davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
.STANDARD0|L G|VES|
MARKET STRENGTH
Announcement of Proposed
Doubling of Capital
Shows Confidence.
is MODERATELY ACTIVE

NEW YORK. July 26.-Moderate
the striking features of the week end
session of the stock market. All
classes of issues shared in the advan ce
except rails, in which trading was
largely restricted to lowpriced
stocks.
Announcement Shows Confidence.
Overnight announcement OF the in
tention of the Standard Oil Company
of New Jersey to double it's capital-
cation and of other features connected
with that venture were accepted as
indicative of feeling Of confidence
in the highest financial and industrial
circles.
Extreme gains in motors and affiliat-
ed specialties, oils. equipments and
food shares ranged from to 4
points, a few secondary miscellaneous
issues rising to almost points.
Strike Settlement Brings Advance.
Shippings were Immediately respon-
sive to news Of the settlement of the
marine strike and belated advance
in metals conceded with still higher
quotations for future deliveries of
refined copper.
Reversals of 1 to points during the
first hour were speedily overcome
mainly as a result of the heavy alb
sorption of United States Steel. which
was taken in large individual lots up
to 113A, approximating the weeks
best. Other leaders closed within
fractions of the days maximum
quotations. Sales amounted to $685.
900 shares.
The bank statement presented sew
eral interesting features in the con-
traction of actual loans and discounts
by s97, 100000 a decrease of slightly
more than $106,000,000 in net demand
deposits and a nominal increase of
excess reserves.
Bonds were irregular liberty issues
holding steady on light dealings.
Total sales (par value) aggregated
s5350,000. Old United States bonds
were unchanged on call during the
week
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
Carried Separately.

Payments by customers on account
Of liberty bonds or victory notes,
usually carried in a separate credit
account. may present some difficulties
on setting up accrued interest thereon,
but fairly close estimate may be
arrived at by using the amount of
such payments as principal from the
date. Much depends upon the method
of payment by the bank for such
bonds. Whether or not the customer
participates in accrued interest until
after the bond is fully paid for and
delivered to him. whether or not all
coupons are delivered attached to the
bond, there is some item of interest
suspense, either receivable or paya-
ble-probably an estimate, with due
consideration of the plan of payment
adopted, would be necessary for set
ting up the suspense item.
Interest on bank balances is a con-
siderable item in some banks, and,
while it will be difficult to accrue
accurately on bank balances, until
we follow the federal reserve banks
plan Of determining float and post
ing it on our books, a very close
estimate is possible. Interest on
checking accounts payable monthly
or quarterly to depositors Is difficult
OF estimate. Some banks will proba-
bly, carry Understanding accounts
in one or more ledgers, with appro-
PIRATE control on the general ledger.
in which case the accrual is not DIFF
ficult. ..
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
Rate Rarely Realized.

The advertised rate for savings ac-
counts is rarely realized. Minimum
monthly balances frequently deter
mine the principal paid upon deposits
under certain minimum are exempt
and other exceptions tend to reduce
the advertised rate considerably. The
average, however, will fluctuate but
little from period to period. and a
banker is quite safe in using the aver
age rate Of the last period for cal
culatfons during the present period.
It is only necessary to list the daily
balances on the general ledger dur
ing the last period and to divide the
total by the number Of days in order
to arrive at the average daily balance.
That average. compared with the
actual interest paid. will give the
average rate paid on the aggregate
balance. This rate may confidently
be used for calculations Of accurals
during the current period.
In the average bank, the essential
points covering accruals of discount
and interest have. we believe, been
covered in the FOREGOING. There are,
Of course, incidental things, such as
rebates. minimum charges, etc, that
require adjustments. but these ara not
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
GOLD STOCKS DROP.
Federal Reserve Banks Report
$4,000 600 Decline

Gold stocks Of the federal reserve
banks dropped nearly $17.ooo.ooo last
week ending July rs. according to the
statements Of the twelve banks at
the close Of business on that date.
Loans made by the banks on war pa.
per increased $36.000,000
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
serious and may be cared for with
little careful, honest thought.
A Fundamental Adum.

