The Washington herald., 1912-11-17
Local Financial Matters

it. They like Gas, Capital Traction,
and they are friendly TO other securities
as they always have been In Washing
ton, but they VIII not invest their money
at this time, and there's reason.
There are two reasons.
Washington Utilities Company may be
ona but the question OF Congressional
Investigation, action or inactioD of a
utilities commission; of civil service
honor or dishonor-these are the second
reason.
They may not be considered by the
commission or brokerage house as OF
vital importance. but they are Of enough
interest to attract the attention Of the
man with a little money to spare and
make him hold fast 10 what he has.
Moreover, money is admittedly tight,
but there will be a mending of this prop
osition before very long.
Bankers have been speculating on a
call" this week, and the interest was
father TO the wish that the Comptroller
would relieve the monetary squeeze by
calling" and the sooner the better.
Yesterday was payday for Uncle Sam s
big army Of employees. About H,6oe 900
was paid to the clerks.
Probably a larger percentsge OF the
payroll went into the banks of the city
yesterday than on any payday for six
teen years. --.
There's reason.
The Secretary of the Treasury, with
economy intent is having silver subsid-
iary coin washed in the Philadelphia
mint. The coin comes out reasonably
clean, but scratched and not like new. In
the meantime, there's millions of clean
silver in the vaults, and the profit from
coinage is enormous Why not recon
old coins? Why not issue new coins?
CONGRESSMAN Pujo. chairman Of the
committee on banking, must finish his
Money Trust" investigation in the next
three months-he is not slated to return
after March g.
1t might be just as well for Secretary
MacVeagh to abandon the idea OF
smaller bank notes. There is great op-
position TO them on the part OF bank
ers who fail to see the necessity for
economy at the expense of incon-
venience and an alteration of the paper
currency the nation is used to.
Messrs. wheIan. Duer & Lanahan, 7S7
Fifteenth Street Northwest, have ready
a November manual, with latest reports
of New York corporations and records
OF" price fluctuations, dividends, and
capitalization.
The firm invites requests either in per-
son or by mail for the manual.
One OF the chief nuisances of the ideal
or the short talk cashier Of to-day is the
numerous phone calls for information as
to the soIvency Of this or that customer
Time and again the call comes inquiring
as to whether this or that check for
such and such an amount is good.
Therein is opportunity for trouble, per
haps for the loss OF a customer. It
may even be the basis for a damage suit
The maker may even be on his way to
the bank to take care OF the check,
to make a deposit TO protect 1t.
An answer that the check is not good
is dangerous II should not be given
except in exceptional cases.
1t is Tot an exceptional question. II
is probably asked a dozen times day
Nor is the affirmative answer always
wise. for the reason that 1t would be
perfectly easy for the maker to make
it worthless by drawing down his bal
ance and the bank official would be
blamed for a state not true when check
was presented.
answer such queries, and especially over
the phone. The best answer. the one
most frequently given by cashiers, Is
this: present your check at the paying
teller's window and you will know" 1t
is not discourtesy- The question is not
unreasonable but it's loaded with danger.
1t has been held in court, in Cali
fornia case, that a bank was liable for
damages for a false statement by its
ON 10 the PrAdif
of a customer seeking credit at another
bank
Frequently the cashier is asked by
some friend as to the reputation of
customer for square dealing; frequently
one is asked to recommend a customer
to another bank in another city.
And there are always wolves in droves
seeking to- involve the bank official in
damage suit il a thread is obtained
on which to hang a case.
The wise cashier is always on his
guard. Present the check to the paying
teller and see" Tell the truth. or bet
ter yet, avoid questions If possible.