Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-20

having many advocates, but In addltlon
consideration will be given to issuance
and sale of securities and eligibility OF
paper for rediScount by the Federal Re
serve system. Speculation Is sure to be
grilled.
Then, too, the opponents of each OF
the proposed methods of doing banking
are by no means scarce and they are
equally as sure in their position as the
friends of the measures.
The House banking and currency
committee hopes to be ready to furnish
all needed facts and features OF the va
rious proposed methods whenever called
upon to do so, and for this purpose has
been holding hearings.
It Is evident that the financial Sys-
TENS of the States need changes that
will give more stability to State banks
and restore confidence In their ability
to continue functioning, else 1t would
be much better to install national banks
and the group plan.
Maintenance Of State banks, for
which which interior legislators Will
make a persistent fight, has been a
very costly experience to their patrons.
shareholders, ETC., especially after the
severe Slumps in grain and land.
Like Group Plan.
1t is understood that Secretary Mel
lon and Gov. Young of the Federal Re-
serve Board favor the suggestion for
group banking, as advocated and strong
ly upheld by John w. Pole, controller of
the currency. He is strongly opposed
to So-called chain banking as 1t has ex-
listed for years, where a few individuals
have gained control of group OF banks
via ownership of majority Of stock. OPP
Grating with reliance on their officials
alone.
Control of q number Of units by a
holding company, corporate instead or
individual, is explained as the chief diff
ference between the chain and group
methods. If the holding company is
strong financially as they must be II 1t
Is so nominated In the law, they can
be of much more use to any community
and not an element of danger.
Group banking as advocated would
include banks in q certain zone OF trade
owned by a holding company located
in the chief commercial city of the dis
trict.
Branch banking has a multitude of
enemies and friends, indeed, all propo-
sitions so far advanced for a change
in the Federal Reserve act are in much
this Congress will do nothing In the
matter.
A general shifting of State banks to
national bank charters would solve the
entire matter, but that Is one of the
impossible suggestions. Collections, now
a relatively small matter, are still valued
by the State institution.
Back of the proposed changes is the
feeling that the independent bank has
not maintained itself as it should
Guarantee of deposits and double liza
bility have also been found wanting.
Howard Moran, Mover.
Howard Moran has never played
game of chess in his life nor even
checkers, but a problem in moving was
put before him by Corcoran Thorn,
president of the American Security g.
Trust Co., when he asked him to find
office room for the various departments
of the company, forced to vacate the
temporary buildings on the north of the
bank that were torn down to make way
for the new 10-story structure-"wtth-
out much expense"
A temporary second balcony was
constructed in the main banking room.
Mr.. Thorn shifted over to his old seat,
Just south of the elevator to the safety
vault, Mr.. Moran moved to Mr.. Thom's