The fundamental axiom to be borne
in mind is this: A bank earns daily,
without necessarily showing daily
collections, and is under expense
daily, without necessarily paying
such expense each day. Since one day
is the shortest business period and
since changes occur daily in interest
bearing assets and liabilities, 1t Is
obvious that daily calculations OF such
profit and loss come as near as Is
humanity possible to arriving at cor
rect figures in a balance sheet.
There are numerous forms or rec
ords for these operations. That the
writer prefers the Redalla system IL
possibly prejudice, but it is con-
densed and gives results. with mini.
mum of labor. shows analytical pront
and loss on discount and interest ana
seems to provide information missed
by the majority of other forms.
In any event a banker should use
some record-any record-that will
correct the deplorable inaccuracy OF
the average published statement OF
the banks in the country. 1t is hard
to listen to the sneers of the average
bookkeeper Gin commercial line)
who refers to a bank statement as
rough work" Unfortunately he is
frequently justified.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
An Absurd Proposition.

Isn't it perfectly absurd to claim
that, because we collect $4,000 quar-
terly interest on our line of demand
loans on the last day OF june We
credited your savings deposttors
$4,000 on the FIRST day OF July did
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
$174,745.25 IS
$533.17s.54

Figure one days interest on $685.
1885. producing unearned discount
on the 6 per cent line-$8S.S6 This
procedure would be used throughout
the ticker and. of course, the multi
plea ton may be done on the adding
machine by listing s14,675 twice:
$s,710.71 three times. $76.92012 four
times and SO on throughout.
In other words, reduce the total 6
per cent loan line to dollar days, cal
culate one days interest on the ag-
gregate and we arrive at tho un-
earned discount. Figure demand loans
as they would be figured in order
to collect quarterly or monthly In
terest, apply the same principle to
the past due paper. For securities
figure the present value of the cou-
pons. For bills payable, time and
rediscounts, figure days from the
starting day to maturities-it is SIM
ply time loans reversed. On certffi-
Gates Of deposit figure from the dates
of the certificates, or from the dates
to which interest has been paid to
holder,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
Assigned to Morale Branch.

Lieut. Col Joseph A. Atkins, general
staff. has been assigned to duty in the
morale branch of the general stan in
this city.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
BY w. E. CADwALLADER.
Cashier of thu Commercial National BAN

(Note.-Mr. Cadwallader's paper read at the
Association on this subject was greatly appre
ciated by his hearers. He has elabora ted on
the proposition. Formerly auditor Of the Fed
eral Reserve Bank of Richmond he is recog
nized as an authority on accounting.-Editor. }
Officially. at least, there is, or
should be, no compromise between
right and wrong If a bank state
ment shows book values either lower
or higher than actual. willfully and
with that admission by it's officers,
the statement is wrong-fundame
tally wrong-one might almost say
maliciously wrong
1t is not sufficient to claim more
liquidating net worth than the fig
ures indicate. Hidden assets may be
the acme of conservation, the officers
may glory in the existence of such
and bank examiners may joyfully
pass the institution as 'abundantly
strong" but the statement is wrong.
1t is particularly wrong from the
shareholders point Of view. Can we
conscientiously tell our shareholders,
through the medium of published
statements, a bald, unqualified lie?
ing figures 1856 when we believe it is
perhaps 200? Have we any right to
issue these figures with a perhaps"
implied? Have they not the right
to demand correct figures? Some
thing within l per cent of absolute
actual-something, at least, funda-
mentally correct?
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
How It Shows Up.

List these daily totals and multiply
each by the number of days, mark
ing it's maturity date from the date
on which you wish to start the new
method of accruing. thus:
If we select August / as the date
Of starting. the daily totals of the
ticker would result as follows:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
Money in Abundance.

Verify there is an abundance OF
money. The loans of Wall street
brokers are larger than ever before
in the history of the nation. the pay
ment of the billions In taxes has i'm
poverished few, the greatest crops
in the history of the nation are being
gradually marketed without trouble,
foreign loans are being foated every
day. great industrial corporations are
financing large issues Of stocks and
bonds and merchants are buying more
and higher priced goods than ever
before. but money is a reasonable
commodity on all markets
Great is the federal reserve laXr
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
Col. Brett Goes to Fort Myer.

