Evening star., 1918-02-20

Mexico or some ~Gutu American poiiit.
which viii hc exchanged for exchange
OF Switzerland or spain and in this way
pas more or less directly To Germany
Keeping tab on sales OF foreign ex-
chang, X decidedly essential Tor the
government for five cardinal reasons
= The volume Of transactions which
e through That might be used Tor
German account
:. The transactions that it might be
wise to prohibit entirely.
3 oGr balance with every other coun-
try in the world
q The amounts OF foreign exchan nge
e-d foreign money that are being dumped
Gpou Us i;y the various countries.
= For Saat purposes funds are used
that represent foreign loans made to
uphold the exchanges
Aeroplane Service Aid to Banks.
The introduction of'aeropIane service
between Washington and New York
city. Preparations for which are now
being made hy the second assistant
postmaster general. may prove OF dis
tinct service to bankers and possibly
TO stock brokers.
Commenting on this probability
bank president made this statement:
Il nfer the service proposed. which j
understand CouteInpiates a two-and-
-half-hour schedule between this
city and New York. with one-half hour
stop over al Philadelphia. where relays
are planned il viii be possible for US
to send checks ana drafts for large
amounts to New York city and Phila-
delphia on the II O'Clock trip and de-
post them in the banks of the cities
named the same afternoon. thereby
taking credit and obtaining interest
thereon one day sooner than by mail.
1T looks feasible enough and l be-
Heve there will be quite large
amount of this business offered to the
service. Moreover stock brokers may
make purchases of securities on the
New York market and deliver them TO
customers the same day. If desired. and
may also ship securities to New York
in important cases for deliveries the
same day. The difference between FIVE
hours. the fastest service ny train, and
sometimes rluch longer time. and
half the time required by the areo-
planes VIII also be very valuable in the
matter Of important messages and per-
sonai documents OF vital Importance.
Two dollars is the charge for two
minutes conversation over the tele-
phone. and with the aeroplane service
many long distance calls can be avoid
ed for on important matters we may
write al required length and receive
answers the same day"
1t is understood that the cost of the
service as planned will be "a cents an
ounce. practically prohibitive for any
1hing out important matter aId yet not
excessive for matter requiring imme-
diate delivery. The chance of mail be
ing lost would seem to be extremely
light, much more so than where mail
and packages pass through many
hands in collection. transportation and
distribution. Moreover mail to and
from such a service would require last
minute collection and speedy delivery
On arrival.
Savings Banks and Trust Companies.
Serate bin No. 3S?- provides that all
carvings banks, savings companies, trust
companies or other institutions organ
zsd under tn" laws OF the District of
Columbia to do business in the Dis
trlct. or organized under the laws of
any state IN this niou. and having an
office IN the District Nf Columbia. where
deposits or savings are received. shall
be require! % make and publish all re-
ports which national banks are com
PEELED 10 publish. with the same penal
ties for failure that may be invoked
against national banks.
The controller OF the currency is to
have power. when in his opinion il is
necessary, 10 take possession OF any
such bank or company for the rea-
IONS and in the manner and TO the same
extent as provided in the laws regard
dnS national banks.
After the passage Of the act, the ap
pfoVai of the controller of the currency
as evidenced in writing will be neces-
sary for savings banks. savings insti-
tutlons and trust companies to engage
IN business in the District of Columbia.
Original entries, on the books of any
bank, il in error, must be 50 changed
;-s to leave the errors plainly visible.
Personal Mention.
Charles 7. Reu, president Of the
American Security and Trust Com
pary. leaves Washington this after
noon for teu-Gay trip 70 Florida
approved by Capital Issues Commit
The following letter would seem to
indicate that the capital issues com
fliftce is an actuaiity, despite the fact
thar the necessary Legislation has not
been passed by Congress:
Dear SirS; referring to the pro-
NDsed issue Of the seven-rnilIion-ffve-
hundred thousand dollar two-year 6
per cent gold notes of the Philadelphia
.iegtgie E, st. Gompany Aiisr inquiring in
are Of the opirion that the sale of sa i'd
notes is not incompatible with the in
tereSt Of the United States
TINS hndfuG constitutes no approval
OF said issue as regards its merits, Sc
curity or legality. in any respect.
IN any public offer or advertise
fneht OF said issue this letter must be
Incorporated lit full.
Capital Issues Committee of the E,ad
eral Reserve Board
aE tsisneefJ PAUL n: WARBURG.
Chairman
MS would seem TO Indicate that cap
1ial issues now bciaG brought out prac.
ucaily require the approval of the com
2nit>ct'. and while not in any sense q
guarantee of the notes. it would seem
10 IiEe them something of d preferred
staiidihg. The sale or the issue has
been extremely successful.
Buying the Cheap Things:
One Of the best evidences of the
economies being practiced these days
heceSsitcus and otherwise, is shown b.
the sale Of the r. ". Woolworth Com.
paHy 10-cent stores for a series OF
yeHfS as foiioWs. In 1913 they totaIed
S66,S2s.00 III 1914. S6s5l 9 900; in 1915
$50, p02 in 1910, ss.,oss,oJo. and i:
13l9. Sss,lo2S59.
On the Stock Exchange.
Business on the local Stock Exchang,
wa, greatly restricted. orders beiIll
very few. Sales were made at s9I@ fol
81, 600 Traction . per cent. this beins
the only bond sale. Two shares of Cap
1tai Traction at 81 Is, ten Railway pre-
ferrcd at .. and one at 672. completed
the record.
Ee-genthaler Dividend Declared,
The regular quarterly dividend O.
ga per cent on Mergenthaler Linotyps
Shares has been declared. payabl,
E..,tF fstc