The Washington herald., 1913-08-16
SEVEN CALLS
ARE PREDICTED.
Espionage Over National
Banks Likely to Be Much
More Exacting.
NEW TREASURY RULINGS
Corn Crop Damage Causes Declines
in Wall Sheet-Mersenthaler,
Earnings.
BY L. A, FLEMING.

How many calls will there be be-
tween now and the close of the fortunate
or unfortunate year 1913?
The whisper is for seven, one next
month one late IN October, and one to-
ward the end of November or early in
December.
The insiders are going to know more
about the national banks of the country
than officials of the Treasury Depart
ment have known since the operation OF
banks under the national act.
Memory goeth not back to the period
Of more than five calls, the number re-
luired by law.
And the calls ask more questions,
delve deeper, and have more facts eN-
posed for the digestion of the officials
than ever before. They have eyes that
former calls have not had.
If one will take the trouble to look
over the reports of some OF the larger
institutions they will see that it is now
necessary to inform the Comptroller. and
through him, supposedly, other high Of
ficials as well, just how many bonds
have been sold to other bankers with the
agreement TO buy them back again in
sixty or ninety days: it Is also necessary
to announce just how many notes. &c,
have been rediscounted, sent on to one
bank by another, with this guarantee,
IF any are not paid at maturity. charge
to our account"
1t has been the habit in these financial
operations for a bank sending bunch
of notes for rediscount. not to charge
itself with liability for these obliga-
tions. Hereafter they will have to. Like
wise when the bonds are sold with the
repurchase clause they are not sold. as
heretofore, but are sold with string
to them and title has not changed.
study of some of the reports pub
lshed in local papers will indicate the
method of reporting these items.
With New York Banks.
These operations are largely executed
between bankers in small cities with the
banks of the big cities, and especially
New York City on the accommodation
end. both ways. 1t looks very much
as if the bankers of New York are 60
ing to be under clC-er espionage than
ever. and some of them are wise enough
to know it and will trim the ship to
be ready for any squall They have been
charged by the head of the Treasury De-
partment with bearing government IS,
d serious offence and one which they
have boldly denied.
1t is wise that the relations between
the banE- and the Treasury Department
s..ould not he entirely too cordial; bankers
riloGIu dSh no ldNOTS Dut, reallZinS What
is oepending upon them, walk very
straight and within the law
And doing this they should have moth
ing TO fear.
There should be no favorites. nor any
one under the ban<of the Treasury De-
partment; nor should banks have to de-
fend themselves before the department
against accusations emanating outside of
the proper department.
The national bank examiners are nu-
merous enough. They have the power to
go through the banks in the national
banking system as with fine-tooth
comb, and as frequently as necessary, at
the expense of the bank examined. 1t is
the examiners place to delve. to make
reports, and on these the department
should go as far as it will, the law per-
mitting.
SeabOard Air Line.
Following the very excellent report OF
operations of the Seaboard Air Line Rail-
way for the fiscal year ended June 90,