Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-21

Richmond reported clesrings amount
i,1c 10 Sal I0i 600 for this week, com
r,srpxs with $40. SOS, 600 week ago. Iht
VIRGINIA canftal. however, was per CEN
,,nSrv the total for the same period .
At,sSta had a good gain over the pre-
virus week. but was below the nguTeS
for tne corresponding week a year ago
Era1street'S reports NcrtolK nlaon DE-
low last years aguFes
Exnicics Appointed TO Vacancy
President ]. T. Exnic,os OF the De-
vartvsar,tsl Bank has been elected oS
s,,a roesncjl of administration OF tne
T1;rt~Sr4 Bankers Association as me VIC
r,~ess6e1,f 10 represent the state oshS
tsi,fsins, of the American Bankers AsSo'
riaf5or, for the District Of Columbia.
Ar Fx1,icioS takes the place mace
vacant BIZ the resignation OF Hugh W.
Barr. executive vice president OF Vie
international Exchange Bank, VINO Is
leaving the local financial district 70
take a position connected with the
Tinted states Supreme Court.
other bankers serving in a similar
eanarifv are Hillary G. Hosklnson,
rational bank division; Thomas j.
Groom. savings bank division. ana
Frederick P. Fl. Siddons, trust company
division. These elections for the year
were announced at the recent annual
convention at Montauk Point
New Money Due About Next June.
The first distribution of the new
money will take place about the be-
ginning Of the next fiscal year. It nao
been intended early this year TO begin
the new issue of currency about FED
rusrv /. but the problems involved IN
changing from the present large-sizeo
money were manifold and elaborate
preparations of designs and OF new
printing machinery were necessary.
Furthermore. all paper is aged" for
several months in order that II may
grove durable on going into circulation.
Actual manufacture probably viii start
carly IN the year.
Many bankers in washington, as we'll
as others all over the country. are not
at al enthusiastic over the idea Of
changing the present size of paper
money. The matter was discussed as
far hack as two wears ago, but the as
ISOLATION took no action In opposition
70 the change. The cost Of installing
the equipment for the smaller sized
bills viii be expensive and for some
time the situation win be especially
complicated, as the banks viii have TO
handle both sizes. Many bankers claim
that the amount of money the Govern
n1eT1t viii save viii not compensate for
the trouble the change viii cause.
BADEN Outlines Trust Problems.
William 4. Baden Of the washington
Loan & Trust Co. contributes TO the
June American Bankers Association
Journal an article on How To Avoid
Some Problems Of Fiduciary Service =
At the outset the trust officer asserts;
Many Of the difficulties of a tesla
nnentary trustee arise out Of the insult
cheney Of authority or detailed express
sion of duties TO be performed. The
Importance Of clear and full expires
sion of such duties must be apparent
when it Is understood as general prin-
clpIe Of law that trustee has author
tty 10 do only such acts as are ex-
pressed IN his appointment or neces-
sariiy implied or inferred.
The restrictive meaning Of this ey-
preston can only be fully understood
by one who has acted as trustee or who
has acted on behalf of a trustee. Tt
auca person 1t Is Enthusiastically ap.
parent that the limitations Of a trustee.
ship involve severe penalties for doing
more as well as doing less than the in.
xtrument creating the trusteeship au'
tl1orized and required
There are. therefore, hazards in.
vowed which may be costly in none,
and which may endanger prestige
Many Of the difficulties arising In an adj
rainsstrattve sense can be avoided, how.
ever. IN the careful preparation of thi
trust clause Of the viii or other instru.
naent creating trusteeship."
West v Il - Report Out.
The West Virginia Gas Corporation
REPORTS for the ~ months ended Ma.
al 1928. representing the first full yea
Akee the sale Of its first mortgage 81:
per cent sinking fund gold bonds. gTos
revenues of s766.l29 and net Of $3.50, 843
iii raore than 2.75 times maximum an
MAD interest charges on these bonds
'Fhese figures compare with gross o
S544;Ss0 and net OF 1929, 1877. eQniValen
10 % times such charges, for the yea
ended December 81. 1925, the last cal
endar year preceding the financing.