The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1926-03-04
4. |. B. CLASS To
HEAR TOWSON
BY RICHARD HATTON

The class in Banking Funda.
Inentals of the Washington Chapter
of the American Institute of Bank-
ing, that great financial university
which spreads its net of education
from one end of the country to the
other, will hear q discussion of one
Of the most important subjects con-
nected with modern banking taIs
evening when Norman E. Towscn,
manager of the foreign exchange
department of, the Washington
Loan and Trust Company, lectures
to the class upon this international
angle OF the banking business.
Eliot FL. Thomson is the instruC-
tor in the popular banking funda-
nlentals course and has arranged
for tohight's lecture by Mr.. Tow
son, who is considered one Of the
foremost authorities upon the sub
1ect in the District Of Columbia.
Although still a young man, Mr.
Towson has been in charge of the
foreign department of. the Wash
ington Loan and Trust Company
since It's organization seven years
ago and has been of material assist.
ance in it's upbuilding.
Exports 1906, 000, 900
In view of the present foreign
tendencies and the ultimate bearing
which they may have upon the
domestic situation it is of interest
10 note that preliminary figures on
the value of merchandise exported
and imported as received by tho
Bureau of Foreign and Domestic
Commerce for the year 1925 indl-
cate that exports amounted to APP
proximately 1905. 900 ,000, while i'm
ports reached q total of $4,22S, 000.-
boo. With this tremendous volumn
OF business the matter of foreign
exchange is intimately concerned
Foreign exchange covers the credit
relations between nations as e.
fected by their imports and exports.
The subject of foreign exchange
is Of especial Importance to Wash
ington financial institutions because
of the very large number of ma
tionalities represented in the popu
1ation. officially and otherwise.
Aids Travellers
Washington banks buy and sell
= great deal of foreign exchange,
by which is meant drafts received
from other countries, usually made
nut in the currency of those cotIn-
tries. as well as drafts drawn by
Washington banks upon their cor
respondents in foreign cities. Also,
There is a great deal of foreign
coin and currency handled by local
banking institutions.
Many Washingtonians are con-
stantly. adventuring into other lands
upon business or pleasure. These
require consultation with and adj
vice from their banks and the ex-
perts maintained by the banks re-
garding financial arrangements or
the methods OF doing business
abroad The business side Of this
contact is yearly increasing in inn
sportance and 1t has become neces-
sary for banks to keep especially
well informed upon foreign ex-
change in the interest of their
customers busiess and their own
business.
For many reasons, therefore, the
talk to be given tonight by Mr..
Towson is timely and important
and it should be of especial benefit
to the younger members OF the
banking profession who are enrolled
in the local A. 1. B. courses.
E. L. Fuegel, formerly of the
sales department of the r. H.
Smith Company, has been placed
G4ld4 st III IiiG OG-
partment of the organization and
viii in future direct all advertising
publicity of the company
A syndicate headed by e. H.
Rollins and Sons and Blyth, Witter
and Company, II. NJ. Byllesby and
Company. Inc, Howe, Snow and
Bertles, Inc, and Eastman, Dillon
and Company are offering a new
issue of $1i. 100000 first mortgage
and -refunding twenty-year 51s per
cent gold bonds, series "A" of the
Virginia Public Service Company.
The offering is priced at % and
accrued interest, to yield about