Evening star., 1932-06-28
UNIFIED BANK PLAN
MEETS Opposition
Official of Association Up
holds Present Dual System
as Safest Method.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Plans proposed in Washington to
force replacement of the dual banking
system of State and national charters
with a unified system under Federal
supervision are denounced by Felly
McWhirter president OF the state pahK
division. American Bankers Association.
in the current issue OF the journal Of
the association.
TT is proposed to compel reorgani-
cation of our banking structure by a
process of coercion and political pref
erence." declares Mr.. McWhirter, who
is president OF the Peoples State Bank,
Indianapolis. There stirs into fresh
conflict powerful forces wisely Subdued
for half century. The settled ma
tional policies of a dual banking SyS-
TEN. State sovereignty, freedom OF IN
diyidual initiative and resistance 10
concentration of financial power In a
few private hands are once more mace
national issues"
Describing particularly the proposal
of Senator Glass to grant branch bank,
ing powers to national banks IN all
States. even where forbidden to state
banks. and also on interstate INES ulloeI
certain conditions, Mr.. McWhlrter says.
"The reasons are not clear, the sup
posed benefits less SO. but the adverse
effects are plain. The St3te-chartereo
unit or@bank or trust company-anQ
the unit national bank as well-WoultC;
be given three choices. 1t could sell
out to the highest bidding branch sys-
tenn at a price dictated by tnrea! OF
ruinous competition. 1t could lIquloate'
either before or after Wasting us ue-
positor's resources in futile struggle.
OR it could scramble into the race Tor
branches. a race certain to go not to
+he swift. not to the strong, but only
to the big, and ultimately to the biggest.
destruction of the dual system, sub
stituting remote control for indivld-
nal local management would impair
Americas fundamental vitality ana
spirit of progress" he says, dlscour-
aging such potent factors In gooo
banking as employment OF community
resources for a community's own bene-
fit. proprietorship management. 1ndl-
vidual credit for success and Individual
responsibility and penalty for failure
and placing faith in elaborate ma
chinery, not in men,
Partners in New Broker Firm.
It was announced in New York to-
day that the recent merger OF F. B.
Keech g. Co. with Clark, Childs & Co.
of The consolidation have been carried
to- completion and the partners in the
combined firm announced, the broker
age house taking the name OF Clark,
Childs & Keech.
In the new set-up it is announced
that the partners will be Frank B.
Keech. Gilbert w Keech, member Of
the New York Stock Exchange; Ray P.
Sackett member OF the New York
Stock Exchange; J. Clarke Dean,
George A. Garrett of Washington,
Lucius P Ordway, jr. George Russhon,
William M Erb Austin F. Barry, Her
bert H Childs, member of the New
York Stock Exchange; w Charming
Burbank, william F. Bartholomew,
John Everett Holbrook, John Edmund
Carney, Walter S. Aagaard, Lewis E.
Waring, George S. Passmore. j. F. A.
Clark and Richard Wharton will be
special partners.
AS already noted in The Star, the
Washington Office will remain in charge
of George A. Garrett, no staff changes
being contemplated.
c. G. P. Orders Expansion Work.
Appropriations for work requiring
73.400 man-hours of labor were author
lied by the board of directors of the
Chesapeake g. Potomac Telephone Co.
at its meeting held here today. This
work is necessary to keep the telephone
plant in good condition and to meet
service requirements in all sections of
the District.
The amount Just approved brings the
total work authorized so far this year
to $4,000 labor-hours, according to
John A. Remon, general manager of
the company.
The work includes construction of
underground conduit and cable and the
installation of telephones and private
branch exchanges.
Acacias Business Up 80 Per Cent.
At a meeting of the Field Advisory
Committee Of the Acacia Mutual Life
Insurance Co. held here yesterday
President William Montgomery reported
that business has increased 3313 per
cent since May 15 the date on which
the company's charter was liberaliZed
so that new insurance is not longer
confined to the members of the Ma
sonic fraternity. This sudden jump in
business was received with great en-
thusiasm.
The Field Advisory Committee for
this period includes Cornelius Legters
Of the Tampa branch. Roland Suter Of
Baltimore andSClarence Fritz of New
ark President Montgomery. Vice Presi-
dent, j. P. Yort and Secretary Samuel
Z. Mooers are eX-ofticio members Of
the committee.
Bank Heads Sixtieth Birthday.
Thomas E. FARRELL, president of the
Washington Savings Bank, received
many congratulations today on the oc-
casion Ct mis- sixtieth birthday snniver-
Sary. Mr.. FARRELL has been president Of
no "a ,oyyf77
years and has been active in the real
estate field for much longer period
Francis G. Addison, jr has just
started his third year as president of
the Security Savings g. Commercial
Bank. He was elected to this position
on June 25, 1880, julius l. Peyssr,
founder and president of the bank at
that time, being elected chairman CT
the board, which position he still holds
Gen. Charles E. Dawes. who recently
resigned as head Of the Reconstruction
Finance Corporation, has resumed his
place ct the head Of the Central Re
public Bank & Trust Co. of Chicago
Today's Trading on Exchange.
Trading was light on the Washington
Stock Exchange today, the opening
transaction being a $1,000 sale in Wash
1ngton Gas 6s, series A at 98la.
, Washington Gas Light SIS figured in
q $500 turnover at par Ten shares of
Potomac Electric Power 5I2 per cent
preferred sold at l03 and another
small lot changed at 1927.
The auctioning off Of the Exchange
seat held by Edward 3. Mclean, for
ner publisher of the Washington Pest,
for non-payment of due and assess
ments, was again postponed for one
week
Cleaned in Financial District
New York City bank stocks, in which
there is wide local interest, reacted
slightly last week, according to the lat
est summary of averages
For the four weeks ending June 10,