Evening star., 1927-08-23
BANKERS DISCUSS
NEW PAPER ISSUE
Sentiment Divided as to De.
STABILITY of Bills of
Small Size.
Bankers of Washington are divided

Bankers of Washington are divided
over desirability of the new smaller
paper money which the Treasury De-
Dartment is planning to issue for the
first time next Fall in the form of the
dollar bill.
Opinion among the bankers. accord
ing to an informal survey conducted
today, appears to be far from unani-
nous, with some coming out in out
spoken condemnation of the new
smaller paper money and others de.
Tending just as vigorously the policy
already adopted and under way by
the Treasury.
objection to the smaller bills was
expressed on several points. oppon-
ents declaring it would put the banks
and the public throughout the country
to an unnecessary expense in the form
of new-sized bank tills, pocketbooks.
cash registers, and other facilities for
handling money.
Difficult to Count Is Claim.
Some tellers were opposed to the
smaller currency as being difficult to
count and handle, and these were
particularly averse to the plan of
having to handle two sizes of paper
money during the several years which
it will take to withdraw all the old
money, and replace all the denomina'
tions with new bills.
There were also those who came
forward with the arguments that. the
new smaller bills would be easier
to counterfeit, and harder to detect
On the other side Of the question.
however, there were several bankers
who defended the Treasury stand as
definitely progressive" and the re-
suit of long experiment, well justi-
flying the step. The saving to result
to the federal government, and hence
indirectly to the American people.
was said to be real and substantial
argument in favor of the change
Those who favored the smaller bill
admit that some difficulty will be
argument in favor of the change.
particularly while two sizes are in
circulation, but they said the ad-
vantages of what they considerer
the more convenient size of money,
the saving effected in handling
smaller units throughout the years
to come, were strong arguments In
favor of the new notes.
Plate Printers Objections.
The Plate Printer, organ of the
Plate Printers Union at the Bureau
of Engraving and Printing, continues
this week it's attack on the smaller
notes, going into the history OF the
change to point out what it says is re-
lection of the plan by all prior officials
except the Bureau of Efficiency and
former Director of the Bureau Louis
A. Hill.
At the Treasury today it was said
that only a comparatively few mild"
protests had been received against
the proposal, which was officially an
nounced on May 26 of this year by
Secretary Mellon.
In his statement Secretary Mellon
pointed to the saving to be erected,
and the testimony Of bank tellers, pay.
masters and others who had handled
Philippine currency, the same size as
the new proposed notes, to the erect
that they "find 1t more convenient IN
every respect than the larger size.
The fact that the new smaller note
may be carried fiat without creasing,
the Secretary also pointed out was
factor in prolonging its life. The
smaller bill will be more difficult to
counterfeit, the Secretary said.
Public Utilities Active.
Activity in public utilities featured
the Washington Stock Exchange again
today, with Barber & Ross, both stocks
and bonds, and American Security 4
Trust Co. stock furnishing the only
other trading. Barber & Ross 6 12s
sold in the amount of $4,000 at 95%,
following a sale of 81 900 at the same
price yesterday. American Security &
Trust Co. turned over 10 shares at 443.
Washington Gas 6s A again were In
demand, $500 selling at 1925, COM
pared with 103B yesterday.
Buying of Potomac Electric prefer.
red 51ss was strung out through the
session, going at various prices from
101 q up to 102 and back to 1919.
Capital Traction Co. was steady at
1O4, two shares changing hands.
Bankers Council to Meet.
The Council of Administration of
the District of Columbia Bankers AS.
sociation has been called to meet Fri
day afternoon at o'clock at head
quarters in the Becker Building.
The board Of trustees of the Better
Business Bureau will meet Friday at
1890, at the Hotel Harrington.
Stockholders of the Security Storage
Co., have been called in special meet.
ing Thursday morning, September %,
"
par value of the stock from 800 to
$25 and increasing the number of
shares from 5000 to 10000.
The staff of Dollars and Sense.
official publication of the Washington
Chapter, American Institute of Bank
ing, met yesterday with the editor,
Aubrey o. Dooley, at the Commercial
National Bank to formulate plans for
the coming year.
Federal.American Resources.
Total resources of the Federal
American Co, as of July 30, 1927,
stood at $1,7S2,213.49, with the total
net worth listed as $1,452, ,382.S5, it
was announced today. Six per cent
dividends have been paid on prefer
red stock from the date of issue,
preferred having been issued at par
100, and now bid at 101. Common
stock issued at $40 per share, no
bonus, and no commissions, now Is
selling on the exchange at 34a and
341s.
The annual outing of the officers
and employees of the Commercial
National Bank will be held next Sum-
day at Morgantown, Md.
c. E. Moran Co., now located in
the Southern building. plan to take
possession of it's new home, 1716
H street northwest, about Septem-
ber Is.
Germany's Borrowings Since 1924.
Since 1924 Germany has borrowed
about $3.S50, 100000 from abroad, Of
which 85 per cent came from the
United States, according to the index
published by the New York Trust Co.
A large part of these loans has been
used as a method of paying for the
excess of German imports.
The recent industrial recovery in
Germany has called for an increased
importation of raw materials, parti.