corresponding to a similar position of the transmitting cylinder. Thus it will be seen that each cylinder begins its revolution from identical positions and at the same instant, and as the clockwork of both receiver and transmitter are duplicates, approximate synchronism is maintained during a revolution. Owing to the use of carbon paper, the lines made by the receiver are of considerable width, with the consequence that the resulting picture does not have the appearance of being made up of parallel lines, as in the case of reproductions by the original Caselli picture telegraph, of which the system described is a modification. The Hummell apparatus appears to be entirely practicable, the simplicity of its synchronizing mechanism giving it a great advantage over former types of Caselli picture telegraphs. The apparatus has been worked duplex with success. In one instance, a few days ago, a picture was sent from New York to St. Louis while one was being received from the same place in New York, the latter picture in addition being received simultaneously at Boston." =The Charges on Country Checks: an Economic Mistake.=--An article in the May issue of the Yale Review, discussing the recent adoption by the New York banks of a rule imposing a "collection charge" on all country checks handled, takes the view that the new rule is a mistake. After reviewing the history and present position of the Bank of England; calling attention to the fact that although it is a private enterprise its position is used as a governor, so to speak, of English finance; the similarity to it in position and power for good or evil of the association of banks known as the New York Clearing House is pointed out; the review goes on to say: "In the associated banks of New York, as in the Bank of England, is kept a very large part of the reserve on which the great financial transactions of a whole country are based. The system of 'reserve cities' for holding large deposit accounts of country banks, in which New York is by far the most important center, is but the recognition in the national banking law of this great fact of a central reserve, and the power of utilizing such deposits, indirectly extended by the law which allows and encourages country banks to hold a large part of their legal reserve in the form of deposits in New York, probably constitutes a much more valuable privilege than the rights of note issue enjoyed by the Bank of England. In extraordinary emergencies the parallel is even closer. Just as the Bank of England is encouraged to expect a modification of the restrictions on its right of note issue, as a means of extending its effective currency reserve in times of panic, so the New York banks, by their system of clearing-house loan certificates, are encouraged and expected to evade those provisions of our national banking laws which restrict their power of issuing notes to meet an emergency.... The exercise of this function of holding a reserve for