Evening star., 1924-07-18
THOMPSON AGAIN
GETS BANK HONOR
Local Man Returns From
Meeting of Investment
Association Governors.
BY CHAS. T.. SCHAEEEER

Euseht T.. Thompson. president a.
tue Washington Stock Exchange bas
again been officially nominated as :,
president of the Investment
Ie'iI he's Association of America for
'-'' post he has held during the
last year. Mr. Thompson returned To
Washington this morning from
gloucester, Mass, where A ueetire ~,
the BOARD Of governors of the asso-
clatlon has just been concluded
Inc nomination Of Thomas \. Dy
sart of the William r. Compton
company of st. Louis as the new
president to succeed Col John W
Irentlss has already been announced
me new officers and directors will be
ihducted into Office at the annual con-
Fention Of the association to be he
heId in September at Cleveland
The complete nominations follow:
wee presidents. Barrett Wendell, ir.,
Gi Lee. Hgginson G Co, Chicago:
frederick w. Remick, of Eidder, Pea
body d Co, Boston. formerly a mem
Der OF the board; J. a Fraser. of the
dominion Securities Corporation, To-
r"hto; Kay Morris, Of Brown Broth
ers err d Co, New York, and Eugene L.
Washington.
Secretary. Frederick r. Fenton. Of
fenton, Davis & Boyle. Chicago
=. Treasurer. John G. Brogden. Of
9outher, Brogden & Co, Baltimore
Board of governors for 1926. sig
mund Stern, Of Stern Brothers q CO.
hdhSaS City. who succeeds Mr. Nor
rlS; PllnY Jewell. of Coffin & Burr
Inc; Boston, who succeeds Mr. Re
Rn.rd of ,,c.,.,,,,... r mo-
" MWhitney, OF J. T. Morgan & Co. New
ork; Henry r. Hayes. of Stone &
Webster. Inc, New York; II. 4. DI-
cott, of the Continental and CONNER
cial trust and Savings Bank. Chica-
go: PierpOnt V. Davis, Of the National
Nhitine. Of Harris, Forbes & Co, Bos-
ton: Hugh ". Grove. of the First
Wisconsin Company, Milwaukee: Ed
gar friedlander, OF Cincinnati: Wal
ter >. Brewster, Of Russell, Brewster
{" %, Chicago.
Local Exchange Trading.
Common stock of the WASHINGTON
Railway and Electric Company ffuctlI-
ated within a range of 2I. points
IN TO-DAY local transactions. adyanc-
ing 10 new high and subsequently,
declining TO the days low at the ses-
SiOn's close.
This security was stronger at the
opening. trade being initiated at s11..
ana 1rdctIonalIy upward to So when
~ shares were thrown on the mar
entered decline which carried to
'9"i, the Close. \ total of 45U shares
were disposed Of.
Prices throughout the list were
strong. Capital Traction stock ad-
vanc"d to 81. its highest figure in
weeks. and TWO shares Of Union Trust
company brought 169. L.anSton sold
AZ - e and Mergenthaler AT 157la
M q
sold at II and District Title Insurance
at lS&4 Washington Title changed
hands at Sa4.
The Investment side of the market
was listless
New Reorganization Plan.
Plans are now under way. according
TO reports enanating from Cleveland.
leading to the organization of a new
company TO purchase the assets of
the Cleveland Discount COMPANY,
which suspended business in Febru-
ary of last year. The plan is revealed
by those VIII" are attempting To save
millions OF dollars for the creditors
located throughout the entire coun-
try. Were the company to he liqui-
dated. the loss probably would be as
high as 80 cents on the dollar. II is
estimated.
In the new deal it is contemplated
that preferred creditors be paid in
full, with others being paid in prior
lien stock with necessary retirement
features. and the old Cleveland Dis
count preferred is to receive class Il
stock in the new company. The old
common stock will be erased from the
slate under the new plan
Many holders of securities and
claims have deposited them with
the Union Discount Company of
Cleveland formed by some of the
largest stockholders to assist the re
ceivership, but principally with a
view to reorganiZe the company and
eliminate the receiverShip. These re-
ceipts are coming in at such a rate
that Will make the reorganization
successful.