Evening star., 1922-03-04
AGAINST REDUCING
. PAPER MONEY SIZE
Local Bank Heads Get Busy
for Concerted Action 0p-
! posing Move.

Evidently believing in the adaSe'
"a stitch in time saves nine," George
w. White, president of the Metropoh-
tan National Bank, got in touch with
John B. Larner, president OF the DIS
trict of Columbia Bankers Assoclatloh'
and H. II. Mckee, head of the Washing
ton Clearing House Association. yes
terday to propose concerted actioh
against the revival of the advocacy OF
reduction in the size of United States
paper money, which has been rumored
in financial circles for the past Two
weeks.
1t will be remembered that in 1910
q movement was under foot to reduce
the size of United States paper money
to two and five -eignths inches by Six
and one-quarter inches. the size OIL the
PAPER money of the Philippines Ihe
proposal has been revived IN tne inter
est of economy in governmental eX-
penditureS, and it is understood that
the Treasury favors this movement.
provided the bankers of the country
and the public generally are not opposed
to 1t.
Mr.. Larner said last night that the
administrative council of the Bank
ers' Association will consider the
matter at its meeting next week. he
characterized the proposal as "a radl,
cal step at this time" and intimateo at e q
that the bankers OF washington
would oppose it.
Mr. White said that it was doubt
full whether the amount to be saved
in paper. ink, labor, etc.s will begin
TO compensate for all the trouble ano
and others will be put to. il the size
Of the paper money is made smaller
With the present large reserves In
the hands of the banks. the present
size, it is said. will be In circuiatioh
for many years TO come. 1t is not un-
common, it was further stressed. to
find paper money in circulation bear
ing dates of 1862. 1863 and 1853.
Treasury officials, however, IT is un
derstood. are of the opinion that if a
suficient number of small sized notes
were prepared in advance an eN-
change for the larger ones could De
made quickly and thus avoid any
great inconvenience.
To date 81 per cent of hVe-year
per cent Columbia Graphophone Man
ufacturing Company notes have been
deposited with the committee recently
formed TO protect the interests of the
stockholders.
agreement represent more than l,O0O
holders widely scattered throughout
the country, which indicates how thor
oughly these securities were dlstrio-
uted. In addition to deposits. holders
of q substantial amount OF lneSe notes
have pledged deposit as soon as the
matter can be taken up.
1t was recently announced that the
time Of deposit of the notes would be
extended to March 10, 1922. Deposit
agreement provides that expense that
may be charged against any depositor
will not exceed 1 per cent OF the prin-
cipal amount of his notes.
stock Exchange Banquet.
OF L
on the annual dinner to be given by
the Washington Stock Exchange, the
exact date to be announced later and
according to those in charge of ar
rangements the 1922 banquet will
surpass any like entertainment ever
attempted by the exchange in the
past. President Harding and a long
list Of dignitaries will, it is expected,
attend.
Personal.
Eugene E. Thompson. president of
the Crane. Paris Company. is in New
York city on short business trip.
Since becoming affiliated with the
local Kiwanis Club, Victor B. Deyber
president of the Second National
Bank, has taken much interest In all
of the clubs programs for the better
ment of the District. Mr.. Deyber Is
chairman of the public affairs COM
mittee of the club.
". ". Spaid of Hibbs & Co. and
president of the Dupont National
Bank. is another we'll known figure
in the financial district who is a
kiwanian.