Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-20
Should Be a Local Man.

Should Be Local Man.
The death of E. V Murphy removes
from the directory of the Mergen
who stood high in the councils of
the local shareholders of the COM
pany and with the community at
large.
1t has come to be rule that two
members of the directory of the Mer-
genthaler company should be Wash
ingtonians.
More than one-third of the capital
stock of the corporation is owned
here and it is entitled to representa-
ton.
F. D. Mckinney is director of
the company accredited to this city.
1t may not be generally known.
but the stockholders Of the company
here have an organization. of which
E. ]. McQuade is president and which
is called in session whenever action
of q united character is needed.
If necessary, this organization
should meet in the near future and
recommend candidate for the va
cancy. The Endorsement of the as
ISOLATION would probably be sufficient
to secure election to the board of
directors.
Nine Billions Needed.
Henry Clews declares that it will
take $4,000 100000 to care for our
export trade on credit for the next
twelve months, and that the govern
ment will need $4,000, 100000.
Then" he adds, comes the financ-
ing Of an active home trade at high
prices. as well as the provision of
new capital for home enterprises,
which is sure to be very much larger
than in any year of our history. Can
and how will our money market meet
all of these demands which, though
not immediate. are sure to make
themselves strongly felt in the not
very distant future? The financing
Of our export trade has been one of
the most important problems requir-
ing solution.
"signing of the peace treaty, re-
moyal of the embargo on Germany
and lowering of freights and a better
supply of tonnage have also been
important factors in the present
crisis II the fall in exchange con-
tinues it will have the inevitable eff
feet of lessening foreign buying pow
er and thus working against our ex-
port trade. Already considerable
foreign orders have been held back
owing to the weakness in sterling.
which indirectly will exert restrain
ing effect upon commodity prices
here"
Selling American Securities.
Slight selling of American securi-
ties for the account of the British
treasury was reported in Wall street
yesterday. This was Interpreted to
mean that the British authorities had
decided to feed stocks and bonds of
American institutions into the open
market to help correct the foreign ex-
change situation.
AS a measure Of war finance the
British treasury modified $1,000
600, 900 of American securities. Some
Great Britain will cancel part of her
debt to this country through the sale
of securities, although they realize
that the unloading will be extremely
gradual to prevent breaking the mar
ket and lessening the value of the
securities.
Postal Savings Gain.
Postal savings deposits forged
,, cording to a statement made public
by the Post Office Department. On
March 81. 1917. six days prior to our
! declaration of war. deposits in the
United States postal banks footed up
s125,424,sss. On October 81. 1918:
the armistice. they had increased to
$159, 670,S30.
These figures are all the more re-
markable when it is recalled that
during the same period four inten-
sive liberty loan campaigns. and an
almost continuous drive for the sale
of thrift stamps and war savings GER
tificates were carried on. War activ :
tiles had the complete right of way
and an appeal by the Postmaster
General for active cooperation on
| the part of the 100000 postal en-
| plOyes throughout the country in all
| financial and charitables war activi-
! ties, brought enthusiastic response.
| Meanwhile, postal savings simply
! marked time, accepting only such
! business as came to the post Offices
unsolicited