Evening star., 1921-10-06
LOCAL BONDS ARE
IN GOOD REQUEST
"Foreign Trade Financing
Paramount t"-Predicts
Great Future for U. S.
BY L. A. FLEMING.'

Great Future TOT U. ,.
BY l. A. FLEMING.F
Business was little better on tht
local stock exchange. especia
strength being shown in Washington
Gas IA per cent notes, with sales OF
quotation lots at 1929, and 500 notes
at 1O3. Capital Traction 5s were
strong at S7%. The sale recorded yes
terday at SIS was reported on the
exchange sales record as an error.
Capital Traction shares Arm at S61a
with some small lots at s6h. LanstoI
Strengthening. A sale of Commercial
National Bank shares was recorded
ut 167 u.
Dividend Declared.
The one hundred and seventeenth
regular quarterly dividend OF the
Washington Loan and Trust com,
pany, 2 y per cent. has been deciafec
and will be payable November l &c
shareholders of record OCTOBER ~.
Foreign Trade Financing.
John McHugh, chairman of the com
merce and marine commission OF the
American Bankers Association. de.
convention that the subject OF Ior-
eign trade financing has continued
paramount.
The facts Of the case have been
long before bankers" he continued
business men and producers as well
as general investors of the country
Adequate financial machinery to
provide on a sound basis for long
term credits to anceoDermanently
our foreign trade, can be established
when a sufficient number of bankers
business men. producers anu IN
point of acting practically on them
and when, and only when, me
American public comes to fun
realization of the very important and
helpful influence on our domestic
conditions and values which proper
investment in foreign securities Will
bring to bear"
Readjustment After War.
This waas the subject of an address
convention at Los Angeles by Alex
.Lnder D. Noyes, financial editor of the
New York Times.
Mr.. Noyes admits that there is
no time in the record of the past
when the currency of SO many pow
erful nations has been simultaneously
so far deprecated in terms of gold
and never in history has the problem
of restoration of national credit, re-
sumption of gold payments and the
bringing of international credit to a
normal basis been apparently so inn
possible of solution"
But he draws encouragement from
the manner in which Great Britain
met her obligations following the in
crease in the debt of the nation from
100000 900 to fs00, 900, 900 after Water.
loo. and the resumption of specie pay
hx- CtoS of he
civil war. when the total federal rev.
enue before the war was but one
third of the requirements for interest
alone after the war.
He furthermore cited the fact that
France was declared to be economic
ally ruined. three times within two
centuries. doomed to pay heavy in
IDENTITIES and to lose part of her ter
ritory-but she is still far from ruin
cd after most disastrous war.
My point is, that if, in the case
OF Great Britain and the United
reer of unexampled financial prestige,
the mere preliminaries of economic
recovery from great war were de-
layed for seven and fourteen years
after peace had been declared, may
it not be that we are unreasonable
in our despair at the absence of a
spectacular recovery from a far
greater war within three years after
the termination of hostilities?
Bank for Chevy Chase.
At meeting of representative citi-
zens of Chevy Chase held at the
Elizabeth v. Brown Public School
Monday evening. plans were perfected
for the establishment of savings
bank in Chevy Chase, D. c.
The bank will be located in the
new building, just approaching COM
pletfon. at the southwest corner of
street The institution will have a
capital of $4,000. divided into 1000
shares Of the par value of $50. The
stock will be sold at $4,000 share in
orfsr to establish a surplus Of $4,000
With which to commence business.
1T is the purpose of the promoters
of the enterprise to make the bank
n fcennmunity affair. and to this end
sSYaAsf subscriptions to stock Will be
encouraged in order that the stock
may be widely held in the communi-
ty.
At the meeting Monday evening u
considerable part of the capital was
Subscribed and it is expected that the
rAHfatnder of the stock will be quick
~ Subscribed by residents of Chevy
tsnest in the establishment Of bank
in Fhat part of the District
sWhen fully organized it is expected
th24 the bank will have large board
of directors. composed entirely of
Chkvy Chase citizens from both the
Maryland and District sides.
~Among those interested in the for
nqsstion of the bank are Fred w.
NRckenzie. Paul Sleman. William J.
McNally, Edward L. Stock, Frederic
e. harrington, Edward II. Jones.
B. Penney, Horace p. Troth, jr., L.
q, Van Fossen, G. F. Mikkelson, r.
frederick Hatcher. Gertrude Hatcher.
Rodney N. Hatcher, Blanche F..
Hatcher. John NJ. Williams. Levi T.
Jones, w. NJ Inlay, JOS. A. Burkart,
Thomas w. Perry, Fred s. Lincoln.
Truman Able, J. Ezra Troth, Robert
H. Simpson, E. ]. Murphy, D. v. Jones,
A. "A. King, A. B. Leet and Clarence +.
Waters.
a., uov,a 20 p.r,<I>,
Members of the House District COM
mittee expressed themselves as favor
able to the fight for the enactment Of
the bill for the prevention Of fraud with
respect to securities offered in the Dis
of the committee asked il a measure
could not be introduced that would
stop the issuance of bonds on a build
ing and site for a greater amount than
the cost of site and structure"
The members of the committee evil
denced their intention to give support
of anything that would give real pro-
lection to the investing public.
Charles H. sabin Retires.
W. c. Potter, late chairman Of the
board of directors of the Guaranty
Trust Company. now changes places