Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-06-12
Bank Acceptances Likened o Automobiles

Acceptances-both trade and bank acceptances-were treated in a
mastery manner by Albert Breton. vice president of the Guaranty Trust
Company of New York in an hours address at the Racquet Club res
the city among whom as E. P. Passmore' governor of the Philadelphia
Mr.. Breton said among other things that bank acceptances we're as
progressive a movement in the American banking system as were auto
mobiles and autotrucks in the replacement of horse and mule drawn
vehicles, and while he advocated their more genera use in this country.
he did not advocate their exclusive use any more than he would advocate
the exclusive Use o the self-propeled vehicles. He showed very clearly
that If this country is to capture and maintain the foreign trade to which
ships which ire being built and will continue to be built to carry this
as not to leave us at the mercy of foreign countries like England and
more especially a the United States will then be the leading financial
Mr. Breton said that the commissions charged and collected by foreign
. mount n 10 s1%mn so , 20 ooa an" . year n' = s man" which o wou nie bs s edt IS
Americas bankers and exporters and importers by the general adoption
Of the bank acceptance system, al provided for by the Federal Reserve.
On the trade acceptance Mr.. Breton took tn sam position as to its
general adoption as he did for bank acceptances. He did lot advocate
y. .s., adoption, ON, to the ev total ii EXCLUSION k sam. of commercial m~ ,t ns pa ."n.s Gr the to H 'ps
as a credit instrument. He also explained the organization in New York
Of a large discount company to handle and market acceptances' and
urged the formation of similar organizations in all the principal cities
sr the the same p PURPOSE %ss and he sns spoke, Of hsr eventual srs,sna &C, ro0p hms S"n
Iarging the credit of the nation and a S a corrective against initiation.
Plenty of Uninuested Money
Among the nw issues being placed on the market is one IF 81 100000
notes are dated May /, 1918 and mature in five equal instanments seriany
from May /, 1918, to 1928 inclusive. -.
They are being issued by cassatt & Co.. of this city; White, Weed
&co" of New York, and oBran' Potter & Co, of Buffalo
that Notwithstanding the enormou sums being raised fol- taxes fol the
Is still a large amount of money unnvested awaiting good, attractive.
safe investments the bonds above mentioned were Offered t. the public
to maturity, and yesterday afternoon only $4,000 of the 1920 maturity
remained unsold.
The balance sheet Of the Atlas Crucble Steel Company a Of March
TO- 1915, shows a surplus from operation, after deducting dividends, of
81 2S 356 ID, while the assets amount to almost $7000O0O.
Bond Situation Satisfactory
81 international Mercantile Marine Company sinking fund 6 per cent
bonds we're hrmer yesterday on the reports that the plans for the sle of
the British subsidiaries had progressed to a point that warrants the
ASSUMPTION that they will be closed shortly. Directors Of the company
made the positive statement, however, that there had been n change in
the situation in this respect.
Foreign Government bonds were strong but less active than o. pre-
vious DAVIS with the exception Of the Anglo-French 5s, which changed
hands in fairly substantial amounts al around s1k@s1%.
Hudson and Manhattan frst and refunding Is, Series A, and the
adjustment income IS experienced a sharp reaction m n washington
announcement that the railroad administration had decided that there
2 .ho,ld be n advance in fares by the company at this time. These bonds
are nov selling more than 5 points below the high levels touched a fort
night ago.
Railroad bonds were slightly more active yesterday, particularly tn
! nyeu York Central debenture 6s and the Southern Railway general As,
,,hus HI Chicago, Burlington and Quincy joint As also displayed con-
| adorable strength, selling up to a. Industrial bonds were quiet with TIT
exception OF the Marine 6s
-. Continental and Commercial Trust and Savings Bank and Halsey,
sr,.rt & "a. managers of the $6OO0OOOO Armour & Co. 6 per cent con.
u..,h,o debenture syndicate, announce that application or participation
l.. w.. svndicate have been received from all parts of the country in
.mornts largely in excess of the amount available, and the syndicate is
| thereyore declared to be a great success. Details Of the public Offering
| will he mad later