The Washington herald., 1921-10-05
FAKE SECURITIES
DISCUSSION TO BE
In HEARINGS TODAY
Committee to Hear Mem
bers of Local Associa-
tions on Measure.
M'KEE ATLUNCHEON
Capital Bank Head Discusses
A Accomplishments of Trade
Acceptance.
M'KEE ATLUNCHEON

OF vital Importance to every
WEShinstonian is the hearing
scheduled to come up before the
HOUSE District Committee this
morning relative to the purchasing
and sale Of fraudulent securities In
the District of Columbia. This bill,
which was introduced in, and re-
ported by, the Senate some time ago
Is now on the Senate calendar.
Washington at the present time Is
literally infested with this menace,
inasmuch as the city is about the
only fertile field left without re-
strtctive legislation. The majority
of the. incoming horde are from
blue sky" States, while the recent
passage of the Belts Act" in New
York State saw innumerable job
bers transferring their proclivities
TO Washington. In many instances
newspapers prevented them from
advertising their wares. but moth
ing has ever stood in the way to
prevent door-to-door solicitations.
According to a survey conducted by
the Better Business Bureau of this
city. a recent month recorded the
Germs of this nature. with seven
more being placed in the question
able" class
Representatives OF the District
Bankers Association and a commit
tee from the Washington Stock Ex-
change will be heard at this morn
ing's meeting in support of this
measure.
Local Securities,
A moderate amount of business.
with prices holding fairly well. was
contaminated on the Washington
Stock Exchange yesterday. While
small sales predominated, transac-
tions covered a>number of securities.
Washington Gas SIS sold at SO. and
the IA notes sold at 102 and 1o3ls.
the latter quotation being recorded
for a note of s1eo denomination.
\ small lot of Railway Is sold at
Gih and $500 of Potomac Eiec-
trio general mortgage IS at 81, s7k
and sTE.
Small sales likewise featured the
stock list Washington Gas Light
displayed advancing tendencies.
selling at 4TTs and 4s. Lanston
Ncnotype ruled at 72E. Mergen-
thaler at I21 and Railway preferred
stock at ssG.
In the money market. 5Is was bid
for per cent funds
PersonaL
Thor,as E. Cooper. vice president
Of the Merchants National Bank OF
Raleigh. " c, was circulating In
Washington financial district yes
tsrday-
Ernes, 2 HerreIl. vice president
OF the Merchants Bank. begins a
vell-sarnsd vacation At Atlantic
city today
NcKee At Laneheoa.
The trade acceptance has accom-
pl5Sh@s all that IL was thought II
would accomplish Al the time Il was
s-f-cSzee1 IuIO the business world
rs The opinion expressed by h H
HrRse- president Of the National
CAPITAL Bzak OF this city. at the
u-exsr nooa-ezr luncheon Of the
wasat1-1o1 Association OF Credit
ss1 FesIer5sF-
NJ Mckee vent t1io TIE history
q M z-z6e Acceptance and ex-
r-zzrsd hSw Il progressed during
-se Void wa. de stated however.
tf.s- q urube- of basiness orEariZa-
.tD-s throughout the country. were
-Einx lbe trade acceptance in a
way rnz- = was nsTe- eoatemplated.
-nz- "a Rstnx Il 10 exread previous
trade aeoeprsnoeE. Sr in securing
rzs- Que zecvrr-s- which Mr.. Nc
Kes said. makes il nothing more
rEsu sp prfirarT pro-3ss0-T note.
The Taststnx1cn Association will
esieD-ate TIRE P-ersnf3o- DsT" on
next Tuesday, when rhs Chief Engi-
k-pa~- q me Fire Depzrtsert will