Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-11-17

| requesting assistance in obtaining the
| present address Of certain broker who,
by clever literature and skillfui cor
respondence, succeeded In landing the
community with a considerable amount
Of absolutely worthless stock. The
spokcsmen of the party stated that, at
the outset, he and others were at a
loss to understand how and where the
broker in question secured their names,
as previous to that time their invest
| ments had been confined to legitimate
standard bonds and stocks.
The same question has been worry
ing some Of the prominent houses for
years. No one has vet been able to dis
cover the source Of the leak. There is
a bad leak somewhere and every effort
should be made to stop 1t.
Banker in New Role
The lot of a bank official Is anything
but a happy one these days. It does
means sleepless and troublesome nights.
1t Is remarkable how many of the Of
fcials Of the larger institutions are
standing the strain and unfortunately
not one out Of ten Of their customers
has the slightest idea of the many
troubles, worries and tribulations these
dollar guardians encounter during busi-
ness hours.
The deAation of credits, bringing with
| II forced liquidation In business and
industry, affords a number of the Of
ficials very interesting experiences. For
the first time In their careers many are
learning the merchandising business.
This not because they like Il. but be-
cause they have had no choice in the
matter. owing to the abnormal condi-
tions Of the time and the failure Of a
great many to live up to their contracts.
day IL more up on the prices and trend
of the principal commodity markets
than he ever was before.
There has been whole lot of un-
warranted condemnation Of banking in
stitutions and bankers by lot Of ire
sponsible people trying to blame some
body else for their poor business judg-
ment. When matters settle down to q
more normal basis, and when the real
story is tohl great many will tumble
over themselves In praising, rather than
condemning, the banking community.
Australian Financial Situation
In explanation of the inability Of
Australian banks to make telegraphic
transfers in exchange or to sell letters
of credit, American Trade Commissioner
Fcrtin. of Melbourne. has cablcd with
the suggestion that the situation may
be due to the credit reserve of Australia
in London being reduced, owing to dis
appointing wool sales, together with
government remittances to England. 1t
| is further stated that the Australian
banks are much concerned with the
present situation of their inability to
draw upon London. 1t is suggested
that no relief may be expected before
the beginning of March. when wheat can
be sold abroad.
I In connection with the above. atten-
tion might be called to tn" fact that the
treasurer of Australia in his speech Of
| September 10. presenting the proposed
budget of the Commonwealth for the
coming fiscal year, stated that he had
arranged for the sending of 7,3OO,OOO
1 pounds sterling to London before Nov
cnber. in payment of interest and amor
tization due English holders Of Austral-
/ ian loans. On October the control over
/ the Australian wool, which had pre-
viously been held by the English Cow
crnment. passed into the hands of pri-
vate owners in Australia. On that date
the sales of wool under the colonial
sales plan were again put into effect.
| London sources state that there il
period Of dullness at the present time
n the woolen goods industry. owing to
large stocks Of woolen goods and Of
raw materials in London and abroad.
Recent labor disturbances in that coun-
try have also contributed to the situa-
tiOn.
International Accounting
The problems of post war finance as
they relate u foreign exchange have ere
utcd a necessity for n new industry. that
of international accounting. In recog-
milton of this new need, Stedman Hanks
& Co.. Inc. have filed articles Of in
corporation at Albany to do an interna-
tional accounting business with ofhces
in New York city.
The problem of private credits is one
with which the government has no ma
chinery for dealing since the discon-
tinuance Of the War Finance Corpora
ton the existing governmental agencies
charged with the promotion of trade
have no practical means for assisting
European purchasers. The new cor
poration aims to provide such a service
by standardizing the accounting system
OF firms dealing with American mer-
chants.
Stednan s. Hanks, president of the
company. il n graduate Of Harvard, he
was connected with the American en-
bassy in London for some time, and has
represented this country at various in :
tcrnational conferences and conventions.
He was secretary to the president of the
American International Corporation.
which position he left at the beginning
OF the war to enter the service. He
resigned from the army inS 9l9 with
the rank of major, returning to the
American International Corporation.
Guatemala Paper Currency
The following excerpt Is taken from
a statement on the financial situation in
Guatemala as presented by the Guate-
malan delegation to the recent lnterna :
tional Financial Conference at Brussels ;
Like all Spanish American states
where the peso is the national unit OF
currency. our country has witnessed the
disappearance of gold and silver coin and
has been reduced for the lest thirty years
10 artificial paper currency, and is suf-
fcring from the recognized results OF
such issues without any real backing.
This panTr circulation il now calculated
ut 15O, 600 900 TO 200, 900 600 pesos.
The exchange at the beginning of the
war was 20 pesos equals Sl-that Is,
SO.O5; and it rose in 1876 to 90
pesos equals $l--that Is, 5000; and at
present II is about 80 pesos equals 81
that is, $0.03.
In spite of these circumstances
Guatemala has paid the interest on her
foreign debt during these last years by