The Birmingham age-herald., 1915-04-06

soon to become payable and it was with intent to prevent apprehension or panic that the British government agreed to stand behind these acceptanees and pro- teet them.
 Aeeeptances are the chief business of many Of the London brokers It was not much known in the United States before the European war The national banks were prohibited from indorsing bills, much to the regret of many per sons who believed that the great credit possessed by the national banks would with justice be utilized in accepting bills. Now the national banks may accept bills. but only for those drawn upon exported commodities. States institutions may is sue acceptance. and this is one of the reasons why President sabin and his as sociates have been able to undertake upon so large scale this business The abnormal condition of the discount mar ket in London made it expedient To transfer their business from the London branch of this institution to New York, and this in part explains the unpreee- dented substantially new record.
 Another reason for regarding, business of this kind as expedient and safe lies in the fact that behind every bill this institution has accepted real wealth ex- ists wealth of kind which can be handled It is the wealth which repre- sents in some measure the productive capacity of the American people. The bills are drawn against cotton, wheat, rosin and all kinds of merchantable commodities. The guarantee by this in stitution of the payment of these bills makes them as good as gold and greatly facilitates the activities of the American business life of all kinds.
 A Look Into the Future
 To mn e1a wit whose department includes that of writ ing aeeeptances. without becoming con vinced that he believes that, no matter how speedily the war ends. the United States will remain for a long time the great market place for supplies for other nations Beligerents of this day will, after peace has come. find it imperative to rebuild reconstruct, to provide food and raiment and the supplies of the United States will have of this kind, he believes will be in great measure util- ized by the other nations.
 Mr. May, who is at all times master of himself. although pabably as busy as any man in New York, permits an eX- pression of amazement to fit over his face when speaking of the magnitude or the inflow of capital from other parts of the world to the United States. He says that the public has no conception of the size ana fdpluilN oi tiit tui iSiie NitiNi' is bearing funds to the United States. Accustomed as he is to large figures, he having directed the handling of over s2, O0D coo GOO of exchange in a single year. nevertheless he is impressed beyond the power of words to describe the enormity of this movement from across the seas to the United States. It must have. he is sure, very great and to a eonsid- erable extent permanent effect upon American finance and American industry. This movement is reflected in reports from a number of American banks, seven in New York city now having resources in excess of $100.00N00o. Two of the state chartered institutions now report re- sources in excess of s20a,0 ,00o the gain being in some instances more than lO' per cent within the past two or three years Incidentally it may be said that these American banking institutions are now directed almost exclusively by those of the younger generation who began their banking careers not more than b or 20 years ago.
 General Du Fonts Recovery
 The apprehension that Gen. T. Coleman Du Pont might be incapacitated by ill- ness from taking any part in the open ing of the worlds greatest business building which he conceived planned and which was built under his eye until he fell i'll, is now ended. General Du Pont has so far recovered from q rather se- were illness that his friends have good reason for believing that he will be present when the building is opened in May for tenancy. What the building is today, an almost sublime specimen of