Evening star., 1924-08-17
Supply of Loonable Cash No,o
Far Exceeds Needs of the Day
Il. B. H. Meeting No Place to Fight
Branch Bonking-An A Apology-Han'
Comments on Traffic IL, London.

Richmond, considering the financial
resources of the District, said to our
bankers. Sell sS1 .S69 900 bonds"
In all. 654146 individuals sub
scrihed for the total sold-some sew
eral times for each issue nd then
over and over again as the various
Liberty and Victory loans We're
brought out.
Washington and WaShingtonian
will gladly do it again If necessary.
although the work incident to the
handling of these loans. mostly paid
for on the installment plan. called for
continuous overwork on the part OF
the banking talent of the city, officers
and employees alike.
Moreover it was case of financing
in great volume that would never
have been possible but for the Fed
eral Reserve act and the redlScount-
ing privileges it offered to banks
practically carrying the installment
subs .riptions until finally paid in full.
in some cases years after the con-
summation of the original sale.
In addition to expression of will
ingness to repeat. number of bank
men will march in the Defense day
parade.
An Apology IL Past Due.
Where wrong has been rerpe-
trateu, lntenllbHailN VI 'tiei " iS'' IL
should he righted if possible, other
wise the "amende honorable
grievouS error was perpetrated In
this column week ago in listing
the Exchange Bank with "A number
of banks of comparatively recent or
eanization that had passed out OF
existence.
The Exchange Bank was organized
10 years ago. at its present location,
Goth street and Pennsylvania avenue.
1t was founded on a branch bank OF
the United States Trust Company ana
was formerly branch of the Me
chanics and Merchants Bank. with
main office at Tenth and the Avenue
When the MunSey Trust Company
took over the main ONCE ana
branches of the United States Trust
Company Mr.. Munsey announced his
intention of either closing the bank
at the Avenue and Twentieth street
or disposing OF 1t.
A corporation To buy and operate
was formed and the bank was man
aged by Villa III r. Maggie, who is SUI
active in its interest as vice preSl-
dent of it's present parent institution
the Merchants Rank and Trust Com
panv. an institution of Sc. S,466 de-
rosits and SS026.202 resources.
When the present control OF the
bank acquired it the price paid for
majority Of the stock was private
but the minority shareholders were
also taken care of-not through 1qul-
dation of assets. but by the payment
of SlSl6 a share, the par value OF
which was sl0--not a bad investment
bv any means. Former directors OF
the National Exchange Bank are ali
members of the advisory committee
TODAY. and William r. Magic is just
as carefully guarding its interests as
ever You are welcome TO tne
apology, very.
Money May BE Higher.
There is just chance that the ne"
German bonds will be offered to the pub
lie on an per cent basis. Expert opin-
ion estimates price of 93 for ll2 per
cent coupon bonds.
1t is also predicted that the new era
of foreign competition for money may
be responsible for higher money here.
It will be decidedly interesting to
watch the progress of the subscription
sale of the bonds and to know the per-
sonnel of the American syndicate that
will have the handling of the securities.
German borrowers have been paying
very high rates for money when aValla-
bic at all, and it will be something of a
novelty for them tc receive considera-
ton at moderate rates.
Ham ON London Busses.
William F. Ham. president of the
Washington Railway and Electric Co.
and Potomac Electric Power Co, and a
director of the Federal-American Ma
tional Bank of this city, who is abroad
studying the tramway and bus systems
of the Old World. after attending the
world power conference in London.
writes with intense admiration of the
transportation system of Lol Ion in the
carrying of millions Of people daily.
Mr.. Ham speaks of the very rapid
speed with which the trans and busses
of London are operated. how confusing
it seems to board them on the left side
of the street and the terrific manner in
| which they thunder down the highways.
His very terse comment is. They don t
warn jaywalkers in London, they cali
the undertaken"
He further comments on the manner
in which one misses the comfortable and
| safe transportation of our American
street cars on steel rails, and deplores
the manner in which the busses are ex-
| teriorally adorned with the signs of the
butcher, the baker and candle-stick
| maker, very unlike the simple and digni-
fled exterior of our street cars in Wash
| ington. Mr.. Ham expects to return to
his desk in the very near future.