF New D. C.
Institution Results From
Years of Work.
BY I. A, FLEMING.

ing the strongest opposition from bank
erS themselves, but at last 1t is set
tied fact and official announcement has
been made-Washingto will have a
credit clearing bureau under the super
vision and management of the District
of Columbia Bankers Association and
it's accredited appointees with head
quarters in quarters of the association
on F street west of Fourteenth street
northwest
Attemps have been repeatedly made
from time to time to bring into ex-
istence this most necessary aid to the
safe handling of the funds of banks, to
the wiping out of crooks, and prob
ably more important than all else. to
the elimination of the duplicate Dor
rover.
Applicants for credit in the doubtful
class are becoming more and more eau
tious as the banks of the District have
been drawing closer and closer together
under the bond of union established
by the Bankers Association, through
the weekly meetings bankers at their
luncheons, through exchange of close
credit information by word of mouth
and the gradual change of sentiment
in favor Of the credit bureau. which
naturally will involve an interchange
OF credit information between banks.
Information on Borrowers.
Hesitation in the matter of giving
away the secrets of a banks business
and lending money is almost the sole
source of income for many banks. has
been the chief cause of failure to
establish a bureau for the dissemina-
ton of credit information until this
late date, after many commercial, man.
ufacturing and mercantile credit or
CARNATIONS have been formed and are
in fine working order.
The secretary of one of these orpani-
cations made it habit to tender the
use OF his association bureau to the
District Bankers Association at the
annual conventions of the latter.
From information kept on file, abso-
lutely confidential as to the loans of
any one institution, any member bank
may OBTAIN the facts as to the borrow
ing OF duplicate user of credit: He
has borrowed $500 at six banks" or
whatever the correct answer NAV he
ana the man who is broadcasting his
notes and the borrower using credit
that ne Is not entitled to, will have To
join the check kiter. the no funds"
check maker and other frauds that
nave been very generally banished
through association efforts.
The decision to establish a credit bu-
reau, approved by the vote of all mem
per banks, is the proudest feather in
me modernized cap of the District of
columbia Bankers Association. and
there is splendid assortment of con-
Ventlon and other feathers. now prorni-
nent in the cap.
Interesting Note Collection.
Charles Howe, treasurer of the Amer
i can security d Trust Co. Of this city,
mas appeared before the Oldest Inhab.
ltants Association and other organiza-
and matters with which he is nerson-
any familiar from study and as a re-
SUIT OF research and collection-the
careful work of man who is vitality
interested in the past while in no sense
neglecting the present.
Mr. Howe Is the owner of one of
the best. If not the best collections of
continental paper. shinplasters of the
times when money was perhaps worth
somethlng and mayhap less than MOTH
ing: notes OF the more numerous banks
OF issue OF the early American period
ana on down almost to Civil War DAYS,
ShlnplaSters OF that time and bank
notes that were issued by people, not
banks purporting to be notes of issue
by this or that bank under date of
washington and other cities as well.
In putting out these notes the main
object OF crooks would be to get them
into circulation as far away from the
purported. city of issue as possible that
the discovery of their true worthless
ness might be delayed and a larger VOL
ume OF currency Of like character put
into use.
The rarest specimen in this valuable
collection is a bill for $40 issued by the
First Bank of the United States. which
was later put out of commission by
Gen. jackson, when President. The
Dill Itself is on wide. narrow paper
with the denomination 40" in figures
showing on either side in center and
like some Of the modern watches very
thin" 1t bears date March %, 1904,
and Is an agreement to pay at the
Savannah branch the sum of $40.
In the collection are several bills
issued by banks in Washington and also
In Georgetown, the first business center
OF the District. One local institution,
the Patriotic Bank, apparently was
quite popular Just before the war, for
there are a number of checks drawn
on 1t In the collection, one drawn by
Thomas F. Burns and another by
Thomas F. Burns and B. j. Phillips
There are no other evidences available
that the patriotic institution is other
than a memory today. Probably no
one other than Charlie Howe could give
you assurance that it once existed.
Georgetown Bank.
There are bank notes issued by the
Farmers Bank of Georgetown and also
by the Farmers and Mechanics of the
same place Both are probably paper
by the predecessors of the late Farmers
and Mechanics Bank of Georgetown,
assimilated by the Riggs National re-
Gently. A note for $133 was among
these bills.
Among other documents in the col
lection is a certificate of the transfer
Of six shares Of stock to William Patter-
son. August rs. 1852, the Columbia
Bank of Washington had SIS bills in
circulation bearing the signatures of
r. P. Snow, president, and G.. c. King,
cashier.
The Bank Of the Metropolis now the
National Metropolitan, had one $50 is
sue of currency and one or two old
checks on this bank. also shown bear
ing the signature OF P. A. Browning.
Like most Of the bills in the collection.
the Metropolis issue pledged, not the
bank itself, but the president and d.
rectors of the Metropolis" to pay on
demand.
Sweeny. Rittenhouse B. Co. and
Sweeny e. Bestor sponsored bills as a
private bank in 1855. In Georgetown
the Bank Of. Commerce was doing bust
ness in 1883
ShinpIasters.
This was the name given to the
emergency currency of the Civil War
days to the private circulating medium
of this, that or the other commercial
house and to irregular paper of ques-
tionable value. Mercantile houses re-
deemed these paper" copper or other
evidences of debt In merchandise at
retail prices.