Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-09-29
BY I. A. FLEMING.

uuucr tnOSS e4iSSinB touuy' cdHhihe
is highly essential-it is indispensa-
Bile. The government itself depends
on the banks OF the country as never
before and does not hesitate to cut
out the tasks for the banks to per-
form in the purchases of Treasury
certificates in anticipation of liberty
loans and also of tax payments due
eight months hence.
But the government goes even fur
Their. Specific demands are made for
bookkeeping along distinct lines.
forms and methods. and six times a
year. or as often as he may desire.
the controller of the currency can
and does call for statement of con-
ditions from banks 1.-THE preparation
of which calls for skilled clerical
work and explicit and positive detail
of higher accounting.
these accounts should be permitted to
remain at their occupation, as they
are in every way essential 10 the con-
duct of an essential business. These
highly trained men should have no
hesitation in claiming exemption as
essential workers. and il they hest
tate their bank officials should look
after the interest of the bank IN Sc
curing consideration OF their claims.
A number of accountants have been
called and more are liable to be un-
less they are represented oy hish Oh
ficia,s.
with the number of woman clerks
in banks increasing every day. with
the volume of business larger. the
situation becoming more burdensome,
the banks are liable to find their
facilities badly strained at time
when full speed ahead is desired.
Honors to Local Bankers.
Charles J. Bell, president of the
American Security and Trust Com
pany, was named as member OF the
executive council of the American
BANKERS Association and to the eX-
eeutive committee Of the trust COM
pany section also.
Belated Dividends.
Shareholders Of the Chicago. Mil
waukee and ST. Paul and the Balti-
more and Ohio Railroad comnan ,es
have waited long and anxiously for
dividend declarations. Directors nave
met more or less frequently. and att
er each meeting more d1sappolnt-
ment is felt by shareholders.
These dividends seem more and
more unlikely to be paid as the days
go by 1t is a very hard matter to
estimate the amount that the various
roads will receive as compensation
from the government, but-Wall street.
at least, has come to the conclusion
that the theory of the government
paying the dividends. whether earned
or not. is not sound.
St. Paul might pay its preferred
dividend, but hardly the common.
Baltimore and Ohio looks even less
promising with short note issue ma
turity almost at hand. 1t was an easy
matter a few months and even year
ago to dispose of short term notes.
ic diff
ficult. and even renewals are hard to
put through, while new financing
must wait and new enterprises as
we'll.
st. Paul has ample surplus to pay
dividends on both common and pre-
ferred shares. but the laws of the cor
poration are against such payments.
United States Steel Corporation.
The first big order of fourth lib
erty bonds comes from the United
States Steel Corporation. $40.000,OOO
| in one block, making $156, 100000 sub
scribed by the corporation to the four
liberty loans.
Street Car Situation.
Both the local street car corpora
lions have asked for straight scent
| fare and the indications are that the
| Public Utilities Commission will grant
| the request.
Heretofore whenever complaint was
| made at the ticket system and sug-
gestion offered of a straight scent
| fare. it has been coupled with uni
versal transfers as part of the con-
sideration.
Elsewhere public utilities in seeking
! higher fares have requested l cent
! extra for a transfer, in some cases
| 2 cents, with / cent extra for a trans
| for on q franSfar
| But Washington people have the
! transfer idea as part of their be-
| lief. although it is within the pos
! sibilities they may yield on the uni
| versal idea and agree to specific
| transfers st certain junction points.
| With the enormous traffic of the day
/ on all lines and full cars even at
| various traffic centers the exercise
of transfer privileges would be diff
| ficult at best.
| 1t is really questionable whether
the street car corporations could meet
| the charges and maintain dividends
on the present scale on a 5-cent fare
and one transfer.
| factory to all some day, but for the
! present the investor must sit tight
| and hope or take his losses and wait
| for another day.
Commanders Bond Houses.
! In Canada the minister of finance
! has Communicated all the bond and
| stock exchange houses for the period
| October until early in December.
During this time the brokers and
bond dealers will work exclusively
| for the victory loan being put out by
| Canada. They will be reimbursed on
| the basis of operating expenses and
! to the extent they are actually en-
| gagged in the work.
! The last loan fioated in Canada cost
| ga per cent of one per cent for all
j expenses.
! In america the leading bond houses
! devote all their time to the success of
| the liberty loans. contribute their
/ money and hustle on the side for
! their operating expense.
Banks Obtain Bonds.
| Some banks obtained their bonds
early, others had to wait. but most
| of the banks were able to fill cash
orders for moderate amounts soon
after the opening hour. 1t was really
the best delivery that the Treasury
department. has made. For an open
ing day the installment orders were
! decidedly large and the outlook is for
! a great sale in the District.
| The month of September will show
! clearings close on to 1921 .203, 900. as
compared with 1893 .637, 900 during Au-
gust, and sSs9.066. 900 in September
1917.