Col. Lloyd M. Brett formerly briga-
der GENERALLY has been assigned to
duty with the Sd Cavalry at Fort
Myer, Va
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
The Expense Account.

There is no particular difficulty in
determining very closely the daily
expense of a bank. The salaries, rent,
fidelity insurance. real estate taxes.
etc, are fairly well fixed and an aver
age expense for postage. telephone
and telegraph, stationery, light and
fuel, advertising. ETC.. can be obtain
ed without much difficulty by aver
aging prior periods.
Banks which own their building
and rent part Of it know beforehand
what rents will be realized and can
tell rather closely the average daily
cost of running the building. 1t isn't
difficult to accrue on these things a
few extra postings a day, for a clerk
without particular genius, or dazzling
ambition and. on the part of the
cashier, little encouragement and
instruction on incidental items.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
In Conclusion.

To sum up: a bank which never de-
termines discount and interest sus-
pense, never publishes nor shows cor
rect figures. That is a broad state
ment, but one of fact.
Just so often as it neglects to show
correct suspense items it's statement
is wrong. If shown only quarterly, its
balance sheet is wrong 361 times. If
monthly 353 times. weekly. 313 times,
daily-never wrong.
Commendation of daily accruals
cannot be too strong; it is the acme
Of bank accounting. Compared to it.
all other bank bookkeeping is rou-
tine, mental and undressing. If
knowledge is power. the banker who
refuses to employ the accrual method
has considerable to answer for to the
young men on his staff, who are thus
denied a means of developing from
mediocre workers to valuable think
ers. who have at heart the progress
DEPEND for future on progress a and the
good name of the institution.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
Mexican Loan Helped Much.

It is not generally known that the
foundation of the Riggs Bank pros
perty in the days when 1t was
George w. Riggs & Co, was founded
on a large Mexican war loan, the
making of which required consider
able nerve.
George w. Riggs is described by Mr.
Gloer as "a conservative. highly
educated man"
Two such opposites make a grand
combination in business firm. One
such firm on the board of trade in
Chicago conducted a very prosperous
trade for many years, getting them
coming and going; one on the
spectators and the other the careful
investors. and the combination
worked beautifully.
George W. Riggs died in 1881, leav-
ing an estate valued at several mil
lions, a rather indefinite amount, but
ample, and still working for Wash
iRgton.
e. Thomas Hyde came into George W.
Riggs g. Co. in 1881, and continued to
assist in the direction of the policies
of the bank and its successor, the
Riggs National Bank. until his death.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
Exchange Situation Serious.

The recent course of foreign ex-
change has caused apprehensiveness
on the part of exporters and bank
ers. Bills on England have been Of
fered in such large quantities as to
depress the price for pounds sterling
par of $4s665. Corrective measures
are under consideration but 1t is gen.
orally assumed that only the estab-
Yfshment of credits here by European
buyers will remedy the situation
Many exporters who have taken the
view that the banks should under
take the entire burden of providing
credits here against which bills could
be drawn for the payment of goods
exported are beginning now to see
that this In q task in which all must
lasGnA E61nRaaEzu1asf,conf9 o3atat IN
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27

goods here for some time however
discouraging to purchasers the ex-
change rate may be. but exporters
who have come into a falling market
with bills on which they. too, must
realize, can take little satisfa ction in
this necessity of Europe's. The solu-
ton of the problem is held to be in
greater cooperate of bankers, man.
ufacturing and producing interests.
and the general public in providing
means to finance Europe during the
period of readjustment.-The Guar
anty Trust Company.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27

