Evening star., 1918-04-02
COMMERCIAL BANK joins
BANKING CORPORATION
II "a. n;zlG1No.

~ LII yLENIH0.
rhs Commercial National Bank has
soinsd the American Foreign Banking
corperation, organized to aid In nnanc-
Ing Of business ventures Of American
exporters and importers. after the close
OF the war, or wherever such ventures
are undertaken even at this time.
Two branch banks Of the Commercial
Nstional Bank, one at Cristobal ana
the other at Panama. In the Canal zons
k3istrict, established some years ago and
prosperous to q very large degree, have
been sold by the Commercial National
10 the, American Foreign Banking Cor
poration.
This latter organization 10 now COM
posed of forty banks, including many
of the leading financial institutions in
the country, and new members are
being added daily. with q stock issue
of $4,3s7.53s. each additional member
bank adding to the aggregate amount
Many of the member banks have much
larger capital. while the total re-
sources run high in the millions
Among the members Of the American
Foreign Banking Corporation are the
Chase National Of New York. the Corn
Exchange National of Chicago, Nation
81 Bank of Commerce OF st. LOUIS,
Anglo-London-Paris NationA! or San
Francisco, Standard Bank Of Canada.
Toronto; Northwestern National and
First Security National Bank OF Minne-
apolis. the Fffty-third National Sank
OF Cincinnati. First National OF Cleve-
land, Canal Bank and Trust Company
Of New Orleans United States National
Bank Of Portland. Ore; National Bank
6f Pittsburgh. and the Commercial Ma
tional Bank Of Washington. D. G.
The institutions named are put NIUE
more than IS per cent OF the member"
ship in the organization. but their I'M.
portance is fair indication OF the part
the American Foreign Banking Cor
poration. ofiicered by able omciais' win
lean business enterprises. With for-
eign connections which will be con-
summated in the near future and
after the war. these banks viii De
able to issue bills of exchange on prac-
tically any foreign point. 1t is near .
possibility outside of the war zone To-
day.
ing disposed Of its branches, will give
its attention entirely to it's Washing
ton interests. at the same time being
the sole local representative OF the
American Foreign Banking Corpora
tion.
Expensive to Sell Stock Short.
undsr the ruling of the federal gov
srnment on the borrowing Of stock de-
livery on short contracts, as required
daily by the New York exchange, IT
has become rather expensive to sell the
market short.
The new ruling puts a tax Of 81 on
each 100 shares of stock borrowed; the
state Of New York also taxes each sale
81 on each 100 shares; the act OF SELL
ing short constitutes sale. with the
ma
IL bought in and the transaction closed
another double tax follows, while the
commission on q concluded Transaction.
&25, must also be made UP before the
bear can count his gains.
y may not stop short selling. but 1t
VIII curtail operations
The Third Liberty Loan.
The National City Bank Of New York.
IN its April circular. expresses the opin-
sndeavored to stabilize the liberty loans
1T AZ per cent. where the British had
found their stahiiixatfon at per cent.
y might yet be necessary to increase
expressed the opinion. despite the spe-
eidc prohibition of the bonds from fur
ther conversion. that all bonds would
Ssxser rate et be esd
Twenty shares Of District National
Bank stock sold on today's session
of the Stock Exchange ct 143h. No
feature Of the festureiess session was
an advance in the bid price OF Capital
Traction shares to s311 none offered.
Corcoran Fire Election.
AT the annual meeting of the Cor
eoran Fire Insurance Company. held
yesterday. the following directors were
elected: Albert 8. Marsh. A. T. Coumbe,
(.
land, l. R-<Peak, T. H. Ridgway, Wat
son r. Clark. r. p. Reeside. Robert D.
Weaver and D. Lowndes jackson. At
. subsequent meeting Of the directors
an the omcers were reelected, as fol-
lows: william e. Edmonston. presi-
dent; Frank McCleiland, vice president: /:
l. r. Peak, secretary, and F. H. Ridg-
way, assistant secretary.