Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-29
Washington Ticker
BY CLINTON COFFIN,
Associated Press Financial Writer.

In the course of few months now.
ton of the new and smaller sized cur
rency, the United States Government
and all its fiscal agencies will be able
to make a determination of how much
has been gained by the permanent de-
structloE and loss of the outstanding
volume Of paper money. 1t has always
been considered certain that a lot of
paper money was continually being lost
past recovery. burned up in fires. sunk
ir the ocean, or allowed to molder
away in boards, but, except in trivial
way, the Government has never been
able to take advantage of the known
facts.
THE trouble always has been that
there was no way Of telling how much
1t was or of making sure that out
standing paper would not be presented
some time" said Edmund Plat, vice
governor of the Federal Reserve Bank.
in suggesting why the revisited money
would bring up the possibility OF
realizing on the losses. Now. however.
with absolutely all of the paper money
coming in, to be completely replaced by
new issues, think something car be-
done about it. Certainly, there will be
some basis on which can be compared
the total amount issued and the total
amount turned back
1.-THE Federal Reserve currency Of
course, is comparatively new. and there
isn't much data for computing perma-
nent '-sses 1t has sustained The oldest
paper issue in general circulation Is
made up of United States notes.-the
so-called greenbacks-and personally I
think that out of the $350,00 900 or
those put into circulation at least
$5000,000 has been destroyed. The
Treasury has credited itself with All
allowance of $1,000,000 on the score,
ard will be able, in my opinion, 10
credit good deal more when the total
of the returned old bills Is finally at
tanned"
The exchange of new-sized money
for the old, begun last July, Is OBJ
viously nearing its completion, and has
been Speeded up in its later stages. For
october the Federal Reserve Bank fig
ures show that $685.. 477.0O0 of new
tically balanced by withdrawal of
like amount of old money. Since the
total of reserve currency outstanding is
about 81 300, 100000. it Is apparent that
the neW-sized money already makes up
the bulk of bills outstanding.
There was rather less of excited ap-
peal to Washington from New York
financial and speculative quarters this
week when the staggering stock mar
ket evinced signs of feeling renewed
punishment. The Reserve Board Sec
ton of the Treasury on Monday, as
compared with last Thursday, was shy
of visitors, and business in progress was
obviously of routine nature. Secretary
Mellon, whose long monetary experience
makes him the most frequently picked
target by advice seekers of all classes,
was as carefull.' guarded in statement
as ever, but much less approached.
President Hoover having spoken last
weak on the general business outlook,
officials from cabinet rank downward
were less inclined to touch the matter.
1t seems fair to say that Washington is
as non-piusSed by the stock market
performances as any other quarter of
the country, and though an unusual
number of men in high office under this
administration have been personal fac
tors in finance of the highest caliber,
few, If any, want to venture personal
predictions as to the immediate course
of prices.
Nevertheless, there seems to be every
sign Of sincerity In the reiterated opin-
ions that the general business Of the
country can proceed without anything
but negligible reference to the stock