The Washington times., 1927-06-27
CHECKS USED As
SAFETY VALVES
BY RICHARD HATTON


In computing the cost of opera
ton of banks. which has been
rapidly increasing in recent years
with the result that financial in.
situations are more and more adopt
ing the policy of a service charge
for Improbable accounts, /. e., de.
posts subject to check which are
not large enough to pay their own
way, 1t Is necessary to consider
the increasing use of checks in the
payment of wages and to bear in
mind that each check passing
through bank is distinct
charge on the cost of operation by
reason of the expense of handling.
In this connection investigation
by the department. of manufacture
of the Chamber of Commerce of the
United States. the results of which
are published in a pamphlet, Pay
ment of Wages by Check. discloses
the fact that the chief motive of
corporations in adopting this
method of payment is to save
human life rather than money.
Sixteen out of tl1irty-nine com.
panies. the department says. "gave
safety as their first consideration
but did not clearly designate
whether it was safety of those
handling payrolls. safety Of the
employees with their pay in their
pockets, or the safety Of the pay
rolls themselves. Thirteen of the
thirty-nine said specifically that the
first consideration was safety of
those handling the payrolls, while
only three intimated that their first
consideration as being the safety
of the payrolls. One of these three
Installations was made many years
ago when payroll holdups and rob.
berries were seldom as daring and
fatal to life as at present.
The following committee chair.
men have been appointed by the
Washington chapter, American In.
stitute of Banking, for the wear
1928: Archives, Lois White, Fed.
eralAmerican National Bank; ath.
lettcs, G. NJ. Van Hoesen, Second
National Bank; audit, Raymond P.
Lochte, District National Bank;
banquet, 7. Hunton Leith, Security
Savings and Commercial Bank; edu.
cational, James A. Soper, Lincoln
National Bank; forum, Harold w.
Burnside. Farmers and Mechanics
National Bank; house, Elmer
O'Hara, Seventh Street Savings
Bank; membership. August E.
Henze, William B. Hibbs & Co;
public affairs and public education.
r. j. McQuade, Liberty National
Bank; publicity. Miss S. w. Bur.
we'll, National Metropolitan Bank;
theater party. A. w. Sherman.
American Security and Trust Com.
pany: ways and means. r. Jesse
CLANCY. Commercial National Bank:
women, Mabel v. Boyce, Washing.
ton Loan and Trust COMPANY
editor. Dollars and Sense" Aubrey
a. Dooley, Commercial National
Bank.
At a meeting of the board of
directors of the Allied Utilities Cor.
poratlon, held on June 20, a diyi.
dend OF S7s per cent was declared
on the preferred stock of the cor.
poration. This dividend is to he
PAID to all preferred stockholders
OF record of June 81. The stock
July 1. "'N
Inc directors of the John TT
wilkins Company on June % de.
clared a semi-annuaI dividend of
; per cent on the outstanding nre.
TERED stock, and divided of 81
per share on no-par common stock
Inc directors Of the Southern
Mn,aryland Trust Company, of Seat
rleasant, Md, have declared the
regular semi-annual dividend of Az
per cent, payable July first. accord.
ing to an announcement made nv
samuel ]. Henry, president of the
bank, today