Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-07-23
EXCHANGE UNION
TOA|D|NvESTORS
Association to Render VaIu-
able Service in Cities
All Over Nation.
BY EDWARD c. STONE.

the washington exchange, plans this
ran to adopt new method and have
tne exchange quotation list of each
member on file with all the other ex.
changes. This will enable the in
vestors in one city to check UP on the
claims made by stock promoters there
IN regard to some stock or bond they
claim Is being sold on the exchange
IN some other city. For example. If
dlshonest promoter in San Fran
cisco claims certain stock is listed
on the Washington board. il wifi he
an easy matter for the buyer to find
our at the San Francisco exchange
II the claims are true.
thousands and thousands of dollars
are Iost every year by investors who
ouy STOCKS and later find out the
securities were not listed on the ex-
chahge mentioned or on any other ex
cnange. IT often happens that the
Guy mentioned by the salesman has
- etoSh exchange. When the new
Iielhod IS adopted, the local ax
changes al oyer the countrv viii he
aole to render much more valuable
case - ny" tHS
ne organization is the one recently
formed IN Detroit Eugene r. Thomn-
SON chairman Of the board Of rroyeI.
nors of the Washington Stock e.
Clange. was the local delegate. The
washington Exchange was the first
~ JOIN the organization after the con
stItution had been presented TO the
inenDerS for action PhiladelpI1fa ioir,
ed when the meeting was still in ses-
SION as the president had been given
that power before he left the Quaker
CITY. At meeting to be held early
thls ran several very important pro
tectlNe measures are expected 10 be
adopted.
Hotel Mortgage Bonds Ready.
Permanent bonds TO replace interim
certihcates on the 1887. 500 61a per
cent first mortgage gold bond offer
ing or the American Bond & Mortgage
Co, secured by the new Ebbitt Hotel.
are announced as ready for delivery
Inc Washington office of the com
pany Is In the Transportation Build
ing at Seventeenth and Fl streets. The
New Ebbitt Hotel is located at the
southwest corner OF Tenth and Fl
streets northwest, and is eleven
stories in height.
The bonds are dated April Is. 1925
and Will be matured seriaIly in from
one TO twelve year periods. Interest
is payable October 5 and April Is and
and 500.
Local Securities Steady.
Forty shares Of Continental Trust
Company stock changed hands on the
local stock exchange TODAY at 91is
Ten shares of Riggs bank stock came
out AT 800; Potomac Electric Power
Preferred Interim Certificates regis
tered JOG on one sale; so shares OF
National Mortgage & Investment Pre-.
ferred sold al S14 and 90 shares OF
Washington Railway & Electric Pre-
ferred sold at SSa4 There were but
two bond issues dealt in, Washington
Gas FIves bringing. 101 and George.
town Gas Elves selling at par
Credit Demands Increase
Evidence of increased credit de-
mands in the local Federal Reserve
District is provided in the Richmond
banks report for the third week IN
July. This shows an increase of So.
$4,000 in total volume of bills handled
Paper rediscounted increased from
SAT. 100000 TO 42.S0S 900 in the week
while bills bought in the open marker
amounted to $9,349. 900 compared with
$S,922,0O0 the week before. The cash
ratio at Richmond was reduced from
$3.50 TO 62.l9 per cent, compared with
ratio of 80 per cent for Federal Re.
serve system as a whole.
More Bankers Taking Vacations.
William J. Father. vice president
of the Riggs National Bank, left
Washington at noon today to spend
his annual vacation at Poland Spring.
Me. The bank official has been r.
guest at the Poland Spring House
nearly every season since 1901 and
mas a. very wide acquaintance. among
the host Of distinguished people
who gather there every year. He viii
be away until September
Harry Y. Haynes. president Of the
Farmers & Mechanics National Bank
OF Georgetown, is another banker.
now enjoying his annual vacation.
Mr.. Haynes Joined the throng at At
lantic City.
G. WendalI Shoemaker. assistant
cashier OF the Potomac Savings Bank,
Is taking two-week vacation. most
OF which he is passing at Atlantic
City.
D. Gales Moore. auditor of the Ma
tional Metropolitan Bank, who had
been with the bank Just so wears
yesterday, today celebrated his 18TH
birthday. He has not missed a single
working day at the bank this wear
tnlS record being considered remark
able for man of hrs age
Bank Awards Building Contract.
The Washington Loan G. Trust co
today awarded the contract for the
erection of the new F street extern
sion to Hoggson Bros. of New York
This will be 10-story addition TO the
present main Office. The architect is
Arthur B. Heaton of Washington
who designed the west end branch
of the company erected in 1924, AT
seventeenth and G streets northwest,
Other Financial Notes.
Net profit of McCrory Stores Cor
poration for the half year. was $685.
1856. equal after preferred dividends
to $1.52 share on the class "B" and
common stocks, against $685. SIS. or
$l.43 In the same period last year
The foreign organization of Fox
Film Co.. II is calculated, will contrib.
ute about 40 per cent of the com
pany's approximate $4,000 900 gross
business for the current year The
company has IS branch offices in 90
foreign countries.
According TO today,s quotations on
local unlisted securities, the asked
price of Washington Base Ball Cub
stock has been advanced from IS to
100. The last bid price was o. The
fans are wondering If the clubs pen
|nant-winning chances have also risen
Wilder, McAllister and Brady, New
York dealers in investment securities.
have opened an office here in the
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