Evening star. [volume] (Washington, D.C.) 1854-1972, 1921-06-21
CALLS ON BANKS
FOR S1,26a,08D
Bankers Will Protest New
Coinage Measures-lm-
portant Treasury Letter.
NY A. FLEMING.

III il. A.
Secretary Mellon this morning call
ed for the first payment on account
of the June is issue Of Treasury GER
tif,cates and three-year notes, his de-
mand being for per cent of the to-
tai of s625, 500 issued or s31.26s,os0
This will unauestionably relieve the
money market from the pressurs OF
loan offerings temporarily. at least
as much of the proceeds of the sale
have been invested in call loans and
acceptanceA-
AZ usual. New York will furnish the
bulk Of the payment on this call
Object to Proposed Coinage.
At the meeting Of the District
Bankers Association tomorrow after
noon two bills now before Congress
one for the coinage of a two-cent
piece and one for the coinage OF a
\Vo-and-one-ha piece. Will De
brought up for consideration.
1t Is not a matter for the bankers
alone, but for every business concern
that uses modern methods OF counting
cash The coin counters of the coun-
try are made for the present COINS
and they operate perfectly.
Any additional coinage of other than
present denominations will make
necessary the scrapping of the entire
coin counters of the country to the
greatly added cost of replacement ana
Moreover, according to local bank
ers, there is no call for additional
coinage, no demand for the two-cent
or the larger split coin.
It is believed that the bankers as
ISOLATION will appoint a committee to
see that present machinery of count
ing is retained and the needless and
costly measures are scrapped instead
A Very Important Matter.
Bank officials accustomed to witness
signatures for the assignment of reg
tstered liberty bonds should read the
following interesting comment on the
liability of a witness of assignment
of registered bonds. When it de-
velops that the signature is forgery
the witnessing bank official is liable
therefor. unless the real perpetrator
OF the forgery can be apprehended and
has sufficient to make good the loss.
This Is from Treasury Department
"A United States registered bond is
an,obligation of the United States run
ming to the registered holder or his
registered assigns in accordance with
the terms of the bond. 1t is not neces-
sary for an innocent holder for value
States bonds inscribed in his name
which have been issued by the Treas
ury Department upon the transfer OF
other registered bonds presented by
third parties. If. however. the regis
tered payee Of the bond issued upon
the transfer were party to a forged
assignment or other defect of title. OF
were otherwise affected with notice
of the defect of title, he would not. OF
course. obtain any greater rights
against the United States by reason
of the issue Of the new bond.
TT is also necessary to keep in mind
in this connection that a person pre-
senting United States registered
bonds to the Treasury Department for
transfer or exchange gives an i'm
piled warranty Of title to the United
States and is, therefore, responsible
to the United States in case the as
signment upon which the transfer or
exchange is effected is found to be
forged or otherwise defective. This
warranty of title is given even by a
person acting in entire good faith.
1T is the practice of the Treasury
in cases where United States regis
tered bonds are found to have been
transferred on the basis Of forged as
signments in the name of the regis
tered owner to restore the true owner
to his original position and at the
same time to seek reimbursement
from the Witnessing officer who i'm
properly acknowledged the forged as
signment or the person who presented
the bond to the Treasury Department
for transfer or exchange"
Washington Loan & Trust Co. Picnic
The annual excursion of the en-
ployes of Washington's oldest trust
IS, under the management of the
personnel officer, Miss Lichtenstein.
The party proceeded to Chapel Point
In two sightseeing buses and num-
Der of private cars. A box luncheon
was served en- route. The first item
on the program was base ball game
between the upstairs" and down
stairs" departments, which ended in
victory for the upper-story con-
testants.
Following the ball game nearly the
whole party enjoyed the bathing.
which was followed by dinner and
dancing in the pavilion.
Some of the enthusiastic followers
Of Isaac Walton enjoyed the fishing
In the bay. but none has been heard
to boast very much of the results
The return to the city was made
before midnight, and the day declared
a grand success. The company spared
enjoyable.
John B. Larner was unable to be
present in person on account of a
luncheon which he gave at the Cos
mos Club to the council of admins
tratfon OF the District of Columbia
Bankers Association.
Local Securities.
Local utilities were somewhat lower
today. Railway common sold at 29.
with one share at IS. Capital Trac-
ton was ex-dividend. and sold at SIS Il
to S5Z while Washington Gas showed
more positive weakness, breaking
from an opening at 43 to 42&. Rail-
way preferred sold steadily at 6O%
The only sale in the bond section was
or Capital Traction IS at ST.