The Washington times., 1920-05-26
MORE DC. BUSINESS
URGED ON BANKERS
Speakers at Annual Banquet
Stress Necessity Of encour-
aging Local Capital.


with Wall Street" was the keynote OF
IN elaborate banquet last night at the
Willard Hotel given by the members
OF the Washington stock Exchange to
400 Washington bankers, brokers and
business men.
The reJuvenstion OF transactions in
local securities and the financial aid
and development OF home industries
and corporations were strongly urged
by President Eugene E. ThompsonSnd
Frank J. Hogan. the principal speak
ers OF the evening. The speakers de-
plored the condition into which local
securities had fallen as collateral for
loans. and declared that unless Wash
ington bankers and business men
helped the public utility companies
those organizations would go to the
wall"
Urges Exchange Business.
President Thompson called atten-
ton TO the activity on the Washing
ton Stock Exchange In 1905. when a
days business involved the exchange
OF securities and stocks amounting
to hundreds OF thousands OF dollars,
while at present the sessions OF the
stock exchange are poorly attended
and the business transacted inconse-
quential.
One OF the features OF the even
ing's entertainment was the distriou-
tion OF profusely illustrated pro-
grams. calling attention to some
poignant facts relating to Washing
ton finance.
"when we look over the country"
one OF these articles stated. and see
her population and her wealth. and
when we think Washington Is the
Capital OF this great nation, and then
when we look at Washington and
see her increase in population ana In
wealth and when we see her people
buying 10000, 900 Liberty bonds, and
we see her bank deposits OF $lSO,oOO'-
900, we wonder why II should De
necessary for her corporations ana
industries to beg the bankers OF
other cities to loan them the money
to develop Washington.
And we wonder why our local Sc
curitjes are drug on the market, and
why our exchange seats have dropped
from $4,000 to nothing.
"And when we rack our brains try
ing to think OF the answer, we get
out the ouija board and II tells us
that Congress don't love us and has
made us a political guinea pig, ana
when some Congressman discovers
municipal cure-all he injects II into
the Washington body polite. And II
the guinea pig RECEIVERS. they try II at
home And II the guinea pig dies
whoineu loves guinea pig anyhow
And then the ouija board tells
us it is crawfsh banking to loan all
Of your money out of town and de-
preciate the value OF your securities
until your dspositors are broke and
can no longer deposit"
HOGAN Flsys Treasury.
Mr. Hogan presented statistics
showing that at the time OF the Feb
ruary call Of the Comptroller of the
Currency, February 2s, 1920. national
banks. trust companies and savings
banks Of Washington had on call in
New York $2s.1s0.00o.
He fIayed the new practice of the
Treasury Department in refusing to
deposit with the local banks the tax
funds Of the District, and declared
that is a situation which will neces
sarily hurt our community"
Mr.. Thompson said Washington
bank clearings had doubled in the
last five years.
mo one can say there are not
greater things in store for Washing
ton" he declared. I'VE have taken
tremendous strides forward in recent
years, and 1T is the duty OF the busi
ness men of the city to get behind
the industrial development Of Wash
ington."
Senator Miles P1ndeIter praised
the progressive spirit displayed by
the speakers.
Your money ought to be entrusted
at home" nc said. IT look forward
with great optimism to the solution
of the financial difficulties of wash
ington"
The entertainment Of the evening
was augmented by professional and
semi-prof fe ssional vaudeville and mu-
sicaI numbers. Arthur b. Pierce and
George O'Connor were heard in their
favorite vaudeville selections.