"Granting that Europe is to carry
on her purchases with us on a credit
basis, let us consider exactly what
this means. The people of Europe
represent different degrees of credit
risks. 1t would be safer to lend
money in some countries than in
others. Therefore, if there were not
an organized control Of American
credit, the stronger countries would
be able to crowd the weaker coun-
tries out of our money markets, or
else the weaker would be forced to
pay exorbitant rates.
ITO serve these purposes, a pool Of
Europe's needs should be met by a
pool Of Americas resources-that is,
Americas resources should be ap-
piled to Europe's needs through
great, centralized credit organization,
with extensive powers Of co-ordina-
ton.
There seems to be no existing ma
chinery adequate to do so. Therefore
a special fundamentally must be set
up. along lines recently suggested in
behalf of American bankers groups
probably in the form of a great credit
corporation. with capital enough to
handle transactions Of the size that
would be involved--that is, tranAr
actions representing not merely the
business Of individual concerns but
the combined requirements Of
unfi00SI I'll 4.
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-10-09
rather. ContributIon.

There had been missionary SER
mon and collection at a certain church.
and little girl who had accompanied
her father to. the service seemed per-
picked and meditatfve. When she
reached home she asked her mother
whether the natives of Africa, of, whom
they had heard, wore any cloth es, NO"
replied her mother. they don't
Then" said the observant child. what
was the use OF the button that father
put in the Dlate?"
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-10-09
The Sandman Story
THE TWEn Of swOnDs

kuhrinc was worry fond Of pets
she had little dog named Toby ami
Il kitten named Topsy and a canary.
hut ono morning Kathrinc was IN
tears because her mother had told her
she would have to give away her pets
as they could not take them on the
,ons trip TO The mountains. where they
SIDES that, the hotel people would no;
let them nave them in the hotel
away eTied katnr fnet EIHs sh MI
miss me SO and know they will never
be happy; and / want them. ia rather
or Toby or my pretty bird
While Kathrine was feeling so upses
over losing her pets her Aunt Annie
in her car
4 am going to carry some work to
20 along, Kathr!negi De shs /. a ISL" want 10
Kathrine soon forgot her trouble A,
they went along the pleasant country
a pretty white cottage with a garden
filed with flowers Kathrine saw SIT
sing in S chair with wheels little
told her was the sewing woman's little
crippled daughter.
tagc talking about her work with the
chair; Ia, taking nIs With the little girl.
toward them and erawled up In the
only pei, Snc tOlQ hathrlne.
that viii sing costs a great s deal p'e Of
money. so listen, TO the birds in the
II have % bfrd,S said said *" Kat a,lPe
thinking, for the first time of the pets
she would have to part with, and It
knows me and makes a sweet little
pecpinE sound when l go near the
Gass; and il, u ha ,yi dog, too. He
sadsth the little cripple. How How you i mG.t
love yee HIM n u Tell me what he can do,
put his head on his paws and say his
prayers never nn,, moving until she said
sodier f s aHio Ka siSf snd PLAY
n, says. shall have to give them
with us to the mounta ms. and we can
not find anyone who will take care of
them all summer for US. and I am
The little cripple looked sad for
Bring them here: 1 will take sp care Of
them for you all summer and | Will
be just as good to them as you are
Kathrine looked at her and through
her tears she began to smile. do you
&hink your mother would let you have
little tie gjrl II r, viii ask her now
was quite wllInnE and 1'n Annt sag ans nhs
who always thought of everything
said. Why, that will be splendid: you
can call them your summer boarders
because Kathrine's mother wanted to
pay their board, but no one would
take them"
Kathrine went home with happy
smile and n load from her heart ana
then next day Toby. and Topsy and the
canary went to their new boarding
place for the summer and two littiS
girls were made happy.
So IT you have any pets you do not
know what to do with for the summer
try. to find some little shut-in boy or
girl who have no, one but would love
to have them, and pay their board for
the summer. Don't you think that
good idea?
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-10-09
Romp. with Her Pet Lion.

