The Washington times., 1912-06-16

through the clearing house every day,
comparatively, than any other city.
II would seem to be up to the bank
Ing fraternity to check this evil at once.
It has grown SO that makers of these
checks now find fault with the bank
for refusing to pay, even II my ac-
count was overdrawn," one woman go
Ing 80 far as to declare. You know
that 1 have 500 coming in every month
and that would have made this de-
posit In day or two at the longest.
You have no business refusing to pay
my check, and IL l have any incon-
honored I'll hold you responsible.
when bank has score or more of
checks returned mo funds. It simply
complcates business, annoys everyone,
and sooner or later the bank on which
| the checks are drawn will find itself
the looser from the account
ana the check kiters are very busy in
this city-with the equal certainty that
some day the bank will lose money as
| result OF these operations.
II ought to be against the law for a
| account; II is IL the check be drawn
| on bank where the maker has no ac-
count. A few cents balance will make
| II possible to put through checks of
almost any amount within the letter
A 10 o'clock clearings would give many
OF the kiters shaking up. Moreover
| these fellows in short time.
| whenever the practice has passed to
the occasional stage. even before the
account ought TO be closed. bank is
cpsinrn cpetated for the convenience Of it's
money loaned and also the supervision
| of it's loanE.
| Having sized up 4 check kitcr, IL 10
| easy to instruct the receiving teller to
pass his checks over to the bookkeeper
| ana get them in the clearings Of the
Jay or, If too late, to send a messen-
ger over with checks and present them
Tor payment at the bank on which they
are drawn. Having warned and again
landed the kiter. he should be eliminat-
I'D forthwith. irrespective Of whether
his cousin controls small account or
avoiding the final sting.
No funds checks are generally re-
turned within two hours after clearings
| to the bank in which they were deposit
ed. 1t Is necessary to search the de-
pusits Of the morning to gee whether
the check has been made good before
returning it with the mo funds"
stamped therson, else the maker might
have recourse for damage, and double
work Is entailsd. In Baltimore checks
that are not paid fer any cause are
sent back before II o'clock. in Chicago
2:?9, and in Minneapolis z o'clock:
| Viaws OF banking officials are de-
sired not only on any subject of utter
est To the fraternity, but on the 10
o'clock clearnGs, as the regular hour.
The majority of bankers favor the
change. There is no good argument
| against II.
J. V. Ryan, formerly of Albany. n.
y. has been put in charge Of the bond
department OF the Real Estate Trust
Yesterday. The department will make
a speciality of handling high grade
municipal. State. traction, and other
bonds ami will sell them to small in
| yestors IN fha taliynant nlan
bonds sold by them is not entirely new.
Hsn1S sonSS pohsr is he ss &c. to Ssw
antee the income from the bonds. The
firm named Is offering a block Of high
grade municipals; and has given Sc Sc.
interest. Should the. bonds OF any in
vestor be called before maturity, the
firm agrees to make good the interest
Bond houses expecting the patronage
| of investors should make IL a practice
to keep their lists free from anything
passes upon the legitimacy of the issue,
the right of the municipality to issue
bonds, etc, but he should go further
| Of payment on maturity. A bond house.
| so careful as to guarantee its bond.
ought to be able to do a good busi-
| ness, even with low lHCOHle ISSUES.
The investing public has been burned
| so often that It is skeptical, and needs
| assurance. The trimming of investors
| ought to be a thing of the past.
Local securities are moving into the
| usual midsummer dullness. with a bet
| ter showing of strength than might be
| expected. The manipulation of Railway
and Electric shares continues and Gas
| is showing a better tone. No important
| changes are looked for in values for
| some time.
The Citizens Saving Bank will pay
| its second dividend, 8 per. cent, a semi
! annual payment July l to shareholders
] Of record June 20.