RompinG around the house with
real lion for playmate tumbling him
around on the floor, pulling his ears
and his tail are simply matters Of
daily exercise for Mrs. Herbert Cole.
of San Francisco. The big. lion takes
the whole thing in fun and appar-
emily looks forward to HIS hours OF
play with as much interest as his
mistress
'Tawny Pershing" has been n. pet
since he was first largo enough to
take notice of the things around him.
He has played with his mistress since
he was the size of u kitten and now
that he Is two years old 1t lis hard
for both to realize that ne tips the
scales at almost an even two hundred
pounds. Yet Mrs. Cole knows no more
fear when playing with Tawny than
when playing with her other play
mate-a Maltese cat.
Tnwnys home Is a roomy garage
with sunny windows. and wide Shelf
where he loves to sleep, his cat COM
ranion at his side. Among his play
things arc key, which he rolls about
with big velvet paws, a long piece
o frubber hose he loves to pull away
from his mistress, and rocking
chair in which she sat to rock him,
when smaller, nor has he forgotten
It's use at present.
During the Liberty loan drive.
Tawny and his mistress were on the
Job every minute and did their. bit
FOR Uncle Sam without growl from
either
Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-10-09
TO wh,b stocLin,,

To wash knitted stockings make a
Iather of boiling water and soap. and
when cool wash the stockings in It.
Rinse them well in clean water. wiring
them lightly in cloth. pull out into
their right shape, and dry In the
open air.
The Birmingham age-herald., 1919-03-12
TWAS A LUCKY DAY, SAYS MRS. O'CONNOR
Her Improvement, After
 Taking Tanlac, Was Simply Wonderful

"It was certainly a lucky day for me when I got my first bottle of Tanlac, said Mrs. John O'Connor of 33S East Oldham street, Knoxville. Tenn.
 For five or six years. she continued, q had been in dreadfully rundown and nervous condition, was aWfully weak and suffered with spells of dizziness. I had terrible nervous headaches and my stomach was so weak I couldn't digest even the lightest kind of food. I could sleep very little and became so despon- dent that I was afraid nothing could help me regain my health
 T wouldn't have believed it if any body had told me any medicine would cause me to gain elgh pohnds in 10 days, but that is exactly what Tanlac has done for me. Soon after I started taking lit I began to eat better. sleep like a baby and feel just fine, and my steady improvement has simply been wonderful have thrown away all my other medi- cine and will stick to Taniac, for I think it is the finest medicine on earth.''
 Tanlac is sold in Birmingham by Flu gene Jacobs drug store and Patton Pope Drug company, and by the leading drug gists in practically every city, town and village in America.-Adv.
The Birmingham age-herald., 1919-03-12
SUIT FILED TO TEST
 VALIDITY OF CITY
 SCHOOL BOND ISSUE
Period of Time for Bonds to Run Is Question at Issue in Friendly
 Suit Brought by Citizen

c. J. Goodwin of Birmingham filed an injunction with, the circuit court of Jeff ferson county yesterday against the city of Birmingham and board of city com missioners, restraining them from issu- ing s1,.J0,O00 worth of school bonds for a period of 25 years.
 The point at issue is whether or no. the city has right to issue it's bonds for the above period, when the county IS authorized by the state law to levy the special school tax for period Of 10 years only.
 The suit is friendly one, and IS brought at the suggestion of John C' Thompson of New York, a bond expefS of that city, who states he cannot ap- prove the bonds until the matter is set tied by the court
 At bond election held last April, the city commission was authorized 10 leNy a 2-mill schol tax and at the same tliile to issue $1 1,000.000 of. school bonds. me city has the right to collect the ievleo tax but the bonds cannot be marketea' according to MT. Thompson, until thiS point of law has been decided.
 Vassar Allen will represent MT. Goou- win in the case, while Fred G. Moore' city attorney will appear for the city.
The Birmingham age-herald., 1919-03-12
Mrs. Kellogg Fairbanks
 En Route to Mississippi

Mrs. Kellogg Fairbanks Of Chicago, member of the national womens Victory Loan committee, was in Birmingham yesterday en route from Atlanta to Jack country in the interest of the organlZa- ton and conferring with the leaders Of each state.
 She will attend a state conference al Jackson and expects to be in Bnming- ham at the state conference on April IA She was entertained while in Birming- ham by Mrs Solon Jacobs. member of the national committee, and Mrs. John D. McNeel. chairman of the state Victory Loan committee.